Things are happening in this economy that are going to impact many people’s credit scores whether they like it or not. Specifically, the banks are reducing credit card limits, raising interest rates, and changing payment terms so that monthly payments are larger than ever before. On top of this, people are losing jobs, or suffering under health care difficulties, so credit scores for many are also taking a hit. Credit report repair does take some time, as there are really no quick fixes (despite what scammers might tell you). However, if you follow some simple steps for at least a few months, you can start to see improved credit score within as little as two or three months.

Late payments are likely the main reason your credit is poor. So first, you have to make a committment to pay all of your debts on time. If you’re not able to make the minimum payments on everything by their due date, you should try to earn some extra income to get additiona funds to bring your debts current. Otherwise, you will need to use debt negotiation efforts with your creditors to arrange payments that will work for you. Until your debt is current, your credit score will not improve.

Something else which is also often overlooked are errors on your credit report. You should get rid of any errors that lower your score, for example incorrect collections records, someone else’s credit (sometimes relatives can show up on your report) and other mistakes. Once these get fixed, it can have an almost immediate impact on your credit.

Once you get your payments all up to date, and you’re sure your credit report has no errors, you can start to reduce your debt balances. One item that contributes to bad credit is having too many cards open, with high balances on all of them. Start by paying more than the minimum monthly payment on the card with the lowest balance. This will save you interest payments, and also get it paid off faster. Then take that total monthly payment you were paying on that card, and apply it to the card with the next lowest balance. This is called a “debt snowball” and will help you reduce your debt faster than if you paid the minimums, improve your credit and save a bundle in interest payments over time.

These are the two basic simple steps toward credit report repair that you can start today. By sticking to making payments on time on a regular basis, your credit score will begin to improve without a doubt.