Dos and Donts of Credit Repair

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Dos and Donts of Credit Repair

When you are working towards credit repair, you must keep in mind that there is a right way and a wrong way of going about it. It helps to know the dos and donts of credit repair if you want to accomplish more in less time. Here are some tips I can offer you.

Always get copies of all three of your credit reports from the consumer reporting agencies Equifax, Experian, and TransUnion. These reports do not contain the same information. If you are serious about fixing your credit, you need to work on the credit reports compiled by all three major credit agencies.

Consult your credit report in 3 to 6 months before trying to get a mortgage. If you need to repair your credit, you need to know this and have it fixed as soon as possible. You can get many mortgage lenders to help you with your credit repair, and with their special resources, they are likely to be able to get it done in less than 72 hours. You will have to pay for this service, but that?s a one-time payment that can net you an increase in your credit score that is enough to merit a lower interest rate and save you thousands of dollars in the long run.

Sign up for a credit monitoring service. There are many of them available online. They can provide you with your FICO score as well as updating you on changes in your reports. But be judicious in selecting a service package. Some packages only provide you with reports every quarter, while better ones allow you to check your report every day.

Never put down false information in your correspondence with credit reporting agencies or anyone else. There may be serious legal repercussions if you are caught lying--and your credit report will remain unfixed.

Be very tactful in wording your dispute letters. You do not want to run even the slightest risk of making a misstatement, perhaps inadvertently. Even if you are certain a listed account does not belong to you, do not write that the account is ?not mine.? Instead, ask the credit reporting agency to verify the account for you, and delete it if verification shows it to be an incorrect entry.

Take steps to protect yourself from identity theft. It can result in credit fraud that can greatly damage your credit score. Guard your Social Security number tightly, and all other personal information as well. Get a shredder if you do not have one and shred any documents containing personal information before putting them in the trash. Protect your computer files as well. Get reputable firewall, anti-virus, and anti-spyware software and increase the security settings of your web browser.

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