Dallas Credit Repair Lawyer - Questions & Answers Can I repair my credit myself? Advice from a Credit Repair Lawyer in Dallas
To a certain extent, yes. There are things you can do to eliminate inaccurate information on your credit report and to begin to rebuild your credit.
From this day forward, make all your payments on time! Get a copy of your credit report and examine it closely.*
If any of the information on the report is incorrect, federal law allows you to dispute the debt. Creditors have a limited amount of time in which to verify the debt. If it cannot be verified, it will be removed from your report.*
Have the credit bureaus insert a statement into your credit report explaining the negative formation (unemployment, dispute with creditor, medical issues).*
Negotiate payout plans with your creditors. Creditors are often willing to reduce interest, allow interest only or principal only payments, or extended payments. You can also negotiate whether they will report bad credit to the credit bureaus.
Slowly begin to rebuild your credit by judiciously applying for new credit. Consider secured credit cards and higher-interest rate cards with LOW limits that may be easier to qualify for.
Avoid finance companies and rent-to-own firms. Other credit grantors consider loans with a finance company a strike against you even if you're paying on time.
As a last resort, consider a bill consolidation loan. This loan can pay off your current creditors, extend the payments and allow you to start fresh. But, you will probably pay a high interest rate, and debtors are often tempted to charge up credit cards again.
If you have trouble repairing your credit or having creditors cooperate with you, you may wish to consult a credit repair lawyer. Credit repair lawyers can help you make the right decision with your credit and debt concerns.
*See our FAQs on Fair Credit Reporting.
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