How To Repair Your Credit Score All On Your Own

With the downturn of the economy, many individuals have found themselves falling on hard times, which hasn’t done their credit any favors. Even if you have kept up with all your payments and ensured that everything was paid on time it is possible for some of your lenders to make errors. Whatever the situation is, both of these circumstances can have huge negative effects on your credit score. This is why it is imperative that you are constantly monitoring your credit and making sure that everything is as accurate as it should be. So, what are you supposed to do if something is wrong or mistakes were made? Below, you will learn some tips and tricks for repairing your credit score all on your own without having to spend tons of money of a professional.

Taking Advantage Of Your Free Credit Report

Many individuals avoid getting a credit report in the first place because they are under the impression that they have to pay for it. Well, you might actually be surprised to learn that you are entitled to one free credit report a year. In fact, you can get a report from several different credit bureaus. You can either get in touch with Experian, Equifax, or TransUnion. It really doesn’t matter which one you take advantage of as long as you are getting a credit report from one of them.

Auditing Your Credit Reports

Keep in mind that depending on where you got your credit report from some of the information might be presented in a different manner. However, everything should still be accurate and correct. When auditing your credit report, your main concern should be to make sure that all the information is entered accurately and correctly. Some of the key areas that you want to keep an eye on are missed payments, depth of credit, your accounts, recent activity on your accounts, and amount of credit that you have.

  • Missed Payments – Missed payments are one of the most important sections because it makes up the largest portion of your credit score. If you do in depth research on how to remove bad credit quickly, any expert will tell you that missed or late payments will without a doubt greatly hinder your report. If any information in this section is incorrect, you want to start disputing them right away.
  • Depth Of Credit – Just because you have debt on your credit report this is not necessarily a bad thing. In fact, as long as you are making payments on time when you are supposed to this can actually make your credit look good. So, make sure you greatly weight the pros and cons before completely closing out any account, because making payments shows lenders that you are capable of handling obligations.

Properly Disputing Error And Mistakes

If you do find any incorrect or wrong information on your report it is important to report it right away. The major thing that you need to know is that disputing mistakes and errors will not cost you a dime. You can use a variety of different credit bureaus to help you dispute these mistakes, but usually only one will suffice. If the lender does discover that the mistake was made on their end they are required by law to contact the credit bureau and report the corrected information.

Just keep in mind that mistakes and error can greatly hurt your credit score, disputing credit errors does not cost anything, and disputes are not reported on your credit report, so it can hurt you to dispute anything that you think is wrong. If you cannot get the information corrected, but still feel like you are right, you can add a “Statement Of Dispute” to your credit report, which will show other lenders where mistakes were made on your report.

David Jackson

David is a personal finance expert, a professional male model, and an entertainment writer.