Credit Repair - What Does it Mean?
Credit repair has one universal meaning, which is to reorganize one's financial life through the process of cleaning bad reports, increasing scores and correcting mistaken information.
Nevertheless, it means more than that to a lot of people.
Millions see a repair process as an opportunity to turn their fortune around or to acquire a prized property such as a house or a family car.
Whatever interpretation or point of view from which you see it, it still boils down to the same thing - a clean financial life.
Usually, it is a bad credit-rating that requires restoration.
But wise people know that even good reports need a fix too even if there's just one or two negative information contained therein.
The way to restore (another term for repair) a bad rating is to first get all three reports from Transunion, Equifax, and Experian.
This is to update yourself on recent happenings on your file.
Next, find out how much balance you have on revolving lines of credit and just how much you owe on unpaid debts.
Also find out which debts have gone into collections so you can know which collection to deal with and prepare to negotiate with them.
You need to get all these areas sorted out first so that you know where to begin.
I'd suggest you run everything concurrently if you're fixing your file yourself, but the most effective way to do this is to keep a restoration kit by your side as a step-by-step guidebook.
For the negative/incorrect information on your file, you'll be working to get them deleted by disputing them through sending letters to the bureaus.
Next, you will be negotiating with bureaus to pay a fraction of the original amount you owe, which is what you probably can afford at the moment.
The negotiation shouldn't be a one-sided affair else it makes no sense.
Get the collector to delete the negative account from your file too.
To clean your file completely, you should plan on visiting a restoration agency or simply do-it-yourself with a restoration manual.
Nevertheless, it means more than that to a lot of people.
Millions see a repair process as an opportunity to turn their fortune around or to acquire a prized property such as a house or a family car.
Whatever interpretation or point of view from which you see it, it still boils down to the same thing - a clean financial life.
Usually, it is a bad credit-rating that requires restoration.
But wise people know that even good reports need a fix too even if there's just one or two negative information contained therein.
The way to restore (another term for repair) a bad rating is to first get all three reports from Transunion, Equifax, and Experian.
This is to update yourself on recent happenings on your file.
Next, find out how much balance you have on revolving lines of credit and just how much you owe on unpaid debts.
Also find out which debts have gone into collections so you can know which collection to deal with and prepare to negotiate with them.
You need to get all these areas sorted out first so that you know where to begin.
I'd suggest you run everything concurrently if you're fixing your file yourself, but the most effective way to do this is to keep a restoration kit by your side as a step-by-step guidebook.
For the negative/incorrect information on your file, you'll be working to get them deleted by disputing them through sending letters to the bureaus.
Next, you will be negotiating with bureaus to pay a fraction of the original amount you owe, which is what you probably can afford at the moment.
The negotiation shouldn't be a one-sided affair else it makes no sense.
Get the collector to delete the negative account from your file too.
To clean your file completely, you should plan on visiting a restoration agency or simply do-it-yourself with a restoration manual.
