How to Repair a Credit Report Fast

Your credit report is not only viewed by potential lenders but by employers and insurance companies. Having bad credit can result in higher interest rates, higher insurance premiums, and may result in an employer rescinding a job offer. Credit repair, in general, is not a fast process, but there is one area of the credit report that -- if you can fix it -- you can see an almost immediate rise in your credit score.

Instructions

1

Look at your credit report and circle all of the credit card accounts. Write down the credit limit and the current balance.

2

Multiply your credit limit by .20 and write down the amount. For example, if your credit card limit is $500, enter 500 on the calculator, press "X," enter .20, and hit the "=" sign. The dollar amount should be $100. This equals 20 percent of your credit limit.

3

Contact the credit card companies by calling the customer service number and ask what date your account is reported to the credit bureaus. Write this date down by each credit card account.

4

Make a payment to the credit card company to reduce your balance under the dollar amount you calculated in Step 3. On a $500 credit limit, you should reduce your balance to under $100. If you are unable to pay enough to go under 20 percent of the credit limit, reduce the balance as much as possible. The lower your balance, the higher your credit score will rise. Try to make the payment before the date the credit card company reports to the credit bureau.

5

Check your credit report and score after the credit card companies have reported to the credit bureau. The score will immediately rise following the updated balances. Credit card companies report one time per month so the positive impact to your credit report and score can be as soon as one day to no more than 30 days.