There are dozens of different commercials airing daily on TV promising consumers easy ways to repair their credit fast. Surprise surprise, most of these commercials are nothing but blatant lies, and will quickly take thousands of dollars away from you while offering little value in return. Did you know that you could do everything that a credit repair agency does for free? You just need to know what to do and where to look.

Having bad credit can be detrimental to your financial health. Interest rates are directly tied to your credit score; for existing credit cards, having a bad credit score might mean that the credit card issuer will raise your interest rates. Many consumers are reporting that their credit card companies are increasing their rates upwards of 30% or more! If you’re merely applying for credit, terrible credit means you won’t be approved for any new credit at all! If somehow the stars align and they do approve your application, expect rates and offers that are significantly worse than an applicant with excellent credit

If you have terrible credit, it’s time to start taking matters into your own hands and repair your bad credit history. The first step to repairing your credit is to obtain your credit score and credit report. To obtain your credit report, simply go to AnnualCreditReport.com. From this site, you will be able to obtain your 100% free credit report directly from Equifax, TransUnion, and Experian. Note that you can only request 1 report every 12 months. To get your FICO score, go to MyFICO.com. Here you can get your 100% authentic FICO score and know exactly where you stand.

The first thing to look for is inaccuracies in your credit report. Errors can include things like old and outdated credit cards, credit cards that have been bought out by other companies, accounts that are not yours, or other inaccurate information. If you find information in your credit report that needs to be fixed, contact the agency with the erroneous information to resolve the problem. Fixing inaccuracies is the fastest way to bring up your credit score.

The next (and most obvious) way to better your credit score is to pay off your debt. It’s true that not all debt is created equal = student loan debt is better than mortgage debt, which is in turn better than credit card debt. As such, pay off your credit cards first, then your mortgage/student loans. One criteria that creditors look for is the ratio of debt to available credit. Bringing down your debt obviously improves your debt ratio. Finally, make sure that you are current on your credit accounts, and maintain your balances at reasonable levels. Showing creditors that you can manage your money will severely improve your credit score.

No matter what anyone tells you, repairing your credit is not an overnight process. It takes time, patience, and dedication to repair one’s credit. As long as you continue to make fiscally responsible decisions, repairing your credit is a snap. All it takes is the motivation to get the ball rolling.