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Easy Credit Repair

Easy Quick Steps for Credit Repair

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Nowadays, where credit transactions are every day, bad credit can make your life miserable. Without good credit, you can’t get a good apartment, you can’t qualify for a low interest mortgage, you can’t get an apartment, and you may not get a good job. This article will try to help you keep up whatever credit score you have and even make it better.

“Quick” is a word that is relative to your perspective. For some people, thirty days is quick, but for others, it might mean just a few days. In this case, quick credit repair is normally a few months to a year.

If you credit score is low, you may have suffered from health problems, loss of a job, theft, or other problems that lost you money and/or affected your credit. If you want to change your credit situation, you need to analyze your finances, examine if you have tried to resolve your problems, and ask yourself if you have the determination you need to correct your problems.

If you have the determination you need to correct your problems, there is still hope. Here are some ways to repair your credit and remove negative items on your credit report, to get you better credit:

1. First and most important: pay your bills on time or early from now on. 35% of your credit score is measured by whether you pay your bills late, on time, or even before they’re due. Late payments can lose up to 100 points on your credit scores. Late or early payments can either help or hinder your efforts to repair your credit scores. Bottom line: You need to pay all your bills on time or early.

2. Find out what is in your credit report. You can get free reports at AnnualCreditReport.com, but some allege that these free reports are tied to a technicality that increases time for reinvestigation when there is a dispute.

3. You hope to increase your credit scores, which will accelerate your credit repair process. You can increase your credit scores by making payments early, and cutting down your existing balances and debts.

4. Check your credit reports for inaccurate information. Mistakes can lower your credit scores. When you find inaccuracies, report them to the bureaus in writing ASAP. If the mistake was made by the credit reporting agency, it is his duty to correct such mistakes. If the error was by the creditor itself, then your dispute should trigger an investigation, and should eliminate the problem. Sometimes, you have to dispute an error multiple times, before it gets corrected.

5. You should also dispute entries made by credit bureaus multiple times if necessary, because they often fail to counter your dispute, because old debts aren’t worth verifying. If you try this type of dispute, don’t just replicate dispute letters you find in the internet. It’s much better for you to write your own letter. This show your claim is legitimate, not just parroted.

6. Finally, don;t dispute your open accounts, because these help build your good credit history. Just pay them on time and leave them alone.

Credit Repair Tips

Why is Credit Repair so Important

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Your credit score is what banks, lenders, landlords, and others use to check whether they want to OK your purchase, loan, apartment rental, or job application. You can be approved or denied based on your credit score, and that’s why your credit repair is so important.

Credit repair is absolutely necessary if your credit score is 600 or below, and still very useful at almost any level. So you can understand how your credit score is calculated, everybody starts with a reasonable score but the instant you are late on a payment or a mortgage, your credit score drops.

This doesn’t necessarily mean you won’t be able to get a loan, but you will probably get an interest rate that is much higher than someone who has a better credit score.

The best way to fix a low credit score is by paying off old debts, contesting errors on your report, and not missing any more payments.

Fixing your low credit score normally can’t be done overnight, but usually takes at least several months or even years.

Bankruptcy shouldn’t normally be an option, unless you have a pending foreclosure or need to stop collection on a judgment, because your bankruptcy record will be kept on file for 10 years.

Of course, you can’t repair your credit unless you know what to repair. That;s why you first need to get a copy of your credit report by obtaining this from one or all of the three credit agencies, which are Equifax, Experian, and Trans-Union. You can get a free credit report from www.AnnualCreditReport.com, but buying a 3-in-1 report can make it easier to see all the reports all in one report.

As soon as you get the credit report, review it for errors. If any issues show on the report that have been resolved, send a letter to that credit agency with evidence of what happened, so your credit report can be corrected.

If you have outstanding balances, you need to make sure your payments are current or early, or pay them off to get a settlement letter which you can supply the credit agency, so they can correct the issue. Be careful not to close too many accounts, especially older ones, because that can also negatively affect your credit.

Meanwhile, you have to make enough money to make your payments on time or early. You can often get better terms by consolidating your debts into one package, which should buy you a little time at lower interest rates.

Some people borrow a little money to make their payments current, while they work on fixing their credit report, because your credit score may improve if you apply for a loan. You don’t need to borrow much because even a small amount like $500 can be enough to start some improvement. Of course, make sure that you make all payments completely when due or earlyl.

Hopefully, you now have a clearer picture of why credit repair is needed. You might have avoided the problem if you had understood how it works earlier, but what’s important now is just to move forward and repair the damage done..

Credit repair can be simple once you understand how to do it, but don’t be afraid to get help from a credit counselor at the beginning. Hopefully, you’ll get your credit back in good standing soon and you can again get a line of credit.

To prevent the need for credit repair again, keep your expenses down and try not to spend beyond your means.