By Larry Graves

Credit repair does not always happen in the form you’ve been taught. Credit repair can be done by the individual, the creditor, the collection agency, the government and the credit bureaus themselves. All of the above mentioned can play a part in credit repair. Simply put there is no one person or entity that has sole control over your credit repair.

For now we will talk about your creditors but not in the way you may think in terms of credit repair. We are going to talk about how your new creditors can plan a very integral part in restoring your credit without you having to write letters or disputing anything. The steps we are going to discuss are not deemed traditional but I have witnessed these steps dramatically improving a client’s credit in very short order.

$1,000 Equals 700+ FICO

The first thing you want to do is take approximately $1,000 and deposit it into a savings account. If you don’t have that amount just sitting around you can take a paycheck and make the deposit, don’t worry you don’t have to leave it in savings. Your next step is asking for a loan against the money in your savings account. Your savings will act as a security deposit. Therefore no credit check is required.

The second step is taking the new loan that you receive and do what you would have done with your paycheck in the first place. You can pay your bills or whatever you would normally do. You should have at least one or two pay cycles come around before your loan payment is due all depending on how often you are paid. Make sure when your first payment is due to make the payment on time even early if possible.

Repetition Is The Key

The third step is going to another bank and repeating the process. If you don’t have an account at another bank just go in and tell the new account department that you would like to open an account and take out a personal loan as well. They will understand if not just tell them you want a passbook loan. This type of loan is one secured by your passbook aka your savings account.

This is a widely known way to establish credit if you have no existing credit. Many college students use this technique to get a new foothold in the credit world. However this technique is not only for establishing credit it is also an excellent form of credit repair for those who may have years of existing credit but have issues that are keeping their scores down.

This technique takes all of 30 minutes to an hour each time you open a passbook account and apply for a loan. It basically ensures approval since you are backing it with the best collateral in the world…money!

So even if you have a low-grade credit score you can walk into any bank in the country and obtain one of these passbook loans and initiate your very own credit repair without writing letters to the bureaus or your creditors.

This is a little known way to get your own credit repair going actually engages your new creditor and the credit bureaus into helping you improving your credit score.

The time of paying someone for credit repair is over even if you want to hire a credit repair company there are a few that will do all the work BEFORE you pay them anything.

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