Shopping for a home? Applying for a mortgage? You can fix your own credit, it's easy and it's free.

As a mortgage loan officer I run into this all the time so I thought this information was worth reprinting. So many folks are struggling with damaged credit in this economy, and most are unaware that they can fix it themselves, relatively quickly and at no additional expense. Carefully consider the advice below. It's possible you could be shopping for a home in a matter of just a few months.

Your credit score can improve faster than you may think. Here are a few tips for establishing good and countering bad credit.  

• Pay down current debt. (it's not always necessary to pay debt off, just work on paying down)
• Make ALL payments in a timely manner. No Late Payments! (this includes but is not limited to rent, utilities, credit cards, car loans, student loans, medical bills)
• Use credit cards very carefully to establish GOOD credit. (only charge what you can pay off at the next billing)   NOTE: you can not repair bad credit without reestablishing your GOOD credit.
• Think twice before applying for more credit. The simple inquiry itself can lower your score, and If you are declined it will count as a negative on your credit report.
• Work on removing items from your credit report that you feel were reported in error, or that are not yours. Check to be sure any closed accounts reflect "closed”. Contact credit reporting agencies and the creditor directly. The credit reporting agencies can explain the procedure. The creditor can provide the required documentation.

AVOID requesting your credit report from advertised services, there are usually strings attached. Only one credit report is truly free: www.annualcreditreport.com. You are entitled to one free report a year (you can pay for additional reports). It will include information from the three major reporting agencies, Equifax, Experian, and TransUnion.

AVOID credit repair and counseling companies. Some are very expensive, some disreputable. You can usually improve your credit score on your own. It takes a little effort but is worth every minute, and it’s free.

Feel free to contact me if you have any questions.