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Repairing bad credit and disputing errors in your credit report
Step 1:Dispute any errors in your credit reportThe first step to repairing your credit rating is to request your report from all three major credit reporting agencies: Equifax, Experian, TransUnion. Verify that all the information is correct. If you find any errors promptly dispute them. The dispute resolution links are below. Equifax https://www.econsumer.equifax.com/consumer/ sitepage.ehtml?forward=online_dispute&partner_cd=PPSS3 Experian http://www.experian.com/disputes/index.html Transunion http://www.transunion.com/corporate/personal/creditDisputes .page?from=TransUnionHome Step 2:Pay down as much revolving and installment debt as possible. Credit cards are revolving debt accounts meaning that you can pay down and borrow at any time as long as you stay below your credit limit. Keep you credit card balances at or below 20% of your credit limit. For example, if you have a credit card with a $5,000 limit try to keep your balance at or below $1,000.Installment loans are loans where you borrowed a fixed amount and pay a monthly payment for a certain period of time until the debt is fully paid off. Student loans and car loans are typically installment debt. Pay these loans on time or ahead of time if possible. Since credit account appear on your credit report for 7 years any previous installment loans that have been paid off will demonstrate your credit worthiness and raise your FICO score. Step 3:Don't fret if you have past 30, 60, or even 90+ day late payment(s) on your credit report. Just focus on the future and always pay on time. Again...Always pay on time. The longer record you have of paying on time the better. If you have past late payments your score will begin to improve as more time goes by with a good payment history. Again...Always pay on time.Step 4:Always pay your parking tickets and medical bills. A very high percentage of collections on credit reports are from unpaid tickets and medical expenses. Check your report and make sure these do not appear. Sometimes medical collections appear by mistake and should be disputed. HMO's are notorious for mismanaging accounts and sending bills to collection by mistake. The lesson here is to dispute any erroneous collections on your credit report.See Also: Credit Counseling
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