These days, having good credit is a rarity. Even if you managed to keep your score high through years of being single, getting married, getting divorced and paying for your kids college tuition, you may have finally hit rock bottom with the current economic turmoil. If your credit rating has taken a beating, you need to find out about free credit repair.

Commercial lenders have pulled back the reins on lending; making it increasingly difficult to get the money you need for a new car or home. A credit score that may have been high enough to qualify a year ago may be lacking now. You can fix your credit score, for free with a little elbow grease. Don’t think it’s impossible; be diligent and make it happen!

Major credit reporting agencies like Experian and Equifax can point you in the right direction to repair your credit. By law, these and other agencies must provide each person with a free, annual credit report. Your credit report is like a report card on your credit progress. The information found on this report is invaluable and should be reviewed carefully. The slightest inconsistency can ruin your credit history, so verify all information contained in the report. Pay special attention to dates and payment amounts.

Incorrect data can cause your credit rating to suffer greatly. If you suspect that any information on your report is inaccurate, you need to contact the reporting agency immediately. File a dispute with both the credit reporting agency and the creditor listed on your report. If you have questions regarding contacting the creditor, your reporting agency can help you track them down. When filing disputes, keep duplicate copies and make sure you follow deadlines to ensure proper handling of your case.

Credit card companies often throw unsuspecting card holders for a loop when they charge daily interest, making an account that was paid off in full appear as delinquent or charge off status. A single dollar in the balance can land your account with a debt collection agency and you’ll never know it until you see your credit report.

Many times, couples going through divorce try to push debt off on the other party. Unfortunately, your former spouse can cause you credit rating grief without your knowledge. Make sure that you have financial obligations spelled out clearly in divorce records and keep them handy. You never know when your ex may have told a creditor that the burden of payment is on you, when he or she has been ordered to pay it, themselves.

One detail that should be examined is the credit card charges. Many of them will charge late fees and other daily interest on an amount owed. This often causes an account that is fully paid look as if it is delinquent or outstanding. Even a dollar reported on the credit report can damage the credit rating and make it difficult to make purchases on credit or get another credit card. The worst part is, someone can be turned down for credit and not even know why, they though the credit card account was paid.

There are a lot of ways that someone’s credit can be damaged. The most common way is during a divorce when property and debt try to be divided. Many times one party will try to force the other to pay, and if they don’t, it damages both parties credit rating. To try to eliminate this problem, it’s recommended that one have the agreement drawn up in detail by the lawyer. Many times that doesn’t even work. Besides, one may not even know if the other party is paying as directed.