How to Repair Your Credit Rating Fast

This is not going to be some overnight credit repair trick. This will take effort and you will have to pay your bills. I know we have all heard crazy claims over eliminating your debt and repair your credit, but unless you apply the following techniques, you will likely remain in credit hell for years to come.

Instructions

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1: Check your reports, all of them. There are three major agencies that handle all credit reporting: Transunion, Equifax, and Experian. Be sure that all of the information in your file is accurate and up to date.

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2: Fix any inaccurate information. If you find things that are not correct on your credit reports, you have the right to have them removed. This doesn't mean you can dispute anything bad on your report, only the bad things that are actually wrong by honest mistakes.

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3: Pay all of your bills on time or early. As soon as you go past the due date, you begin racking up fees that will make it harder for you to get ahead. Once these fees start, they tend to snowball into unmanageable amounts and more late payments.

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4: Don't apply for new credit until you really need it. Inquiries on credit reports tell potential lenders that you have applied for a loan or credit elsewhere. The lender may be less inclined to loan money because they don't know if you had been approved for another loan that would send your debt ratio over their limit.

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5: Pay more than minimums any time you can. Reducing the actual balance on your accounts will lower the debt ratio that is factored in to your credit score. The lower the debt ratio, the better the score, so as your balances drop your credit rating goes up and you become less of a risk to new lenders.

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6: Beware of quick fix scams and fairy tales. These claims are false, there is no overnight method to fixing bad credit. It took time to get into a bad credit mess, and it will take time to get out.