Fix Bad Credit - In 3 Simple Steps

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Fix Bad Credit - In 3 Simple Steps
It's not as complicated to fix bad credit as you might think. It requires some time, a little effort and research on your part, and a commitment to pay your bills on time from here on out. If you want or need to fix bad credit so that you can qualify for a mortgage or car loan, following these easy steps can bring your credit score up immediately, and then steadily improve it as you continue to make payments on bills on time.

1. Know what you need to fix.

The first step you need to take in order to fix bad credit is to find out exactly what your credit report says about you. A new law that is being phased in across the U.S. gives you the right to request your credit report from each of the three major credit reporting agencies - Equifax, TransUnion and Experian - once every 12 months. Before you can even begin to fix bad credit, you need to know what needs fixing. You can request a credit report by writing to each company, or you can use an online service to request all three at once via an online form.

Once you have your credit reports in hand, you'll know exactly what is causing your credit score to be lowered. There are different strategies to use to fix bad credit depending on exactly what the problems are.

2. First steps to fix bad credit.
There are many different reasons why lenders would consider you a bad credit risk. Here are some common ones and things you can do to fix bad credit caused by them.

Errors on your credit report
Errors on your credit report are among the easiest bad credit problems to fix. If there are reports of missed payments that you've made, or charges and bills to accounts that you never took out, write IMMEDIATELY to the credit reporting agency to let them know about the error and have them investigate it. Include all the details that you can, including copies of canceled checks, any letters between you and the lender, any disputed charges that are still under dispute - in short, anything that will show that there is a mistake that is causing your credit report to show a false picture.

Missed/Late Payments
If the payments in question were missed due to an unforeseen circumstance that's since been resolved, or if you've since made good on those payments, you should also report that to the credit reporting agency. They are required by law to amend your credit record to reflect your explanation and any changed circumstances.

Too high debt/credit ratio
If you've maxed out one or more of your credit cards, concentrate on paying them down to bring your debt/credit ration - how much you owe vs. how much available credit you have - back within manageable levels.

Too much debt
If your credit is out of control and you don't have any prospect of being able to pay anything off, it's time to bite the bullet. The only way to fix bad credit in that case is to call all your creditors and set up payment plans. Once you've done that, stick to them religiously. Given a customer who is willing to work with them, many creditors will even report your new payment schedule and your regular payments to credit reporting agencies, which will have an immediate effect on your credit score.

3. Maintain your new credit once you fix bad credit.


Once you're on the road to fixing bad credit, you need to work at maintaining it. Be sure to make your payments on time and in full. If circumstances prevent it, communication can help lessen the damage to your credit report. Often, a creditor will hold back from filing adverse information if they know what is going on.

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