Preparation will help you in the long run.
So you want to know how to repair your own credit, awesome! Your totally in luck because the government has provided you a lot of rights and laws that give you the upper hand on the credit bureaus. Despite this a lot of people get lost in muck of reports, letters and mail.
Credit repair is a months long process but if you prepare for it in the right way you can achieve results fairly effectively. The recipes for successful credit repair can be broken down into “3 P’s”: Process, Patience and Persistence.
It’s imperative you have a process in place to repair your own credit or things can get messy really quick. Initially you should think about what your goals are and make sure you have those goals in mind as you navigate through this. Your goals are your fuel and you need the fuel to get results.
The main ingredients for credit repair are dispute letter templates, excel to keep track of what you are disputing and when you sent the letters out, and the materials like paper, envelopes, printers and stamps to mail these letters.
Use excel to keep records of the letters you sent out, to who and saying what. A lot of people put their letters in the cloud and then link to it in excel so they can quickly reference it later. At the end of the day it’s your process versus the credit bureaus process and you should try to be as tight as possible.
The biggest pitfalls for people that decide to do credit repair on their own is that they lose interest because they don’t see results fast enough or they stop caring. The sad part is it’s really easy to get into credit trouble with a couple of mistakes during a brief period but to get back on the right path it takes a lot of patience.
To be most effective you have to print these letters out yourself and sign them and send them via snail mail, which takes a lot of time. The huge benefit to sending it via snail mail is that it greatly improves your chances of the bureaus not being able to respond to your request within 30 days, which is the time limit the government gives credit bureaus to respond to your requests
If you are lucky you may get items removed on the first shot but most of the time it takes a few tries. That’s why persistence might be the most important quality when trying to repair your credit yourself. If you get a response from the credit bureaus saying that items will be removed, great! You still have to follow up and ensure that those items actually get removed. If you get responses back that are less than ideal, your persistence can be the difference maker. You can send back letters asking for clarification, or you can send back additional proof that the items are in fact inaccurate.
As it stands you have a lot of options when it comes to doing credit repair yourself. The difference between results and frustration lies in having the right mind set. Make sure you are prepared with a process, don’t lose patience and whatever you do, don’t give up. The benefits to an excellent credit score far outweigh any short-term stress from the effort of actually repairing it.