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What is Bad Credit Repair?

Bad credit repair is the perfect solution to your financial issues and there are many ways you can begin repairing your credit yourself. What is important is that you have made the decision to begin your journey towards financial freedom.

When you make a decision towards bad credit repair you are being smart. Getting declined for credit from companies can be hard on you. You may be wondering why you always get the highest interest rates on your credit lines. Have you looked at your credit lately? You may need to perform a small repairing on your credit. Once you have repaired your credit then you will be in a situation where you can pick and choose who is going to provide you with a line of credit.

You can begin the steps toward bad credit repair without hiring a company to do it for you personally. This is the right solution if you do not have the cash to pay someone to assist you. The first thing you have to do is have each of the three credit reporting companies deliver a copy of your credit report. After you have all three reports you can compare them and review the data.

First of all you should do is dispute all of the debts on your report. It indicates write a form letter and add in the account number and the balance due disputing that you owe the debt. Send all of these letters to the credit rating agencies. Each company should have 30 days to respond and provide evidence which you owe the debt. If they are not able to provide sufficient proof of the debt then the debt might be removed from your report. Most 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 towards your bad credit repair.

The first debts you need to pay on your report are the small ones. The smaller the debt, the worse it reflects on you. As you begin to contact your creditors, do not provide them with cash in advance. Inquire further whatever they would take for a settlement amount. Many companies will offer you the chance to pay HALF of the debt and to call it settled. Be sure to get this in writing. If they demand payment immediately, be sure to have this offer faxed or e-mailed to you so you have evidence of this promise. You also need to demand for a receipt for payment or pay them with a form of payment you can print and have proof of payment.

Bad credit repair takes time. As you gradually mark off the creditors on 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 show a zero balance owed on your credit report. However, gradually you will observe your scores to begin to increase.