Today, most banks, creditors, landlords, and a growing number of employers, rely on credit reports for obtaining information and making decisions. In an age when credit files are easily stored in computer files and can be transmitted on request worldwide in a matter of moments, establishing a good consumer report is not only smart, but essential for most consumers wanting a better life. If your credit report reflects favorably upon you, you are to be commended. Regardless of how bad your current credit record looks, with a sincere desire and a concerted effort to turn it around, in time your credit report will improve. Many creditors are happy to extend credit to people who have taken definitive action to resolve their financial problems and have re-established a history of good credit.
Credit repair is the process of re-establishing and maintaining a good consumer report.
Next, you need to analyze it to determine its accuracy. Then, you must take corrective action. This means taking steps to bring delinquent accounts current, paying off or settling accounts charged to profit and loss, and in some cases, adding a brief statement to explain the reason for a derogatory entry. Taking corrective action may also entail disputing incorrect, outdated and misleading information. During the repair process, and as soon as possible, you also need to add positive information to your file to reflect a good payment history and to show stability.