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Bad credit consolidation loans can be an important step in rebuilding your credit rating. But it is only one step. Having a credit report that is correct is also an important step. Your credit report may be incorrect and have errors in it. Making sure that your credit report is error-free is your responsibility. If you are burdened with high interest debt and have a poor credit rating or FICO score, a bad credit consolidation loan together with your efforts to have an error-free credit report will help to improve your credit rating.

Start by calling a lender and telling him that you want to apply for a bad credit consolidation loan. He will order a copy of your credit report within minutes and the process will begin. You’ll have to face up to the fact that you don’t have a clean credit report, but lenders are experienced in dealing with situations like yours. And what a relief it will be when all of your credit card bills, medical bills, and even auto loans will be marked PAID IN FULL on your report. Because that’s what happens with a bad credit consolidation loan. They pay off all of your open accounts, consolidate them into one loan, and simplify your life. ONE LENDER, ONE PAYMENT.

Now you can work on reviewing and correcting any inaccuracies on your credit report. A few things for you to know:

oAs an adult, you have the right to get a free copy of your credit report once every 12 months from each of the major credit bureaus – Experian, Equifax and Transunion – by phone or mail. There’s no need to pay someone else to get a copy of your own credit report for you. Once you have gotten your free report for the year, there is a small fee charged for each one that you ask for after that.

oAt annualcreditreport, you’ll be able to download your report onto your computer in minutes after verifying your identity. Once you receive your credit reports, check them for errors. Make sure the accounts on the report belong to you and that the amounts owing match your records. If you notice errors, there are instructions for correcting them given at each credit bureau’s website.

oThere is no need to pay someone to correct your credit report. If a credit repair service guarantees to remove negative information for a fee, they’re not telling the truth. No one can remove negative information that is true (for instance, that you were 30 days late on a charge card account). If you can prove that an error exists on an item, then the credit report agency will remove it.

By consolidating your high interest debt into a bad credit consolidation loan, working to correct any errors that may be present on your credit report, and staying current on your payments, you will be rebuilding your credit rating and should see an improved FICO score within three months.

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Source by Bruce D Hunter