Today, in an effort to curb the difficulties encountered by people with regards to finances, many companies and agencies have created programs and promos that allow people with bad credit to still have a chance. There are now, for example, bad credit mortgage refinance loan opportunities almost everywhere. Regardless, however, bad credit shouldn’t be taken lightly, as this can cause much more problems for the person in the future, especially when it comes to finances. As best as possible, it is important to fix bad credit, and using these steps, you won’t need to hire costly credit repair companies to do the job.
First, obtain all your credit reports. There are three credit bureaus that you can get reports from, and a tip to know is that once per year, these reports are actually free, and can be obtained quickly and easily without paying a single cent. It is important to get all three because some creditors and lenders only report to one bureau, and as such may not be present at the other bureau’s records. And because the bureaus don’t really share their information, the best chance at getting a full credit report is by getting reports from all 3 bureaus.
Once these reports are obtained, quickly scour through them and find all the possible inconsistencies and incorrect information. Mark them, take note, and file a complaint to the credit bureau to dispute the incorrect information. Any wrong info can negatively impact the credit score, and should be taken care of immediately.
Next, take note of the past due accounts, maxed out credit cards, and any other accounts that have expired or need to be paid. These need to be settled as soon as possible, usually by paying them off as best as one can. By lowering any debt, the credit score can increase, and the more debt is settled, the more the credit score becomes better.
Following these simple steps will soon lead to better credit!
Find other financial articles at MySanDiegoMortgage.com.
- 8 Steps to Improve Your Credit Score (debt-consolidation-2u.com)
- How To Own a House with Bad Credit (2010taxes.org)