Let’s talk credit repair
So we’ve looked at the quick fix, if it’s for you good luck, God speed and away you go. If you know there are no quick fixes read on.
This all started with an ad I saw on Facebook that to be honest was originally interesting and ended up making my blood kinda boil.
Here’s why… if you know anything about me I am a tell it like it is kinda gal. I can deal with (almost) any truth… don’t freaking lie to me. And it makes me crazy when people misrepresent or outright lie about their stuff, offering quick fixes to gravity like problems. It’s like when your kid is holding the cookie jar, snackin’ on the last Oreo and looks at you with the widest of eyes saying, “I’m not sure who ate the cookies, it wasn’t me”
It’s not the lie, it’s that they assume we are dumb enough to believe it. Kids get away with it cuz they’re cute and let’s get real, it’s a cookie, we’re grownups, we can get more cookies.
When someone with authority, real or perceived, taps into the pain, tells people they are a victim and for the low, low price of… they can fix our problems it makes me nuts. They are tapping into the shame, the fear and desperation of people who are scared and will try almost anything to solve their problems and get their life back.
There must be some legit services out there, I provide services and I try always to give a fair representation of what clients can expect and I don’t guarantee results because I don’t actually create results. The client does that, I just provide the tools and the structure, I can’t be attached to the results.
OK rant over, let’s get on with credit repair steps
So if you want to fix your credit the old fashion way here are some steps you’ll want to take:
- Get a copy of your credit reports, you are legally entitled to a free report from each bureau annually.
- Look for errors in your personal info (name, address, employer, etc), something like 50%+ of all credit reports have errors on them
- Identify any negative items on the report, old charge offs, defaults and past due accounts
- Write to the credit bureau and ask that the items be investigated, that the item is inaccurate and causing you harm. Request an updated report following the item deletion
- Some companies will tell you to challenge every negative item on your report, I can’t say if this is a good idea or not. I kinda think it’s a waste of time. Even if you get it removed it will likely show up again when the creditor can prove it is a valid debt.
- Review your updated report to confirm that the negative items have been removed
- Resubmit the request for any items that have not been removed OR if the items are valid look at payment (in full or in part) to have the debt marked as settled.
- Submit a written statement to be added to your credit report. It is your right to have a 100 word statement appear on your report that explains any credit gaps or lapses.Tell the truth, you got divorced and took all of the debt, you lost your job and couldn’t make payments, etc. + also indicate what you did or attempted to do to rectify the situation.
There you have it, no quick fix but a steady path that will give you an increased score over time. You’ll find that the energy to complete these few steps will give you better results that fighting every item on your report for years.
Got old debt that is in default? That’s the next step, cleaning that up. Sometimes it’s worth it, sometimes it’s not. We’ll identify the difference so you don’t waste money paying off debts that won’t help you.