Using credit cards sometimes lands people in trouble. Either they miss paying up the minimum amounts due on schedule. This may be because of oversight, or other financial problems or emergencies that may come in the way of paying off on the credit cards. It is fairly simple to repair bad credit. It does require some time, and a little work to repair bad credit. Try this step by step approach.
First, get a free copy of your credit report. You are entitled to it under law. You can download it from one of the websites, www.annualcreditreport.com, www.freecreditreport.com. This is better than an agency, since you can do it yourself.
The credit reports are also available from the three major credit reporting agencies, namely, Experian, Equifax and Transunion. They are also on the internet, and you should download all the reports from each of them.
Scrutinize each transaction listed, and compare them with your stubs of spends and payments.
Should you find any discrepancy or have a doubt, contact the credit agency and ask for clarification or corrections.
This requires immediate attention and action to help yourself in beginning to repair your bad credit. Set up a timeline after reporting it to the credit agency, and check with them again. Exert your right to get your doubts removed within a specified time frame.
If you still find you have bad credit, you should seriously monitor your spends. Plan your finances in a manner by cutting down other spends, paying up to the credit agency, the full amount due. Often, the credit agency may give additional time, if you have a problem, but that adds to your expenses.
In talking to the credit agency there is a good side. By approaching them, you are conveying your seriousness to repair your bad credit. It is appreciated by them. This saves them time and effort. You must however ensure that you keep your word.
It is certainly a time consuming task to repair your bad credit. In a way, it is good to have to go through a bad credit period. One, it cautions you on your use of the credit; second, it forces you to balance your budget; third, it helps curb the urge to make spur of the moment purchase, that can wait till your bad credit is repaired.
Lastly, remember it is important to keep your copy of the credit card stubs, and payment particulars in a safe and accessible place. No matter how many checks and balances may be there, there are always chances of error on the part of the credit agency.
