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The Do’s and Don’ts of DIY Credit Repair

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Vanessa Ruvalcaba

I'm your solution to better credit and a brighter future.

Credit repair is a common concern for many individuals. With the rise of DIY credit repair methods, it is important to understand the do’s and don’ts in order to effectively improve your credit score.

Do’s:
1. Obtain a copy of your credit report: The first step in credit repair is to obtain a copy of your credit report from all three major credit bureaus- Equifax, Experian, and TransUnion. Reviewing your credit report will allow you to identify any errors or inaccuracies that may be damaging your credit score.

2. Dispute inaccuracies: If you find any errors on your credit report, it is important to dispute them with the credit bureaus. This process can be done online or through mail. The bureaus are required to investigate any disputed information and correct any inaccuracies within 30 days.

3. Pay your bills on time: One of the most important factors in improving your credit score is making timely payments. Set up automated payments or reminders to ensure that you never miss a payment.

4. Keep your credit utilization low: It is important to keep your credit card balances low in comparison to your available credit. Keeping your credit utilization below 30% can positively impact your credit score.

Don’ts:
1. Close old accounts: Closing old credit accounts can actually harm your credit score. It is important to keep old accounts open, even if they are not in use, as they contribute to your credit history and overall credit utilization.

2. Apply for multiple credit accounts at once: Applying for multiple credit accounts in a short period of time can negatively impact your credit score. Each application results in a hard inquiry on your credit report, which can lower your score.

3. Ignore collection accounts: If you have any outstanding collection accounts, it is important to address them. Ignoring these accounts can have a significant negative impact on your credit score.

4. Fall for credit repair scams: Be wary of companies or individuals that promise to improve your credit score quickly for a fee. Many of these companies are scams and can end up worsening your credit score.

In conclusion, DIY credit repair can be a beneficial way to improve your credit score if done correctly. By following these do’s and don’ts, you can effectively repair your credit and achieve a better financial future. Remember that improving your credit score takes time and persistence, so be patient and stay committed to the process.

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