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What is Bad Credit Repair?

Bad credit repair is an excellent method for your financial problems and there are many ways you can begin repairing your credit on your own. What is important is that you simply have made the decision to begin your journey toward financial freedom.

Whenever you decide toward bad credit repair you are getting smart. Getting denied for credit from companies may be tough on you. You might be wondering why you always get the highest interest levels on your credit lines. Have you ever looked at your credit lately? You may need to do a small repairing on your credit. Once you have repaired your credit then you will be in a position where you can pick and choose who will give you a line of credit.

You can begin things toward bad credit repair without hiring a company to do it for you personally. This is the best solution if you do not have the money to pay someone to help you. The first thing you have to do is have each of the three credit reporting agencies deliver a copy of your credit report. Once you have all three reports you can evaluate them and examine the data.

First of all you need to do is dispute all of the debts on your report. This means write a form letter by adding in the account number and the amount owed disputing that you owe the debt. Mail all of these letters to the credit rating agencies. Each company will have Thirty days to respond and present proof that you owe the debt. If they are not able to produce sufficient proof of the debt then the debt will be removed from your report. Many people get lucky with debts they really do owe dropping away.

After all of the companies have had the chance to respond the credit rating agencies will send you back your valid credit reports. Now it is time for you to start paying and work toward your bad credit repair.

The first debts you need to pay in your report will be the small ones. The smaller the debt, the worse it reflects on you. As you begin to contact your creditors, don’t offer them cash in advance. Ask them what they would take for a settlement amount. Many companies will offer you the opportunity to pay HALF of the debt and to call it paid. Be sure to get this in writing. If they demand payment right then and there, be sure to have this promise faxed or emailed to you so you have proof of this promise. You also need to demand for a receipt for transaction or pay them with a form of payment you can print and have evidence of transaction.

Bad credit repair takes time. As you slowly mark off the creditors in your credit reports as paid, you will be building up an improved credit score. It can take up to SIXTY days for a paid creditor to reflect a zero balance owed on your credit report. However, gradually you will notice your scores to begin to increase.