Can I fix my credit myself?
February 8, 2013
The short answer is, yes you can. Even so, fixing your own credit is far from easy to do, and there will be many loops and hoops that you will need to jump through in order to get it done.
The first and most important step is to access of a copy of your credit report. You are entitled to one free credit report every year from each of the three major credit reporting agencies – Equifax, Experian, and TransUnion. Once you have obtained your report, you need to look through it with a fine tooth comb, identify all negative items such as collections, late payments, bankruptcies, and any public records and make sure they are all correct.
If you spot any errors, you can dispute these by contacting the credit reporting agencies yourself. However, this can be tricky, as each of the three credit reporting agencies can demand a substantial amount of information from you depending on the item you are disputing. Then they may delay the process as it is important to keep in mind these creditors, collectors, and banks reporting to your credit pay these credit reporting agencies to put it on your credit. Doing these things yourself will involve a lot of legwork and going back and forth between the credit agency and the creditor in question. Even if you do manage to secure everything you need, the credit reporting agency might come up with some technical legal reason as to why it can’t remove the item from your report.
For this reason, the vast majority of consumers will not attempt to repair their credit scores by themselves or if they have they have seen the exhausting and tedious process that it is. Most choose the smart way and contact a reputable credit repair company. There are many credit repair companies available out there, but it is very important to do your research. You should note that there are a few bad apples out there, and some unscrupulous companies may try to trick you into paying them money, without delivering on their promises. Going with the cheap answer is almost never the right option for anything as there is a reason why they are cheap and you will get what you pay for. Find out what all is included in the process and specifically what is writing and what is in their agreement. Make sure the company has a guarantee to show that they back up their results. Lastly, you want someone with experience; experience can’t be substituted for something else a company that has experience in that field and in getting results is a very good indicator of what they will do for you as well!