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Credit Repair

What is Credit Repair?

First, what is credit? Basically, it’s when you use somebody else’s money to pay for something you buy. You agree to repay your creditor later on —- with interest.

Now as with every loan, there are bound to be payment terms when you use credit. These depend largely on your Credit Rating. The higher (i.e. the better) your credit rating, the lighter payment terms will be than if you have poor credit rating. Why? Because having a high credit rating is the same as saying, “This person has a good financial history and is known to pay his debts on time; they can be relied on to repay the loan in time.” So the lending agency, judging there is less financial risk involved, will grant you favorable payment terms. But if your credit is poor, they will compensate for the risk by imposing tougher rates.

Thus good credit rating makes it easier for you to apply for housing loans, credit cards, health insurance, etc. That is what Credit Repair is for and why it is important. Credit repair is the rebuilding of a poor financial reputation. You can try going straight to your creditors to do this. But usually, credit repair involves disputing and correcting errors in your credit report and also improving your credit rating.

To repair credit:

- First, get a copy of your credit report from the credit reporting agencies. Ask for it in a formal letter.

- Look up the negative or questionable items and prepare to dispute them one by one in a letter. (You should question even positive items if you know they are wrong, but who’d want to do that?)

You’ll want to say that such and such report of unpaid debt is misleading, erroneous, etc. You can also give reasonable explanations behind them (like a category 5 hurricane destroyed your house and so on), but don’t make it sound like you’re just making excuses.

- Send your complaint/dispute to the agency, who will then try to verify it with your creditor(s). If unverified, your credit report will be updated and corrected. But it can take a while.

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If you are not financially-savvy, you can turn to a credit counseling body for financial advice. However, contrary to what credit repair companies want you to think, it is not imperative that you should get professional aid. Many people are able to repair their credit through sheer financial discipline, patience and willingness to investigate and talk to the right people.

Obviously, credit repair takes knowledge, determination and eye for detail. But the rewards you gain with good credit are well worth the effort. With free resources on the Internet showing you how to go about the process, the work is also made easier.