Often time's people feel as if they have no choice but to either wait for their credit to improve on its own, or seek professional help. But is it possible to do it yourself?

The answer is a resounding "yes!" Not only can you do it yourself, it's often better for your credit to do it yourself than to get professional help.

A professional might charge you $200 an item to get it off your credit report. From all three reporting agencies, that's $600. If you applied that $600 to paying down a high balance account instead, that's often a much better use of your money than hiring a professional.

What does the process of repairing your credit report on your own look like?

==> Start by Figuring Out Exactly What Needs to Be Done
Start by going through your credit report and writing down all the different items that you need to dispute.

Disputing incorrect entries is easier than you might expect. Credit rating agencies are legally bound to research each and every single claim of inaccuracy.

Go through the credit report from each reporting agency and note each inaccurate account.

==> Contact the Agencies
The best way to contact an agency is through the mail. Letters of dispute can be tracked using certified mail. Make sure you keep records of every letter you send in case you have to take further action in the future.

Mail the agency with a listing of all inaccuracies and request that they either be removed or they provide proof that the item is correct.

You should receive a response within about 30 days.

Note that sometimes reporting agencies will remove your item in 30 days and put it back in the report if they receive the proof later. If that's the case, they'll need to send you the proof and a letter informing you that the item was placed back on your report.

If you don't get a written notice, you're legally eligible for $1,000 from the reporting agency.

==> Cost versus Benefits of Doing It Yourself
As discussed earlier, it's much cheaper to do it yourself than to hire a professional. The money saved can be used to pay down debts, further improving your credit.
However, there are a few things that you have to take into account when you're disputing credit report items on your own.

First of all are the time requirements. You need to carefully research every disputed item to ensure that it truly is incorrect. Then you need to provide any documentation you can and keep tabs on everything.

Also, you should consider the amount of energy it takes to go through this process. Simply trying to hold all the pieces in your mind takes a lot of concentration; and for many people it can be stressful.

Should you do it on your own? It depends on whether you'd rather have the time or have the money. If you can spare the time and would rather do it yourself, it's absolutely a viable method and thousands of people do it every year.