Simple Steps To Repair Your Credit
Believe it or not, even financially responsible people can end up with a bad credit rating
. No matter how you ended up with a bad credit rating, the important thing is that you can take steps to repair it.
Let's start with the scenario where you have been doing everything right and still ended up with a bad credit rating. First thing to do in any case is get a copy of your credit report from your national credit bureau (e.g. three major US credit bureaus are Experian, Equifax and TransUnion) and check it thoroughly for discrepancies, if any.
If you have been tricked by fraud, then report it immediately to the bureau. There are fraudulent people who somehow retrieve information about an individual and use it to apply for credit cards in his/her name and then obviously default on payments.
If it was your fault for poor credit, you can follow the steps outlined in this article to help fix yours as soon as you can. If you can, then wipe off any long standing debt on your credit card account as soon as possible.
Ensure that you are making timely payments of your monthly installments for any loans or home mortgages that you might have taken. Do not apply for too many loans or credit cards all at once.
Do not overspend on your credit cards. In fact try to remain within 70-75 of the total credit limit available to you.
Opening a credit card account with a department store you shop with frequently can also help in repairing your credit rating. Just make sure that you make the payments with the newly acquired credit card and pay your credit card bills in time.
Ensure that you are following all the safety and fraud protection instructions to prevent yourselves from becoming a target of the fraudsters. These include basic things like signing at the back of your credit card when it first arrives and destroying all the credit account related documents before binning them.
If you find it difficult to handle the situation all by yourselves, don't hesitate to take professional help. Even though you have to shell out a small fee for such an advice, it can benefit you a lot in the long run and save much more for you.
Remember that a good credit card rating can go a long way in making your future credit requests/transactions smooth and a bad one can be an obstacle. So give it the attention it deserves.
Also, a good credit rating cannot be gained overnight but only through a responsible and disciplined attitude towards your credit related transactions over a period of time. Because of the economic crisis that probably almost the whole world is experiencing and which may still last for a while, it's good to know that there are still people who are responsible enough who are able to plan ahead.
There's been a lot of noise made by critics when professional credit repair companies started emerging. They're certainly not to blame for their opinions because there are truly several credit repair companies whose practices are illegal and unethical. But it wouldn't be fair to generalize.
There are also a number of credit repair companies that truly provide help to needy and desperate clients and provide such services through legal and ethical means. One shouldn't dissuade individuals who prefer to ask for help from a professional credit repair company because not all of us have the time, experience and the perseverance one needs when fixing bad credit.
If you decide you are going to do what you can to fix your credit yourself, there are some more things you can do along with those listed above. Get on the road to better credit!
Procure A Copy Of Your Credit Reports - These documents figure largely in the credit repair process because they're the basis and the very reason why you need credit repair in the first place. Credit reports are supplied by credit bureaus or credit agencies.
At present, three companies are considered to be the major credit bureaus of the country - Equifax, Experian and TransUnion.
Dispute Erroneous Items - This sounds easier than it seems. Dispute is just a nicer word for arguing and that's really what you have to do because you're insisting that the credit bureau filed a wrong item under your name.
by: Ronald Pedactor
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