Credit repair is not as hard as some people make it out to be.
Why shell out hundreds or thousands of dollars to hire someone to fix your credit when you can do it on you own in three steps- understanding the FCRA, making sure you are "cleared" on all three credit reports, and investing in a secured credit card.
Step one, understand the FCRA.
FCRA stands for Fair Credit Reporting Act.
This act enforces laws that the bureaus must follow when dealing with people's reports.
When you have an understanding of the Fair Credit Reporting Act it is less likely that you will get hustled by credit bureaus.
Second, be sure to work on all three reports.
When fixing credit do not forget to check all three reports (Transunion, Equifax, Experian) as one report can have a great credit score and the other two can have a terrible one! Be sure to check the middle score especially as that is the score lenders look at before giving you a loan.
Lastly, you can apply for a credit card.
They are a good way to raise your score granted you pay your minimums on time and don't go over twenty percent of your limit.
Unfortunately, not everyone can qualify for a "regular" credit card! Do not panic, you can get a secured credit card.
A secured card can be obtained through your bank.
You secure the credit card by making a deposit for a certain amount.
The limit of your new secured card will be however much you deposited with the bank.
The same rules of a "regular" credit card apply with a secured one: do not use more than forty percent of your limit and pay your minimums on time, consecutively.
Why shell out hundreds or thousands of dollars to hire someone to fix your credit when you can do it on you own in three steps- understanding the FCRA, making sure you are "cleared" on all three credit reports, and investing in a secured credit card.
Step one, understand the FCRA.
FCRA stands for Fair Credit Reporting Act.
This act enforces laws that the bureaus must follow when dealing with people's reports.
When you have an understanding of the Fair Credit Reporting Act it is less likely that you will get hustled by credit bureaus.
Second, be sure to work on all three reports.
When fixing credit do not forget to check all three reports (Transunion, Equifax, Experian) as one report can have a great credit score and the other two can have a terrible one! Be sure to check the middle score especially as that is the score lenders look at before giving you a loan.
Lastly, you can apply for a credit card.
They are a good way to raise your score granted you pay your minimums on time and don't go over twenty percent of your limit.
Unfortunately, not everyone can qualify for a "regular" credit card! Do not panic, you can get a secured credit card.
A secured card can be obtained through your bank.
You secure the credit card by making a deposit for a certain amount.
The limit of your new secured card will be however much you deposited with the bank.
The same rules of a "regular" credit card apply with a secured one: do not use more than forty percent of your limit and pay your minimums on time, consecutively.