Fix Credit Reports

Fix credit reports is no rocket science. All you really need is knowledge about the inner workings of the credit system and the various loopholes in it. Financial discipline, careful budget planning and patience will also take you to the desired destination. But why do it the “hard” way when you can do it the “smart” way.

Here are 3 simple steps that will help you understand how to fix credit reports:

1 Decipher your FICO.

Your three digit FICO score assigns you a certain number from 350 to 800. A credit score of 700 and up will more than likely qualify you for favorable mortgage and auto loans. A credit score of 640 and less can pose some significant financial problems for you. The key to fast credit repair is to understand where you stand (current FICO) and where you need to be (desired FICO). Do you need to raise your score with 5, 10, 20, 50, 100 or even 150 points? Different objectives determine different strategies. The next thing you need to know is why your score is so low. Is it because of poor payment history? Maxed out credit card or high balance to limit ratio? Is it because your credit history is relatively short?

2 Carefully analyze your report.

Order a free copy of your report from annualreport.com. If you order it from the web sites of the three major credit bureaus, you’ll have to pay a minimal fee. Once you have the report, spend enough time analyzing it. Are the negative items in the report current or old? Which are the negative account which affect your score most adversely-bankruptcies, foreclosures, loan defaults, repossessions, collections, late payments, past due payments, tax liens, legal judgments, credit inquiries? Rank these items in order of descending importance

3 Choose your strategies carefully.

Once you identify the most problematic accounts, take action. There is a whole set of strategies you can use-dispute, negotiation, debt validation, 623 Dispute, Rapid Rescore etc. You also have numerous legal rights specified in the Fair Credit Reporting Act and the Fair Debt Collection Practices Act which can help you win the credit repair battle with credit bureaus, collection agencies and original creditors. Each strategy works better with different types of negative accounts. Familiarize yourself with these strategies and get to work.

Fix credit reports is not a difficult task. Credit tricks and little known secrets will take you to the land of “good credit” faster than you ever thought possible. Once you start thinking outside the credit box, you’ll be surprised to find how easy to fix credit reports actually is.

Note that if you want this to be done professionally, we recommend to hire a Credit Attorney.

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