Bankruptcy Advice

by Mark Alison

Regardless of your track record or credit history, you can take some simple steps and do your own credit repair. You can begin right away, and it won’t cost you anything - but the improvement can be gigantic!

You can begin by ordering a copy of your credit reports, going through them, and understanding them. There are three different credit reporting bureaus, and each one may have slightly different information.

The law now provides consumers the right to one free credit report from each of the bureaus, Experian, TransUnion, and Equfax. You are entitled to one from each company every year.

The FTC, or Federal Trade Commission has a website set up specifically for this: annualcreditreport.com. This is the “official” site for these free reports - be wary of any other offers for “free” credit reports, as they won’t actually be free.

As soon as you receive your reports, you can begin the process of credit repair. You will start by going through these files line by line.

These reports will either include a “dispute” form, or give you a web address to get them. This is the key where you will begin to fix your credit.

Make a note of every outdated, inaccurate, or incorrect entry - you will be disputing these. Fill out a dispute form and provide corrected information, or why it is inaccurate, such as debts that have already been paid but are still listed.

By law, the credit reporting agencies have 30 days to verify the information being disputed. If they cannot verify it, or don’t do so within the allotted 30 days, those entries must be removed from your credit report.

This simple step can remove many of the negative strikes against you, and they will no longer count towards lowering your credit score. In many cases, this can lift your score by up to hundreds of points!

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