How to Repair My Credit Report on My Own

Your credit report contains detailed information about your past borrowing habits and your current debt levels. Lenders can legally deny your applications for new credit because of negative information listed on your credit report. While you cannot undo the past, you can take steps to improve your credit score. It may take months or years for you to see a significant increase in your credit score; but the sooner you start to address your credit issues, the sooner you can enjoy the benefits of having a good credit report.

Instructions

1

Order a free copy of your credit report from each of the national credit reporting bureaus: Equifax, Experian and TransUnion. The three firms gather the same kinds of information; but the three reports are not necessarily the same, as some creditors only report to one of the bureaus. You can obtain all three free reports from annualcreditreport.com, the only credit reporting website that the federal government endorses.

2

Review your credit reports and ensure that no inaccuracies are listed, such as debts showing as never having been paid which you have in fact settled. Contact the bureaus with such supporting documentation as receipts or payoff letters, to prove that you have paid off any debts that are incorrectly listed as still active.

3

Contact creditors and service providers to pay off your delinquent or "charged-off" debts. When a firm charges off a debt, it simply lists it as a bad debt, as opposed to an income-generating asset. You must pay off charged-off debts, as well as debts that are still listed as active.

4

Pay down the balances on your credit cards and other types of revolving debt, like home equity lines of credit. High balances on revolving debt have a negative impact on your credit score, so try not to utilize more than 30 percent of your available credit lines.

5

Pay all of your bills on time, including credit related debt, medical bills and service contracts. Medical firms and service providers can report unpaid bills to your credit bureau, so be sure that no late payments appear on your credit report. If you maintain good payment habits, your credit score will begin to rise.