Payday Loans Debt Consolidation

Your 4-Point Checklist For Repairing Credit – A Do-It-Yourself Project

If you think the task of repairing credit is something only expert agencies can do, you are wrong. You can do it yourself; you just need to learn the right steps to follow. Following is the worksheet you have to work on. So, roll up your sleeves and get started.

Request Your Credit History Report

There are three authorized sources to request your report from the credit bureaus. You can give them a phone call at 877-322-8228, which is a toll-free number. Alternatively you can fill out a simple online application form at the credit report website authorized by FTC. The third option is to get a free “Annual Credit Report Request” brochure from FTC. Complete the form printed on the back of it, and mail the same to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. As per the federal laws, you are entitled for one free report from every credit agency once a year.

Review the Report for Errors

When it comes to , the next step is to review the reports thoroughly. Look out for errors and mistakes if any. If you find some wrong inputs out there, you can take necessary actions to rectify the same. For example, if you have already paid a certain debt but it is still showing up on your file, you can contact the bureau, provide them the documents (your payment slip) in support of your claim, and request them to remove the same. You can also talk to your lender about it who you made the payment to.

Plan A Budget

If everything that is showing up on your report is correct, the only way to fix it is to debt faster. For this, you will need a budget. Budgeting is all about knowing where you are spending your money and how you can cut the fat to gain some savings. The idea is to use the savings toward debt repayment. Create a worksheet with a detailed list of all your expenses and incomes. This will give you a clear idea. You can also plan to work part time to get some extra money. If you cannot earn extra money, you can at least cut down your expenses.

Pay Off The High-Rate Debts First

Debts with very high interest rates, such as payday loans, are the main culprits that ruin your credit report. So, make it your priority to pay off the high-rate debts first.

There are also certain tools for repairing credit, such as secured credit cards. Things can be much easier for you if you use those tools simultaneously while you follow the above 4-step plan.

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