Credit Repair Can Be Scary But It Doesn't Have To Be
Credit Repair On Your Own
Drop that I can't do this alone attitude. You can do credit repair on your own and it is your legal right. All you need is the proper knowledge to do so. Acquiring the information is the key. You need to do some or a lot of research and studying before you tackle repairing your credits, though. The amount of time and effort you will give on this project depends on the foundation of your knowledge on credit repair and financial management.
The first thing that you will do is get all your credit reports and study them. Credit reports are free so get accurate reports directly from the credit bureaus. Your creditors submit these reports so you should be able to get them with no problems whatsoever. Looking at the credit reports, correct whatever entries that you think are questionable or incorrect.
This is the time to correct and clarify entries on your reports. Correct spelling of your name, correct date of birth and socials security number, dates (open dates, close dates, date of last activity), credit limits, and the actual amount owed are the things that you should look closely and make sure that everything is correct. If you find some inconsistencies, write a letter to the creditor and credit bureaus to show that you have some problems with entries in your report. Registered mail is always the ideal situation since you will be sure that they received the letter.
Looking into your credit report, make sure that you evaluate the last 12 months at least. The credit score is determined usually from the last 12 months of your credit history. So it is important that you have made some payments on your debts last year or so to give you a better credit rating. Credit companies never like having default loans. That is why you should always come up with your creditors a doable payment plan so you won't miss on payments. Try setting up automatic payments to prevent late payments due to forgetfulness. Review or get back to the original creditor instead of dealing solely with the collection company to ensure that your payment records are straight.
After you procure the reports and have ensured that everything is in order, you will then undergo the process of reestablishing your credit rating if it is too low already. This is the actual process of rebuilding your credit standing. The importance of repairing one's credit standing lies on the fact that it will dictate future credit and loan applications. Even simple credit card applications and purchase can be affected by present credit standing.
Having a low credit score can mean better loan conditions such as low interest rates and a longer credit term. Needless to say, having an excellent credit score will definitely make it easier for your financial future. Remember that even basic utilities and even employers are now conscious of credit scores unlike years earlier when banks and credit companies are the main parties concerned.
In repairing your credit standing, you will need to make sure that you pay bills on time. Loans and credit card payments would be the most important thing that should not forget. Creditors will look very closely on how well you meet your financial obligations so make sure that you won't miss out on anything. The more times you miss paying bills and loan payments the lower your credit score will become.
Nonetheless, you can accomplish credit repair on your own with the right commitment. This is something attainable.
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Credit repair can be intimidating but once you have the knowledge and a proven system that generates optimal results to follow you can accomplish your goals and improve your overall quality of life.
We look forward to hearing all of your success stories. Remember The Credit Score Accelerator Toolkit will only be $97 for a limited time, so what are you waiting for? Let us guide you along the path to financial freedom. See you at the top. Click here to access the program and get started on your credit today.
Cheers to Better Credit,
Stephanie "The Credit Repair Queen"