Three Credit Repair Mistakes To Avoid
- Date: 2010-08-24 - Word Count: 400
Share This!
If you're dealing with bad credit, you're certainly not alone. Thousands of Americans have found themselves in this situation after living beyond their means, losing their jobs, or simply finding that they no longer fit into the new definition of a good credit score. If you're at a loss for how to repair your credit, here are three credit repair mistakes to avoid when you get going on your DIY credit repair.
1. Using a Credit Repair Company
These companies are really in it for nothing but the money. They'll end up costing you a small fortune, and they won't do anything you can't do on your own. The Internet is rich with resources to teach you how to repair your own credit. There is even some great credit repair software on the market right now that can help you every step of the way. In short, there's no reason to hire a company like this. You can do this on your own with the resources that are easily available today.
2. Not Getting All Three Reports and Scores
Many people become concerned about credit repair first because they get one of their credit reports and see that it's full of mistakes. If this is the case, it's not unlikely that your other two reports are also riddled with problems. Over half of all credit reports have been shown to have mistakes on them, so you definitely need to check all three major credit reports and scores when you first start repairing your credit. You can get free credit reports from each company once a year, though you'll have to pay a small fee to see your actual score. Once you're on the road to recovery, you can just stagger your reports, getting one from each company at different times of the year.
3. Paying Down the Wrong Debt
Most people are aware that the best way to improve a credit score is to pay down some debt. The biggest part of your score, after all, is your debt to credit ratio. However, some debt weighs more heavily with your score than others. The most volatile type of bad debt in a credit company's formula is store credit, so this should go first. Credit cards come next, and after that you can work on other types of debt. If you really want to fix your score fast, you'll work on your debt in this particular order.
1. Using a Credit Repair Company
These companies are really in it for nothing but the money. They'll end up costing you a small fortune, and they won't do anything you can't do on your own. The Internet is rich with resources to teach you how to repair your own credit. There is even some great credit repair software on the market right now that can help you every step of the way. In short, there's no reason to hire a company like this. You can do this on your own with the resources that are easily available today.
2. Not Getting All Three Reports and Scores
Many people become concerned about credit repair first because they get one of their credit reports and see that it's full of mistakes. If this is the case, it's not unlikely that your other two reports are also riddled with problems. Over half of all credit reports have been shown to have mistakes on them, so you definitely need to check all three major credit reports and scores when you first start repairing your credit. You can get free credit reports from each company once a year, though you'll have to pay a small fee to see your actual score. Once you're on the road to recovery, you can just stagger your reports, getting one from each company at different times of the year.
3. Paying Down the Wrong Debt
Most people are aware that the best way to improve a credit score is to pay down some debt. The biggest part of your score, after all, is your debt to credit ratio. However, some debt weighs more heavily with your score than others. The most volatile type of bad debt in a credit company's formula is store credit, so this should go first. Credit cards come next, and after that you can work on other types of debt. If you really want to fix your score fast, you'll work on your debt in this particular order.
Related Tags: credit repair, credit score, credit repair software, repair your credit
Your Article Search Directory : Find in Articles
Recent articles in this category:
- What's In Your Credit Report?
IdentificationYour name, address, social security number, birthdate and previous and current employm - Pros And Cons Of Low Purchase Rate Credit Cards
Low interest credit cards are outstanding until the time period runs out. Most of these offers promo - Bad Credit Loan Scams
There are several bad credit loan scams out there. These are usually aimed at those that don't have - Successful Credit Repair Methods
If you bad credit, you are not alone. Fact of the matter is there are tens of thousands in the count - Auto Loans Bad Credit: Bad Credit Is Not An Obstacle Now
Now a days, people want their own Cars. Though there are Public Transport Systems, they do not watch - Credit Card Services For Your Business
Co Branded Credit cards can be very beneficial for you if you have a business. These cards are onlin - Will The Actual Natural Motion Endure Large Food? -- Horizon Milk
The natural food business may be going through major work day in energy in the past 10 years. Becaus - Prices Of Dlp Lamp Alternative Parts - Dlp Bulbs
Since you will have to purchase a DLP> lamp each and every few years, it might be useful to know the - Dlp Bulbs -- Facts About Dlp Lamp Replacement
With regards to technical breakthroughs there aren't many things that are more popular than tvs and - Ways Which Anybody May Restore Their Very Own Credit Rating Easily - Credit Repair For Dummies
If you listen to a lot of the actual ads which are available regarding credit>, more than likely you
Most viewed articles in this category:
- Credit - Repair
To make the life more comfortable people purchase lots of things from clothing to cars and homes tha - Helpful Tips For Using Low Interest Rate Credit Cards
People with good credit ratings often receive offers for low interest rate credit cards. A credit ca - Benefits to Businesses Accepting Credit Cards
Many business owners report a sharp increase in profit when they begin accepting credit cards as a m - How To Remove A Bankruptcy From Your Credit Report
Credit report repair can be a long, tedious process and one of the hardest items to get removed is a - Putting Low Interest Rate Credit Cards To Work
If you have a solid credit rating, then you may receive offers for low interest rate credit cards. Y - Buying A Car With A Personal Contract Purchase Loan
If you are looking to buy a car but are unsure whether or not a new car is worthwhile, then you shou - Credit Repair - Tips And Tricks That Work
When you apply for credit, your lender will request a credit report from a credit reporting agency. - Bad Credit Debt Consolidation
No doubt there are numerous bad credit personal loans but hunting for a secured loan for bad credit - Before You Buy
Check out the market in the area you want to buy. Find out what price houses are going for and - Top 10 Keys To Creating A Good Credit Score
We know it can be unfair but credit is used for everything these days. Utility companies are even us
