You Can Take Charge
You can take control of your financial life. And you can start today. Credit repair cannot do everything, but it can provide the cornerstone for lasting financial success. Credit repair can shape the content and quality of your credit report, optimize your credit scores, and make your credit reports look great to prospective lenders. Once your credit is as clean as possible you will find that your efforts to organize and improve your financial life are met with less resistance. With a little help from credit repair you will soon be on your way to financial self mastery.
Examine Your Reports Today
Start your credit repair project with a rigorous examination of your credit reports. This is a project that must be undertaken with great earnestness. Clear off your kitchen table, get a highlighter and a note pad and prepare to examine every detail of every account. When it comes to credit repair you must learn to give yourself the benefit of the doubt. The goal of your report examination is to identify errors. The credit reporting system is complex and prone to mistakes. Your job is to find them.
Do Not Be Afraid To Dispute
Successful credit repair requires a process of thoughtful and efficient disputes. Credit reporting errors exist on three-quarters of all credit reports. These errors may originate with creditors, collectors, courthouses, the credit bureaus, or even the software that links them together. It is your right to dispute, and it is the obligation of the credit bureaus to process your letters. The credit bureaus may resist your credit repair efforts. Do not be discouraged, and if you encounter resistance you should fight back with even more forceful dispute letters.
If, after you proceed through the dispute process, you believe you have been treated unfairly by the CRAs, or the dispute was not dealt with promptly according to the above timeline, you may contact your state attorney general or the Federal Trade Commission to file a business complaint against the CRA and/or creditor.
Build New Credit Now
One of the most important parts of the credit repair process is the building of new credit. If you do not have any open credit cards you must rectify the deficiency quickly. The FICO scoring model will not score you in a favorable way without open positive accounts on your credit. Poor credit is no excuse for not opening new accounts. Do not wait for credit repair to clean up your reports before applying for credit; just get two new secured cards today. It takes time for your new accounts to deliver score benefits so get started now!
Manage Debt for Credit Repair Success
Whether you have existing credit cards or are opening new accounts as part of your credit repair strategy you must manage your balances if you want your scores to improve. Credit scores are very sensitive to the way you manage your balances relative to your account limits. If you allow your balances to approach or even exceed your limits your score will tumble. For the ideal credit repair results you should only utilize 20 percent of the cards limit. If you have run your balance up, do not worry. Just pay the balance down when you can and your scores will quickly rebound as if nothing happened.
Save Save Save
There are many wonderful benefits that come from credit repair. Good credit translates into self esteem and confidence. This good feeling can permeate every part of your life. And the financial benefits can be significant. Good credit means getting approved for loans with better rates and terms. It can also provide the opportunity to refinance existing debt at lower rates. When credit repair provides debt relief use the opportunity to fund a savings account. Now is the time to set aside money for yourself and your future. There is nothing that feels as good as building real financial security. Every journey starts with a first step. Keep on track and before you know it you will arrive at your goal. Good luck!