In Need of Some Essential Credit Repair? Here’s How To Fix It!

| March 31, 2015 | 0 Comments

Let’s look at the stone cold facts of bad credit right in the face. A negative credit report can stop you from growing your business. It can stop you from getting a job. It can prevent you from renting an apartment.

Put simply, it can make your life very difficult. So here’s how to fix it.

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Image: John Liu

Stop Applying For Credit

Every time you apply for a credit or loan, it is marked on your report. In the main this will only reduce your score a little and for a short period. However, a flurry of activity will bring your rating right down. If you get rejected by any application, it is vital to pause before making another. And also to check your current rating.

Look At Your Credit Score

The three major credit bureaus are Experian, Equifax, and TransUnion. Many of them offer free trials so that you can what is lurking on your own file. Use them to go over every little thing, as there could be mistakes on there.

Highlight Errors

Your credit score may have tanked because of simple human error. Go through yours with a fine toothcomb and make sure that everything on there is your responsibility. If not, contact the relevant institution to point out what has happened. It may take a while to fix, but it will get done.

Pay Your Bills

While you are sorting out your credit situation, it is vital to carry on paying things off as usual. Paying your utility bills regularly won’t have a positive effect on your score. But missing them will be marked onto your report.

Sort Out Your Debts

The only way to fix a poor credit score is by taking control of your debts. Identify the most expensive debts first, and put all you can into clearing them up. Don’t forget that this is a process that could take months, or even years. Don’t get downhearted. Once you get going, you will be surprised how quickly things improve.

Get Help

If it is all too much, think about getting some help. There are debt support groups all over the country that offer free advice. Or you could try services such as www.creditmarvel.com, who are a specialist credit repair firm. However, before choosing anybody to deal with, always check out their reviews and past records at the Better Business Bureau.

Negotiate Yourself

If you think you can go it alone, then try and pen up some negotiations with your creditors. Lenders have to follow strict rules from the government and financial service authorities, and should do their best to help you pay back what you owe.

They could freeze your interest charges, or set up a more affordable repayment plan for you. If you are honest about your position, most creditors will treat fairly.

Following these tips should help your credit score start growing again. It is a tough situation, no doubt. But it isn’t one that is impossible to get out of. Good luck!

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Category: Credit

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