* ** Click Here For Details

Free Do It Yourself Guide to Credit Repair

The "Credit Repair Mystery" is no real mystery at all. You don’t have to pay a “Credit Repair” company a whole pile of money to fix your credit. You need three things. First you need to understand how your credit score is determined. Second is paying your bills on time and the third is keeping your revolving charge account balances under 50% of the available credit. That’s all! There is no big secret about credit reporting. Lets go thru it in detail. With this DIY Guide to credit repair you will be able to understand, manage and improve your credit.

  1. Obtain a copy of your credit report- Go to www.annualcreditreport.com for a free copy of your report from each of the three major credit bureaus. YOU DO NOT NEED TO PAY FOR A CREDIT REPORT. It’s the law! You are entitled to one free copy from each of the three major credit bureaus once a year. Everything you need to dispute incorrect information and update your credit report is available for FREE at www.annualcreditreort.com. You will have to pay for the credit score if you want to see what your exact score is. However, if you have credit problems, you do not need the score anyway! A Bad score is bad. Once you have your credit as good as you think you can get it, then pay for the scores. Until you have done the work to build or re-build don’t waste your money!
  2. Dispute any incorrect information- These are the rules, if the information on the report is correct it cannot be legally removed. Don’t waste your time. Don’t let any of the so-called “credit repair” firms convince you need to pay them to update or fix your credit report. Hogwash! Most people don’t need help to tie their shoes; you don’t need help to update your credit report either. It’s that easy. Obtain your report; review each line of the report. Make sure the information being reported is correct. You can dispute any incorrect reporting online at www.annualcreditreport.comm you do not have to pay for disputing incorrect information!
  3. Understanding the Credit Report Codes - Here is another area that people are afraid of.  Don’t be! There is a key chart on each credit report that lists what each code means. READ THE DIRECTIONS! It’s not that complicated. Look at the listing and codes on each report, simply refer to the corresponding key chart.
  4. Understanding how credit score is determined There are five primary factors in determining credit score.
    • Payment Record 35% of Your Overall Score
      • Payment information on individual types of accounts, including credit cards, retail accounts, installment loans and finance accounts.
      • Any adverse public records such as judgments, lawsuits, liens, levies, garnishments or bankruptcies.
      • Delinquency on accounts including how past due they may be.
      • Amounts owed on collection accounts and dates of the last payments.
      • Recentness of any delinquent items.
      • Number of past due items in your file.
      • Number of accounts that have been paid as agreed.
    • Amounts Owed 30% of Your Overall Score
      • Total number of accounts with an outstanding balance remaining.
      • Total ratio of account balances vs the credit limit.
      • Total remaining balance on any installment loans.
    • Length Of Credit History 15% of Your Overall Score
      • Length of time since the accounts have been opened
      • Time passed since last activity on the accounts
    • New Credit 10% of Your Overall Score
      • Number of recently opened accounts.
      • Number of recent credit inquires.
      • Length of time since the accounts were opened.
      • On time payment history beginning after any previous payment problems.
    • Types Of Credit In Use 10% of Your Overall Score
      • Total number of accounts, varying in type. Including credit cards, installment loans, retail accounts, finance accounts or mortgages.
  5. How many accounts do I need in good standing - You should have at least three retail accounts. (MC / VISA / AMEX) more is better than less. The best-case scenario is to have a mix of unsecured and secured accounts. Charge cards, with house and car payments.
  6. How do I obtain new credit if I have bad credit or no credit?  Secured credit cards. Search online for secured credit cards. You open a bank account with the credit card issuer and, they in turn issue you a credit card with a credit line that's the same amount you deposited in a savings account. These accounts list on the credit report like any other credit product. No one will know it’s a secured account but you and your bank!
  7. How long does it take to build credit? About 24 Months. When you first open your new accounts, they won’t have much affect on your score. As the accounts begin to age your score will go up. Remember to keep the balances at 50% or less of your credit line. The amount you owe is 30% of your score. The more you owe, the lower your score.
  8. What about old debt or collection listings? Pay them! Remember info stays on your report for 7 years. If you are going to pay off old collections or settle on debt get a settlement letter from the collection company PRIOR to payment. DO NOT PAY any account prior to receiving a written agreement that whatever amount you pay is considered payment in full. You can have your credit report updated with these letters and proof of payment.

So that’s it! Get a copy of your credit report. Update what ever is needed. Get new credit with secured cards if necessary. Keep your balances under 50% of your available credit lines. Within 24 months your credit may improve big time!
Settle Your Debt Now...Start Here
First Name:
Last Name:
Email:
Phone:
Work Phone:
Address:
City:
State:
Zip:
Best Time to Contact:
Total Debt:
DRL will not give out any of your information to any 3rd parties. Privacy Policy