Repair Credit Report Tips

FinanceMortgage & Debt

  • Author Mark Garcia
  • Published January 18, 2010
  • Word count 781

Have you pulled your credit report and seen a lower score than expected? Or were you denied financing on a car or home because of a low score? You are not alone in these happenings. Many people are struggling to improve credit score and possibly trying to get out of bad credit as well. With so many factors affecting people and their credit, such as the housing market dropping out and people facing job loss and cuts in pay, credit scores have gone down. More and more people need to repair credit report to get back on their feet again. Even when they are now financially secure again, their low credit score from when they hit tough times can affect them for years to come. These low scores make fully getting back on your feet difficult. Being turn down for a car loan or home loan can mean never fully being as secure as you once were. Also, receiving high interest rates on these loans also means not being able to receive the loan due to a payment much higher than necessary because of the interest rate. Not only that, but many companies run credit reports when you apply for a job, look to get health or car insurance, or even applying for a bank debit card. These companies run credit reports and many times you can be denied if you have any negative marks on your report.

Looking to repair credit report will make many aspects of your life easier than before. Here are a few tips on how to improve your credit score:

  • Request copies of all three of your credit reports from the three major credit Bureaus, which are Equifax, Experian, and Trans Union.

  • Make sure everything on the reports are correct.

  • If you find any errors fill out the form that comes with your report and make sure they are corrected.

  • Have any and all incorrect information changed and fixed. This can mean a huge change in your credit score. Having negative marks removed means less problems and hassles.

  • Cancel all your credit cards and loans that you do not need. Doing this will create less chances of having credit problems again. Only keep one or two cards for emergency if you have to. Eliminating all credit cards means you will never come into the same problems again, since you will only be using cash.

  • Come up with a payment plan to repay credit cards and loans on a timely basis. If you cannot make all the payments, then you need to contact a credit repair bureau to help you negotiate with the credit card companies and banks. They can help you get your interest rate lowered, lower your payment, and remove interest and over limit fees. Doing this also means you could get your debt paid off in half the time as before.

  • Make sure to make all payments on time. Never miss a payment and if unforeseen circumstances arise, make sure to contact the necessary people immediately to work the problem. Many times people do not say anything or let anyone know and the problem becomes worse. There are credit card companies and banks that would much rather work with you if you are financially strapped and help you stay out of debt. Make sure you contact them and work out the problem you’re having.

  • Do not continually apply for credit cards and loans. The more times your credit report is pulled, the lower your score goes. Every hit on your credit lowers your score by approximately 5 points. Only apply when absolutely necessary.

  • Opt out whenever possible of any company that could pull your credit report. Eliminate unnecessary onlookers onto your report. The fewer people or companies that see your report the better.

Furthermore, part of repairing your credit report and score is to realize that not everything is an emergency. Saving to buy something and eliminating the have it now attitude will keep you out of credit problems as well. Staying consistent in your payments and looking at what you really need versus what you want, will help keep you on track too. Making payments on time is important and will become difficult to do if you rack up all your debt again. Trying to create a savings account and having emergency money available so that when unexpected expenses arise, you can safely take care of them without damaging your credit again. Even when you do not have a lot of money to save, anything helps and over time will give you the security you need and want. Trying these credit report repair tips will help you get back the credit you deserve.

Mark is the author of "Crushing The Credit Bureaus" a do it yourself credit repair encyclopedia that focuses on repairing negative information on your credit report to help improve credit score. Fix your credit at now.

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