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Repair Credit History Report

The best way to repair your credit history report is to get the report in the first place. Contact the big three reporting agencies, and get your free credit report once a year. Over once a year, and you’ll be charged a nominal fee, but after you do a little work on your credit, it will be worth reviewing, if only for a reward.

Check your report for errors, including charges that should have been removed by law after seven years, charges that were neither incurred by you nor approved by you, or charges that do not seem to be accurate, i.e., the credit company added some erroneous charges because maybe they thought you were looking. Use a form letter like that provided by Credit Elves to dispute any charges you want off your record, and wait for the credit reporting agency and/or creditor to either agree to remove the disputed charges or deny them, in which case you’ll need to do follow-up. In any event, get your credit history report again in a few months after a dispute to make sure the reporting agencies are helping you repair your credit, and that they have done what you asked.

If you are able to, deal directly with creditors or collection agencies. Try to get them to offer a settlement that is a portion of the total amount owed, and pay it promptly. If they will not do that, ask them to offer a payment plan after which they will mark your account as “Paid in Full.” Keep copies of every transaction, with every creditor or collection agency.

To make sure your credit history does not require repair in the first place, adhere to a few simple rules when dealing with money and credit. Pay all of your bills on or before their due date. If you pay late, it will negatively affect your credit rating.

Lower the number of credit cards you use. Contact your credit card companies and request closure of your accounts; then report to the credit reporting agencies and let them know you have cancelled your accounts. If you absolutely cannot get rid of your credit cards, at least ask your creditors to reduce your credit limit. What you have available as a credit limit on these various cards shows potential new creditors that you might just have too much chance of getting into trouble with too much money already available to you as credit lines.

If it is at all possible, try to avoid a bankruptcy, tax lien, foreclosure or having your accounts put into collections for non-payment. Bankruptcies stay on your credit history report for ten years, and the others look terrible to potential new creditors.

Think about establishing new credit if you don’t already have any accounts in good standing. Getting a small loan or credit card with a small credit limit, where you make small charges and pay them on time, can help you establish with creditors that you are responsible and a good credit risk.

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