Simple Steps to Credit Repair...

The financial meltdown of our economy will affect all American’s sooner or later. Credit is already being reduced, denied, and banks and lending institutions are not lending. This article is a brief guideline on how to take "simple steps to credit repair" with the credit reporting agencies. It is not an all encompassing plan just some things you can implement if you choose to do something to start the repair process.

A few simple steps to credit repair first:

·          YOU NEED to be Patient

·          Everything is Negotiable

·          Outline a Plan

·          Set Goals

·          Follow up on your plan

Repairing your credit on your own is not an easy task; it is time consuming, frustrating, and sometimes downright depressing. There are alternative solutions, using credit repair companies such as Lexington Law Firm , Do It Yourself Programs, or Credit Counseling Agencies.

PLEASE READ MY REVIEW PAGE BEFORE YOU MAKE ANY DECISION ON USING AN OUTSIDE AGENCY TO REPAIR YOUR CREDIT!

There are a few things you will need to begin the repair process, and a few things you must do to ensure all your hard work is not jeopardized by a few lapses or mistakes.

Let’s get started, you will need the following items:

1.       Obtain copies of your credit reports (DO NOT PAY Click Here)

2.       A financial calculator

3.       Credit Counseling

4.       Secure Credit Cards

5.       LAY OUT YOUR PLAN

The following should be included in the plan

·     Pay bills on time late payment are bad. If you know you will be late sometimes a courtesy call or promise to pay will do the trick. Late fees will kick in, but DO NOT BE MORE THAN 30 DAYS LATE!

·     Reduce your lines of credit. This is a double-edged sword, longer accounts, are good items. Reduce newer accounts first.

·     Avoid the biggies, Foreclosure, Bankruptcy, Collections, and Tax Liens. Bankruptcy remains on your report for 10 years, foreclosure & collections, paid tax liens for 7 years.

·     Write to creditors asking to reduce credit limits, to reduce amount of available credit. The total amount of credit is a consideration used by creditors, even if you have no balance. (Good rule of thumb for consumer accounts such as credit cards, carry a balance of about 20 to 30 percent of the total credit line)

·     Reestablish a credit line in good standing, ask a friend or family member to co-sign an account for you, but be careful if you default it will reflect on their credit report.

·     Obtain a secured credit line to reestablish your credit. Keep a designated amount of money in the account to cover charges. Make all payments on time.

·     Check your credit report yearly to ensure there are no mistakes or errors 

     This will put you back on the road to credit recovery, but some tips to avoid, so you don’t become a victim of a growing credit repair companies taking advantage of people in an already difficult situation.

1. DO NOT PAY ANY COMPANY UP FRONT 
2. INVESTIGATE ANY COMPANY YOU CONSIDER USING 
3. DON’T SIGN UP FOR FREE CREDIT REPORTS (USUALLY JUST A DRAW-IN, FOR PAY CREDIT MONITORING) 
4. KNOW YOUR RIGHTS 

I hope this will help anyone who is in the situation I found myself in just a few short years ago. If you do NOTHING!   NOTHING will happen!

Please read my review page, I have researched a lot of companies, and give my recommendation to "Lexington Law Firm" , good luck on whatever path you may choose.

Good Luck!!
Mike

P.S.  In closing, join the mikescreditstory monthly newsletter  Join Here
        Informative articles, follow my own credit repair journey, and a Free Gift