A Few Quick Credit Repair Tips
Presented by Charles L Harmon
If you are like me there are times when your credit is not as it should be. It could be because of a mistake or a legitimate reason. Whatever the reason, it needs to be fixed so your credit is up to par.
Emergencies and carelessness often cause our credit scores to go downhill. If your credit score is lowered it makes getting credit and loans a major hassle. That’s because lenders see you as a high risk for repaying any potential money you could owe them.
You may still be extended credit or given a loan, but it will be at higher interest rates. There are ways to gain back the credit scores you deserve. The first thing you must do is to obtain all three of your credit reports as soon as possible.
Don’t try to get by with only one. You must get all three because each one can contain different data. When you get them, look them over very carefully.
Note any mistakes and report them to the credit bureau right away. Even the slightest mistake on your reports can cause you to have a lower score. Make sure all three reports have the same information as the others. If not you make sure all three have the good accounts on them.
Discrepancies can also hurt your chances of receiving a good score from the credit bureaus. Sometimes credit card companies don’t report to all three bureaus, so check and be sure all three have the same facts and figures.
Take a look at any debt owed your creditors. Negotiate with the companies over the debt and get any debt paid off if any way possible. If they report the debt owed them has been paid in full, your credit reports will reflect that as positive and your credit score will be raised.
If it’s not possible to pay all debts off, then pay as much as you can on a regular basis. Make sure you’re paying all of your bills on time. Late payments, especially recent ones that may get on your reports will be factored into your credit scores as a negative.
Don’t apply for any more credit until you have all your old debt paid off. The credit reports will reflect all debt that you owe, so the more debt it shows, the lower your credit score or rating will be.
Pay off all old debt first. Then make sure it’s reported to the credit monitoring agencies. Even when you pay off your credit cards, keep the accounts open at least on some of them.
Closing all credit accounts reflects negatively on your score so try to avoid that. Even if you don’t intend on using those accounts again, it still looks better that the account is open and there’s a zero balance in it.
It also looks better if you charge very small amounts and then pay them off each month on time. It shows your ability to repay your debt. Don’t pay another company to take care of your credit repair unless you absolutely know they come highly recommended.
It’s best you do it yourself. Most of the companies that claim they can repair your credit instantly are scams that will take your money. Few, if any of those credit repair companies do anything for your credit.
What you really need to do is work hard to keep your credit reports clean. You need to pay off all your bills as they become due, on time. With diligence you can bring a negative score to a more positive one. Try budgeting if necessary and maintaining a timely schedule for paying bills so they are paid off as quickly as possible and make any credit card or monthly payments by the due date.