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Free credit report repair is simple but not easy. Once you have checked that your report is accurate, you will need to rethink some aspects of your lifestyle, especially on how you spend money.

The way to repair your credit is to start to have a good credit history, making payments regularly, slowly but steadily reducing your debts, and not taking out a lot of different loans. This requires something that many people would prefer to avoid: budgeting.

If the very idea of setting a budget turns you off, you are not alone. However, once you have done it, you will find that living within a budget is amazingly empowering. You will no longer have to worry about money because you will know exactly where you are. You will not find nasty surprises waiting in your mailbox, or debt collection agency men at the door.

So here's how to do it, step by step.



1. Write What You Spend

For at least one week before you set your budget, write down everything that you spend. Include any cash that you spend and any time you use your cards in a store or a gas station. You can do this in the back of your diary. Don't miss anything.

You will probably find that just knowing that you have to write it down helps you to think twice before you buy anything that is not necessary. You can save a lot of money just by doing this.

2. Estimate Your Fixed Expenses

Work out approximately what your unavoidable expenses will be in over a year. This should include rent, insurance, electricity, taxes, loan payments, and also things that you might have to take a guess at, like household and auto repairs. Don't include anything that is covered in #3.

When you have the annual total, divide it by 12 for a monthly total. This is your monthly budget for those items.

3. Set An Amount For Your Flexible Expenses

Flexible expenses include food, clothes, gasoline, haircuts, entertainment, furniture, gifts, etc. Now clearly some of these are necessary expenses, and you cannot cut them out. But we call them flexible expenses because unlike the bills in #2, how much you spend on them is within your control.

First, set a monthly budget for the larger expenses that you will not have so often: clothes, furniture, vacations etc.

Then, set a weekly amount that will cover food, gasoline, entertainment and anything else: your spending money. This should be the lowest amount that you think you can manage on. Multiply this by 4.25 to get a monthly figure. (Yes, there are 4.25 weeks in a month: not 4!)

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In the first part of these free credit report repair tips, we saw how to work out how much you will need for different types of expenses. Here's how to turn that into a monthly budget plus some extra secrets that will help you to sort out your finances with as little pain as possible, permanently.

4. Your Monthly Budget

Your monthly budget is: fixed expenses + large flexible expenses + spending money for one month

If this is around the amount that you have in income, congratulations! You have a realistic budget. If it is a little over, look to see if you can reduce some of your flexible costs.

If this figure is way over what you have coming in, you will need to do some serious thinking about how to either cut your expenses or increase your income. Assuming your budget did not include a lot of unnecessary goods, increasing income is probably best.



5. How To Handle The Money

For the fixed expenses, simply keep an account of what they are, so that after 12 months you can create a new, more accurate budget for the next year.

For large flexible expenses you have a certain allowance per month. Even though you may use credit cards to purchase these items, don't go over the budget and be sure to pay off the amount that you spent, the next month (plus any minimum payment for amounts that you owe). If you want something and you don't have the money this month, wait until next month. Spend less each month if you can, so you have a little extra for Christmas or a vacation.

Then withdraw the weekly budget amount for your food, gasoline etc from the bank in cash each week on a Thursday. Buy all that stuff with cash, never use a card at the grocery store. If you have spent it all before next Thursday you have to wait. On the other hand, if you have plenty left, you get to keep it. You may want to take it out of your purse or wallet and save it somewhere for an emergency or a special treat.

Why Thursday? Because it makes sure you have enough money for the weekend. If you take your cash on a Monday you may sometimes have nothing left by Friday and most people would then be tempted to spend more. Running out of cash on a Monday or Tuesday and waiting until Thursday to get more is not such a big deal for most people.

6. Making It Last

Secrets To Keep A Hold Of That Cash Right Through The Week

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a) If you need gas in your car to get to work, fill the tank as soon as you have your week's cash. If one full tank is not enough for the week, keep that money separate from your other cash, or include gas in your monthly expenses instead and pay by card.

b) Never buy things that you don't need just because they are on special, and don't buy bulk to save a few cents unless it is something that you use every day. If you buy a lot of stuff that you won't use right now, you will not have enough money for the things that you do need.

c) If kids are always asking for candy and toys and you find it hard to say no, give them a weekly cash budget too and have them make their own decisions. Sure, the first time they may be sick on candy on the first day, but they will soon learn.

d) Writing down every cent that you spend can be real helpful in seeing where you could save more, especially in the first few weeks.



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Remove Negative Items from your Credit Report!

One of the first things you need to know if you want to improve your credit score is how to remove wrong info from your credit report.

If there is incorrect information on your credit report it should be simple to remove, but sometimes it can be a long process. The most important thing is to be patient, persistent and business like. Do not give up, but do not write angry letters either.

There are two kinds of information that may be showing wrongly on your credit report. There may be mistakes in either your personal details or the financial information. The way that you deal with both of these is the same.

1. Write to the credit bureau setting out exactly what is wrong and enclosing proof of the correct information. Keep a copy of everything that you send.

2. Ask them to provide a new credit report so that you can see the corrections have been made.

3. Send everything by certified mail. Ask for a receipt and keep it. You may need to prove they received your request on a certain date (see step 5).

4. If they have not replied to you with the correction made, after a while you can write again referring to the date of your previous letter and the date that you know they received it.

5. By law they must make the correction within 30 days of receiving your letter, if everything they needed was in there. If they ask for more proof, send it by certified mail and keep a copy again.

6. If they do not correct the information within 30 days of receiving all the information they requested, you can file a complaint with the Federal Trade Commission. You will need to provide copies of everything that you sent. Make new copies so that you always keep a copy yourself.

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At the same time, you will want to check your credit report with the other two credit bureaus. They may be showing the same mistakes, and just because you had it corrected on one report does not mean it will be corrected on the others. You can check your credit report once a year with each bureau without it reflecting badly.

When you write to a credit bureau, you may be real angry about the mistake which could be causing you big problems financially. It is important to stay very cool. Imagine you are acting on behalf of somebody else, not doing this for yourself.

The more quickly you need to have the mistake corrected, the more important it is to be business like. Remember that the person who deals with your request is probably not the same person who made the mistake originally, so you should not blame them. They will be much more willing to help you out if you are polite.

Keep in mind that you do have the right to have your credit report corrected and it should be a simple process that will only cost a few dollars for certified mail etc, if you do it yourself. If you have trouble getting the right tone in your letter, you may find it helpful to consult a credit repair company who will know how to remove wrong info from credit report.



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