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Restoring Your Credit Report And Rebuild Your Credit Score
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Restoring Your Credit Report And Rebuild Your Credit Score

It can take three to 12 months to restore your bad credit. However the time you spend restoring your credit it is well worth it and the benefits you reap are priceless. Since the applying for loans have become everyday more difficult to obtain not to mention credit cards.

If you even get the loan, people with bad credit score will be the one who gets higher interest rate that will cost you a lot more money than one that have a higher credit score.

The Credit Reporting Agencies makes error all the time; approximately 79% of consumer’s credit report contains error.

As a consumers it is important that you know every information that your credit report include as you may know bad credit score can stop you from obtaining mortgage, loans and credit cards with low interest rate.

But don’t be in despair there is a way you can to restore your credit report, improve and rebuild your bad credit score.

1. Be knowledgeable. The Fair Credit Report Act (FCRA), The Fair Debts Collection Practices Act is laws established to protect consumers from unfair practice from the Credit Reporting Agencies and creditors.

2. Obtain a copy of your credit report. Before you begin to restore your credit you need to obtain a copy of your credit report from each credit reporting agencies. The three biggest agencies are Experian, Equifax and TransUnion.

3. Be organized. If you want to restore your credit you will need to add, correct, change or delete inaccurate information that reflex in your credit report. Once you start the disputing process you will need to keep track of all dates track all dates, deadlines and updated information received from each credit reporting agencies.

4. Freeze your Credit files. You can freeze your credit file whether or not you have been a victim of credit or identity theft. When you freeze your credit file it is a way to help insured your privacy, protect your private information from lenders and creditors to access and profit from your credit information and even as a guard against credit theft.

5. Analyzed your credit report. Once you obtain your credit reports analyzed one report at a time. Make sure that all credit inquiries are authorized, that all accounts and credit history reported are complete and accurate and if information reported in your credit report is current.

6. Start making changes and corrections on your credit Report. After analyzing your credit report you may dispute any incorrect and unverifiable data in your report according to the Fair and Accurate Credit Transaction Act (FACTA). Your entire dispute should be in writing, you need keep a record of all information submitted to the credit agencies and any updated information you received from them in case you need to file a lawsuit in the future.

7. Add good credit. If you want to re-build your credit history and improve your bad credit score opening new accounts responsibly and paying them off on time will raise your score in the long term.

With that been said, if restoring your credit is overwhelming for you, having a complete credit repair guide will allow you go through the process easily, especially if you have little or no idea on how to improve and rebuild your bad credit.


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