By. Darin Sewell
Chances are you just found out you have what's considered bad credit and are now wondering what to do next in order to boost your scores back up. Many people have the very same problem and in today's economy it's worse then ever. The following article will give you a brief overview of the process you can use to fix terrible credit problems on your own.
The First Step In The Process
The very first step is to buy a copy of your most recent credit report because without knowing why your scores are low you will not be able to fix it the right way. The line of attack to achieve this effectively is with a recent copy of your consumer credit report. You have the ability to purchase a credit report online very easily. You can use a free credit report that you are able to get for free once a year but that will not give you your scores, just credit history and you really should have a score to work from as a base line.
After You Buy Your Credit Report
You must then carefully read over it then put together a list of all errors and incorrect information that you see. Some different common errors are incorrect high balance, wrong credit account limit, credit cards that are not yours and for most people general mistakes. You also want to make a separate list of all the negative records that you uncover as well.
These will a lot of times include late payments, collection accounts, charged off
accounts and public records such as bankruptcy. Also make note of any credit inquiries as a large number of inquiries can drop your credit scores and it is pretty common to have unauthorized inquiries on your report.
What You Are Going To Do With This List
After you compile this list you are going to have to start drafting proper credit dispute letters that you will then mail to the credit bureaus. These credit dispute letters need to state your name, disputed account number, social security number and the reasons for disputing the account. If you happen to have supporting documentation you will be able to mail that as well. Try and mail in about two letters at a time, too many at one time can cause difficulties for you along with raising a red flag with the credit reporting agencies. If you need help writing these letters you can always buy a good Credit Repair Kit to help you.
After You Send Your Letters
The next step you need to be patient because the credit report companies are going to look into your dispute and see what the original account issuer has to say. If they don't respond or can't provide proper documentation to back up the listed information, the bureaus have to remove the information under Federal Law, this is going to take roughly 45 days per cycle. The key to getting the job done is to be sure that you utilize the correct letter and format it correctly so take some time and you have the ability to fix terrible credit fast by yourself.