Repairing your credit
It is essential to repair your credit if the scores are plunging low. Poor credit scores can result in problems of getting low interest loans, employment and various other similar benefits. With poor credit scores the amount of interest rates can actually go up to thousands of dollars. For short term loans this is not much of a problem but if you are planning to apply for a long term loan, then it can be a major financial loss. Hence it is always suggested that the credit score should be repaired before applying for any long term loan like home loans or mortgages.
Secrets of repairing creditThere are some simple secrets through which the credit scores can be improved drastically. These are some methods which are never really told or suggested by creditors or credit bureaus because these methods can lead to losses and quandary for them. Some of the these methods are:
a) Applying for your credit reports and checking the same
By applying for your credit reports you can track your payment history. This credit report includes all the details of your past payments, dues and pending bills, types of loans and various other details. By checking the credit score you can keep check if the debts cleared by you have been mentioned or rectified in the credit report. Often the credit reporting agencies are not aware of the payments made, especially if the lender does inform them about the same. Hence you can check all the records of your payment history and ensure that your credit report is updated.
b) Disputing errors on credit reports
All errors on the credit reports should be disputed. For this a copy of the credit report along with the payments made should be sent to the bureau. There are also chances of misinformation or misinterpretation on the credit report and the same should not be ignored or waited to be rectified in the next report as this leads to poor credit score.
c) Use of stern language
When it comes to creditors you need to be stern about their mistakes. If they have not informed the credit bureau about payments made then the matter should be taken seriously. You should inform the bureaus and creditors about this error and claim compensation if required. Your strictness in this matter will ensure that such mistakes are not repeated and your credit score is not hampered.
Other Credit Report Related Articles
- Free Credit Report & Scores
- Sample / Example Credit Bureau Dispute Letter
- Do-It-Yourself Free Credit Report: Beginner's Guide
- Accessing your free credit score
- Credit Repair: How to approach the credit bureaus
- Your Credit Report and Score: Six Costly Mistakes
- Ways a free credit report can help you
- How to get your free credit score and check your credit
- What does your credit report score mean?
- Misconceptions of Your Credit Beacon/ FICO Score
- Quickest and Easiest Way To Get Your Credit Score
- Forgotten Secrets of Credit Repair and Repairing your Credit