| It is a lot easier to lower your credit score than to raise | | | | 2 Now that you have your reports, identify the issue |
| it. Most people learn this the hard way. However, there | | | | ares which are most important. In other words, winnow |
| are a number of things you can do in order to boost | | | | the chaff away from the grain. Start with the most |
| your credit in less than a month. The one thing you | | | | current delinquent accounts. The credit formula is time |
| need for a successful credit repair is knowledge about | | | | sensitive and gives priority to more up-to-date |
| the inner workings of the credit system and the | | | | accounts than older accounts. Taking care of your |
| various loopholes in it. You have to know the credit | | | | current late payments can increase your credit from |
| calculating formula and the factors that have the | | | | 20 to 100 points depending on the specific situation. |
| biggest impact on the final FICO score.Once you | | | | Familiarize yourself with the relative importance of all |
| familiarize yourself with the credit system, you can | | | | factors of the credit formula and start working on the |
| proceed to action. | | | | delinquent accounts that have the biggest impact on |
| 1 Order a copy of your credit report. You are entitled | | | | your FICO score. |
| to one free credit report each year which can be | | | | 3 Diplomacy and documentation. Paying off late |
| obtained from Get a report from each of the three | | | | payments, collections or judgments will not benefit your |
| major credit bureaus -Equifax, Experian, TransUnion. | | | | account as much as deleting these items from your |
| The reports have slight differences because the credit | | | | score altogether. This is where diplomacy and |
| score formulas used by the credit bureaus are not | | | | negotiation come into play. Contact collection agencies |
| exactly identical. Besides creditors are not required to | | | | and offer them a deal-you will pay off the collection if |
| report to all three bureaus and many times they | | | | they withdraw your account from the credit bureaus. |
| provide your information to only one of the three. In | | | | Contact your auto and mortgage company and offer |
| order to know which delinquent accounts produce the | | | | a deal-you will make no late payments for one year if |
| worst results for your score and what course of | | | | they withdraw evidence of late payments from your |
| action to take you must have a copy of your report | | | | credit bureaus. Another thing to keep in mind is |
| from all three bureaus. This gives you an accurate idea | | | | documentation. Document everything in the |
| of your credit standing. Requesting a free credit report | | | | communication, keep a copy of all faxes that you |
| will not lower your score further as some people think. | | | | exchange. |
| Indeed credit inquiries can take out 6 points from your | | | | In order to learn how to fix credit rating, you have to |
| score but these are the so called "hard hits"-inquiries | | | | familiarize yourself with inner workings of the credit |
| that creditors use to decide if you are risk free. | | | | system. Credit knowledge is invaluable since it gives all |
| Checking your own report will not lower your score. | | | | the tools needed to fix your score fast. |