DIY Bad Credit Repair is Easy When You Know The Credit Secrets

While looking for bad credit repair, many desperately want there to be a band-aid that will fix their broken lives. “There must be some quick and easy insider way of fixing things,” some think. After all, there are so many advertisements online, on TV and in newspapers offering 100% guarantees and removal of the worst kind of blemishes, including bankruptcies, liens, judgments and bad loans. But are they legit?

If you’re looking for bad credit repair, then understand that there is no way to legally remove accurate and timely information from a credit report. Your credit score is designed to let lenders know how much of a risk you pose as a borrower. They are legally entitled to gain truthful information regarding this matter. Sometimes, you can write to your creditors and ask them to drop the information from your credit report in exchange for a prompt and full payment. Often times, that’s the best you can hope for, with regard to the negative information. Then you can take the initiative to create more positive information.

Here are some DIY tips for repairing bad credit. If you cannot afford a credit repair attorney and feel up to the challenge yourself, then you can use your sales and negotiating skills to get items deleted or at least changed in your favor on your credit report. First thing is, never make arrangements over the phone. It’s always best to do yourself a well-written letter instead and be sure you write this letter before you give the creditor any money or you’ll have lost your power to negotiate! If you have a “charge-off” listed on your credit file, then you can sometimes offer to adhere to a monthly payment plan and get creditors to replace them with “paid as agreed and on time.” If you can’t get that, then try for “account closed, account paid or account settled,” all of which are much better than a charge-off. The best case scenario you could ever hope for is a creditor to completely remove their account from your credit report, although it’s certainly a rare best case scenario. Often with medical bills, the creditor will remove the bad credit debt if you agree to pay immediately, in full, with an additional fee or two, which will improve credit scores straight away and if you can afford it, is well worth the additional fee.

Here are a few last bad credit repair tips. First of all, get a copy of your credit report before contacting a debt collector to see how much you actually owe, and furthermore, never negotiate over the phone. Always negotiate with a certified mail paper trail for the best legal protection. Always try to negotiate for negative records to be completely removed from your credit report, but be prepared to pay the full amount in that case. Dispute the inaccurate information on your credit report. Try to have at least three lines of credit in good standing for a minimum of two years; this may include two credit cards and one installment loan. There are credit cards for people with bad credit available from Visa and Mastercard, but be mindful of the terms. Pay down student loans 70% and all other credit cards to 20/80 debt-to-credit ratio. Do not close credit card accounts and be patient; you can repair your credit soon enough.

If given the opportunity most people would choose to live free and clear of all bills. That includes a home mortgage, a new car and credit cards. There would be enough money each month so that they could put back towards retirement or education. In a perfect world everyone would have exactly what they wanted and needed. But this is not a perfect world. Most people rely on credit cards, loans and mortgages in order to live. These allow them to live the way they want but it also puts them in bad credit.

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This post was written by TKB-Editor on May 20, 2013

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