Two Paths
It can be very satisfying to undertake a project and complete it on your own. Credit repair is no different from any other effort you might make. If you do it properly the rewards can be significant. You should end up with a transformed credit report and the wonderful feeling that comes from a job well done.
Choosing Your Way
As important as your credit is, if you evaluate the requirements of the job and decide you do not have the requisite time to do it right, you might consider hiring one of the reputable credit repair companies to guide you through the process. Here is an overview of the steps involved for your consideration as you decide which path to take.
Proofreading
The first step in the credit repair process is a detailed examination of your credit report. You must review all three bureau reports; there may be more involved here than you expect. You must proofread for accuracy and not simply look for inaccurate derogatory information. Credit repair companies are expert at this process, but you should be able to get the job done if you know what to look for.
Your Credit Repair Checklist
When you examine your reports there are a number of subtle issues you cannot afford to overlook. If a collector no longer owns a debt he is supposed to remove the account from your report. If you see duplicate collection accounts, at least one is in error. Overstated revolving balances can harm your scores. Accounts that do not belong to you can cause damage even if they are in good standing. If you are not comfortable identifying these things credit repair companies are adept and can help.
Letter Writing
Once your problems are spotted it is time to send dispute letters. You should not expect the bureaus to be as efficient or as cooperative as you would like. You must organize your letter writing very carefully. Each bureau must be addressed individually using the specific identifying criteria they have used on your reports.
Follow Through
You must monitor the responses you get and plan on rebutting in the case that your issues are not corrected. Your first round of letters will probably not be your last. Plan on a series of communications before the job is done. This time intensive process is one of the reasons many people opt for the services of credit repair companies.
Collection Management
Collections must be handled in a very specific manner. Before disputing a collection you should make sure that nothing you do will trigger unwanted legal action. Examine the collection information thoughtfully. Credit repair companies will make a point of researching the statute of limitation on the account to determine your exposure. You must do the same. This will also pay off should you choose to negotiate a settlement.
Putting it All Together
Credit repair takes some work. If you choose to do it yourself take the time to plan your effort, and then do the job right. The details can make a big difference in the results you get. If you decide that the work is too much, just go online and research several credit repair companies and pick one that you are comfortable with. Either path will get you to your goal. Good luck!
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