Making Your Credit Repair

You can do for yourself everything a credit repair firm does. Credit repair firms only saves you time in exchange for money. They do not have any magic tricks or tools that you do not have. Bear in mind that no one can legally remove accurate negative information from your credit report, therefore, ignore credit repair firms that make promises too good to be true. Repairing your credit only takes simple steps.

The first step is to get your credit report from all three credit reporting agencies and review them. Your reports should be obtained for free. When you review your credit report, take note of any information that you believe is not accurate. If you have identified the account as yours but believe the information presented is not correct, you should make a contact to the financial institution that reported the information. Often the bank or credit card company can resolve the issue and update the credit bureaus directly. However, take note to keep a good paper trail.

In case you do not recognize the accounts or you think that unknown to you, someone has opened accounts in your name, you could be victim to Identity Theft. You may manage this by first reporting to IdentityTheft.gov. It is a government website where you can report an identity theft and get a recovery plan. As part of the recovery process, you may be requested to freeze your credit and file disputes with the credit bureaus. Again, ensure to keep a good paper trail.

If the issue cannot be fixed with your financial institution, you have the option of complaining to the Consumer Financial Protection Bureau (CFPB). You can submit your complaint online, and a case worker will look into your situation. The paper trail becomes very important here because you would need to share with the CFPB all the information that you can help. This would enhance their service to you. Take note that complaining to the CFPB is totally without charge.

The earlier you discover an issue with your credit report, the easier it is to solve. Therefore, do not stop to observe your credit report.