If you just found out you have bad credit or have been dealing with it for a while yo are no doubt frustrated by it but like many unsure how to start fixing your terrible credit. Many people have the very same problem and in todays economy its worse then ever. The following article will give you a brief overview of the process you can use to fix terrible credit problems on your own.

The very first step is to buy a copy of your most recent credit report because without knowing why your scores are low you will not be able to fix it the right way. The only way to achieve this effectively is with a recent copy of your credit report. You will be able to purchase a credit report on the internet very easily. You can use a free credit report that you are able to get get for no charge once a year but that is not going to give you your credit scores, just history and you really must have a score to work from as a base line when you are attempting to fix credit troubles.

Take a good hard look at it and then make a list of all mistakes or incorrect items that you find. Some common mistakes are incorrect high balance, incorrect credit account limit, consumer credit accounts that are not yours and just general wrong information. You also want to make a separate list of any derogatory activity that you find as well. These will in most cases include late payments,collection accounts,charged off accounts and public records such as bankruptcies. Also make note of any credit inquiries as to many of these may reduce your credit scores and it is not unusual to have unauthorized inquiries on your report.

Right after you compile your list of negative accounts and errors you must then begin writing some credit dispute letters that are going to send into the reporting bureaus. The dispute letters are going to list your name, account number,social security number as well as the reasons for challenging your reported information. If you can supply supporting documents you can send them that as well. Try and send about two credit dispute letters at a time, to many at once may start difficulties for you as well as raise a red flag with the credit report companies

The next step is going to be to be patient because the bureaus are going to look into your claims and see what the original account issuer has to say. If they fail to respond or do not provide adequate documentation to back up the listed information the credit reporting agencies have to remove the listed information under Federal Law, this will take about 45 days per cycle. The key to getting items removed is to be certain you use the right dispute letter and format it properly so take your time and you have the ability to do self credit repair rapidly with self credit repair.

And finally keep in mind you are going to have to get yourself onto a monthly budget and work at paying off whatever consumer credit debt you are holding. Try and get the outstanding account balance under half of your credit accounts credit limit. Reducing your balance to that level in most cases will give your Credit report scores a positive jump. The reason why this works so well is that the bureaus algorithm that figures out credit scores appears to frown on anything over 50% ratio, the reasons are unknown but that 50% level has been proven to be the critical point, obviously the lower your balance falls the better your score.

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