credit repair

Many people have struggled in this economy, and that means there are many people who could use some help in repairing their credit. There are some ways it can be done, but some of them need to be evaluated because, unfortunately, there are also a lot of companies that will take your money and hurt you in more ways than one.

To begin with, if you want to repair your credit, you need to know what kind of shape it’s in. You should start by getting a copy of your credit report. In the United States, every person is entitled to one free credit report a year from the three major credit reporting companies, those being TransUnion, Experian, and Equifax. Why do you need all three? Believe it or not, they’ll all report different things about you at times. So, you may be clear on two reports, but have a negative on the remaining report.

Next, you can get yourself a secured credit card from a bank. This is where you put money into an account, and they’ll give you a card that you can use to build your credit back up. However, you have to remember to make your monthly payment, and the money can’t come out of this same account.

You can look to get help in repairing your credit also. The best way to do it is to look for free credit counseling, which are non-profit organizations that will help you figure out a plan for paying down your debts. They will work to help you get reduced fees while you’re paying it down, but you will have to pay it all.

You can also try one of the many debt consolidation companies that are out there, but in this case, it’s definitely buyer beware. All of them charge high fees, and any of them telling you that you won’t receive collection calls or possibly letters suing you for outstanding balances aren’t being truthful. If you’re looking to repair your credit, they’ll wreck it. If you’re looking to get out of financial trouble, that they’ll do, but it’ll take awhile.

Be smart when you’re looking to someone else to help you repair your credit. Your best option is to call your creditors and work directly with them.