Not happy with your credit report? Don’t despair; it is never too late to be credit worthy. I am here to help you. But just a little heads up, it won’...
Not happy with your credit report? Don’t despair; it is never too late to be credit worthy. I am here to help you. But just a little heads up, it won’t happen overnight.
First, let me explain to you what a Credit Repair is. Credit Repair is a general term often applied to the controversial practice of improving or rehabilitating one’s financial reputation (credit worthiness) among creditors. Having a bad credit can just easily happen to anyone, and once it does… it is tough. A Bad credit makes a lot of things difficult. Primarily because of the fact that banks check credit scores before they grant anyone a credit card or any sort of loan.
Credit Repair is critical to saving money on insurance, loans, and credit cards. But that’s not the only reason and/or benefit of repairing your credit. A good or better credit score opens up to many things. If you are dreaming of starting your own business or just want the security of knowing you can borrow money whenever you want, you should repair your credit sooner than later.
Before we start repairing your credit, you have to know what you need to repair. Your credit report contains all the information that you need to know. You need to read through your credit report to see what negative items are affecting your credit scores. You are entitled for a free credit report once a year from each of the three credit bureaus. This yearly free credit report is only available through AnnualCreditReport.com.
Once you have your credit report, take your time in reading it because it may be in multiple and long pages and you might get overwhelmed with the tons of information that will be given to you, but it will surely be worth your time understanding all of its components. After reading it, you need to decide what needs to be repaired. Some examples are, but not limited to:
(1) Incorrect information such as accounts that are not yours and payments that have been incorrectly reported late.
(2) Accounts that are past dues, sent to collections or charged off
(3) Accounts that are maxed out its credit limit
If you find that there are discrepancies on it, you have the right to dispute all inaccurate, incomplete, and any other information that can’t be verified. There is a guide that comes along with your credit report on how to dispute any of that information. If the dispute is successful, your credit report will be updated.
Once the negative item is removed from your report, you may work then on adding positive information. Here are some tips on how to do just that:
1. Timely payment can help. If you have credit cards and loans, you should report your payment on time.
2. Think hard before closing a credit card because it will not help you in achieving a good credit score.
3. Opening a new account may also help you in establishing your good credit score.
4. See what those things are that may hurt your credit score and learn from them.
5. If you already got an overwhelming debt, it would be best to get a counselor to help you.
If you need more help in improving your credit scores, you can get in touch with me by visiting my website. I will be happy to give you a professional advice that s tailored to your specific situation.
