How to Do Your Own Credit Repair

Video Transcript

"How to do your own credit repair. Now, this can be one of the most difficult things you've ever done in your life just because it contains a lot of emotional aspect of things to it and, if you're an emotional person, it can be very, very nerve-wracking and stressful and so on. And that's the reason why you probably have heard of a lot of people just using a credit repair companies and just contacting them just for them to do all the grunt work and negotiations and setting repayment plans and all these other stuff. But, if you are brave enough to want to be able to do that and I did that myself, but if you are brave enough to be able to do it, then, obviously, here would be the plan for you. First of all, you want to contact all three credit reporting agencies and get copies of your credit report. Now, in detail, go right through them, highlight the ones that are reporting as derogatory, you know, sorry for using that word, but they are, you know, they show late payments or charge-offs or any other thing as such. So, highlight each and every one of those items and then find a way to get a hold of the creditors or the, you know, the lenders and the contact numbers. Typically, you have them on the credit report anyway so you'll be able to contact them and discuss with them how you can start making a plan or repayment plan to be able to satisfy them so they can, obviously, take this thing off your credit report or adjust the way they're reporting it from being a delinquent account to being something that is showing that payments are current rather than outstanding. The way you obviously want to do that again, like I said, go highlight each and every one of those accounts, contact each lender or the collection reporting agencies, negotiate with them. Okay? Negotiate. If you owe $5,000, offer $2,000, if you owe ten, offer five, you know, and find a way to work a payment plan that you can work with. And, more than likely, they'll want to work with you and the rest they will just write off. Those will be the steps in what we're talking about and one of the other things will be for you, once you negotiated the payment plan, obviously, you want to get a letter, have something sent to you so you have proof of your agreement with them. And then, once you're done paying, ask them to take the negative reporting off your credit report because again, what that does, it increases your credit score fairly rapidly."