Having a DIY credit repair kit is very handy if you’ve got bad credit. It’s something you should make yourself very familiar with. It’s a set of tools that you can utilise from the comfort of your own home in order to get on top of your credit problems.
Credit repair is the process of checking over your credit reports from the major credit bureaus. When this is done, you’ll find any mistakes that shouldn’t be there, and you’ll see the debts that got your credit so low. Knowing how to access your report and how to determine which debts are justified is an important skill to have. What’s better is you will know how to rectify them and remove the black marks from your history.
Things Your DIY Credit Repair Kit Needs
- Personal copy of your credit reports
Obtain the credit reports under your name from the major credit bureaus in Australia. The top three credit bureaus are Veda Advantage, Dun and Bradstreet and the Tasmanian Collection Service. Veda Advantage states that it holds data relative to credit worthiness for over 11 million Australian and New Zealand citizens. Access the reports each of these companies have on you for your DIY credit repair kit.
- A Keen Eye for Discrepancies
Once you have your reports in front of you, go through them. They will each be slightly different, but the information is essentially the same. You’ll find your identification, types of accounts, collections or defaults, and statements if you ever disputed an account. There will also be inquiries, so if you applied for credit or a lender ran a check on you. Pay attention to all good and bad items in order to find anything that might be incorrect or fraudulent. If you find an error, it costs nothing to have the report provider look into it for you. After reporting an error, you have to wait a while (around thirty days) for the bureau to contact the creditor and remove the item.
- A Plan for Improving Your Credit
If you are unable to improve your credit by removing negative items from reports, you need to know the best way forward. Sometimes it’s difficult for people to dispute items and have them removed, especially if you no longer have the documentation to back you up. DIY credit repair can only get you so far before you need expert help.
Once you are familiar with these steps, you will have the tools to manage your credit yourself. When you’ve gone through the process of DIY credit repair like we’ve laid out here, always obtain new copies of your credit report from each bureau and make sure it looks how it should. Perform regular checks on your credit reports and follow the steps to ensure your credit rating is always optimal.