Fixing Credit Requires Action And Planning

Are you interested in fixing credit? The first step you should take when you want to fix your credit is to request a copy of your credit bureau report and score. It is probably best to request your report from all three major credit reporting bureaus when you're on the road to fixing credit.

The Federal Trade Commission requires the three major credit reporting bureaus – Equifax, Experian and TransUnion – to provide an annual free credit report to consumers. Financial experts advise consumers to request a copy of their credit report from each credit bureau once a year.

A credit report can tell the consumer which outstanding debts they still owe. Knowing how much debt you owe is the key to fixing credit. When you know how much debt you have, you can create a plan to fulfill your obligation of repaying your debts.

However, there are other factors that may be affecting your credit. Sometimes errors occur on the credit report. Resolving these may be the solution to fixing credit.  When one of the credit reporting bureaus erroneously report information that affects your ability to obtain credit, there are steps you can take to dispute the information in the report. The inaccurately reported information could be as simple as the wrong contact information to something more serious like a debt you have already paid.

There is a dispute process you can follow. The credit bureaus have 30 days to respond to your dispute, unless they deem it frivolous.

Consumers Beware

When fixing credit, there are some companies that may offer to help consolidate your debt in an effort to lower your bills and put you on the path to financial recovery. While not all companies that offer these services are disreputable, some companies may not be upfront about their businesses practices.

Beware of those companies that do not tell you what your rights are and what you can do to fix your credit for free. It may be advisable to avoid doing business with a credit repair company that advises you to not contact any of the three major credit reporting agencies directly. It may be questionable to trust a company that tells you that you can get rid of the negative information on your credit report, even if it's accurate and current.

If you are interested in fixing credit, contact one of the three major credit reporting bureaus for more information. If you need more information on debt related issues, call NCO Financial Systems, Inc. today. Contact information for NCO Financial Systems, Inc. can be found on every page of our consumer help unit website.

We are required under state and federal law to notify consumers of the following rights. This list does not contain a complete list of the rights consumers have under state and Federal law. Please click this link for important information about your rights. State and Federal Disclosure Link.