Are you one of those in need for a new house or seeking a mortgage loan but keep getting turned down? Not a problem, one of the reasons people get refused a loan is if they have a low credit score.
You can do one of two things; get the services of a professional credit repair agency or learn the process of restoring credit on your own.
If your option is the latter then this is for you.
Get a free copy of your credit report from annualcreditreport.
com.
Here you are entitled to a free copy of your credit report once a year.
Once you have your status, carefully preview it looking out for inaccurate or incorrect information which would negatively affect your score.
e.
g.
inaccurate accounts, negative accounts, misspellings, delinquencies.
Once these discrepancies have been noted, you need to highlight them according to the most important (Most harmful to your score).
Check this example of negative accounts ranking: Foreclosure, Bankruptcy, Repossession, Loan Default, Court Judgments, Collections, Past Due Payments, and Credit Inquiries.
The next step requires you to write dispute letters to the credit bureaus on each negative account you have listed.
Do remember that you are to write a single letter for each dispute, if you write multiple disputes in one letter, it won't be considered serious and won't be considered.
If you there are debts reflecting in your report, you would want to get the banks on your side to settle this debts fully.
Note that Financial institutions have become more careful in granting loans to loan seekers in these hard economic times so you have to ensure that you don't give them any impression that you would default in paying back the loan.