With the real estate market in position to decline for a minimum of next 18 to 24 months by the time you have repaired your credit you’ll see great value for what you can purchase.
In all actuality, if you have the diligence to do it yourself it’s quite simple, but it takes dedication and follow up. First, get a copy of all 3 of your credit reports. Your allowed one free per year from each bureau and you can do that on line. Once you have identified issues you can dispute all of them. Then wait to hear back to see which ones fell off. If the creditor does not respond within 30 days the credit reporting agency must remove the derogatory information. From that point start calling any collection accounts to see if they will take less than you owe to provide you with a Letter that you have satisfied the debt and they are going to remove it from your credit report (all 3 agencies).
If they do not remove…
1. 1. Question the creditors facts
2. 2. Ask for contracts showing your signature
3. 3. If they fail to provide, tell them they must remove
4. 4. File a complaint with the reporting agency
Links to all 3 agencies:
1 http://www.transunion.com/
http://www.equifax.com/home/
http://www.experian.com/
Your goal is to get the negatives off and start raising your score. Next make sure to stay current on any payments you may currently have. Keeping a revolving credit card with a very low balance is great for building your score if you pay it on time every month. You want to keep any and all of your credit cards well below their limits. Credit reporting agencies see that as a negative even if you pay on time.
I would suggest that about every 45 days, you should be receiving updates to your ongoing credit repair from the bureaus, just keep clearing up each item as you can and make sure it is removed from the credit report.. If you have a conversation with anyone that has reported something negative to your credit report get names and dates and write the outcome of your conversation. Always get a letter from them if they say they will remove the information. This way, you can provide it to the bureau yourself and not have to wait until they report it.
Create a form letter that you can easily change name and addresses of creditors or collection companies…buy some stamps and a box of envelopes…start sending letter of dispute…be diligent…send the same letter weekly until the negative is removed… it really does work…you’ll be rewarded with rising FICO scores…and the ability to purchase.
