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How To Repair
Your Credit
Credit Repair is about
identifying the nature of your credit problem and then developing an
effective credit repair plan.
Important issues to consider are:
-
Is your credit file accurate?
It could be that credit records haven't been changed to reflect payments
made. Possibly defaults belonging to another person may be incorrectly
placed on your credit file. You are entitled to request that the credit
reporting agency corrects any errors that you find. There is a legal process
that you can follow to have this done.
-
A correctly listed default
can't be removed from your file. But paying outstanding amounts can improve
the situation. It is worth negotiating to see if creditors will grant a
longer repayment term or agree to part-payment.
-
Saving regularly proves you
are financially secure and able to repay debt.
-
Establish a consistent
employment record.
-
Bankruptcy records remain on
your credit report for seven years but each item on your credit file is
dated and automatically removed after five years.
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