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## How to Fix Credit Rating? Here’s is How to Do It

Lowering your credit score is much easier than raising it. Most people learn this the hard way. However, there are a few things you can do to increase your credit in a month. All you need for a successful credit repair is knowledge about the inner workings of the credit system and the various boxes in it. You need to know the credit calculation formula and the factors that have the biggest impact on your final FICO score. Once you familiarize yourself with the credit system, you can take action.

1 **Order a copy of your credit report.** You are entitled to a free credit report every year which can be obtained from AnnualCreditReport.com. Get a report from all three major credit bureaus—Equifax, Experian, TransUnion. The reports have slight differences because the credit scoring formulas used by the credit bureaus are not exactly the same. Except lenders are not required to report to all three bureaus and often they only provide your information to one of the three. You should have a copy of your report from all three bureaus to know which delinquent accounts have the worst results for your score and what course of action to take. This gives you an accurate idea of your credit status. Requesting a free credit report will not lower your score as much as some people think. Credit inquiries can actually take 6 points off your score, but these are so-called “hard hits”—inquiries that use credit to decide if you’re risk-free. Checking your report will not lower your score.

2** Now that you have your reports, identify the topics that are most important**. In other words, separate the chaff from the wheat. Start with the most current late accounts. The credit formula is time sensitive and favors newer accounts over older accounts. Taking care of current late payments can increase your credit score by 20 to 100 points depending on the specific situation. Familiarize yourself with the relative importance of all credit formula factors and start working on the delinquent accounts that have the biggest impact on your FICO score.

3** Diplomacy and documentation**. Late payments, collections or judgments will not affect your account, as long as you remove these items from your score entirely. This is where diplomacy and negotiation come into play. Contact the collection agencies and offer them a contract – you will pay the collection if they pull your account from the credit bureaus. Contact your auto and mortgage company and offer a deal – you won’t make late payments for a year if they pull evidence of late payments from your credit bureaus. Another thing to remember is documentation. Document everything in communication, keep a copy of all faxes you exchange.

To learn how to adjust your credit score, you need to familiarize yourself with the inner workings of the credit system. Knowing your credit is invaluable because it gives you all the tools you need to fix your debt quickly.

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