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Quick Fix Credit Repair: What You Ought to Know to Protect Yourself and Your Credit Report
By Credit Watcher | June 22, 2009
Today, anyone who has tried to buy furniture, an automobile, or especially a house, knows how important a good credit score is. A difference of only 100 points on your FICO credit score can determine whether you qualify for an A or B loan, which can be the difference between several thousands of dollars. In our hurried society, most people look for a quick fix to repair their credit reports to get the best deal for their money. Be warned, however, there are several scams that offer a quick route to change your credit score. At best, these offers are shady, and at worse, some are downright illegal.
First, remember the old adage, “if something sounds too good to be true, it probably is.” This is especially true with quick fix credit. Your credit report is a snapshot of your past credit performance. Companies reporting to the credit agencies are required to be as accurate as possible, and mistakes do happen. However, if you have made credit mistakes, no law firm or company can have those items removed from your credit report. In general, bad credit remains on your report for up to seven years, with Chapter 7 and Chapter 13 bankruptcies reporting up to ten years. You can, however, write to the three major credit reporting agencies, Equifax, Experion, and TransUnion, and have a letter attached to your credit file explaining the circumstances surrounding the bruises on your credit report. This does not change your credit score, but at least gives potential creditors an explanation they can take into consideration. If there are true inaccuracies on your credit report, you can write to the three major credit reporting agencies and dispute these items. This is something you can do yourself and does not require a third party. www.Equifax.com is a good place to look for further information regarding this process, and is very user friendly.
Here what you should to know to get out debt fast :
1. Make sure that you have a list of all of your credit and debt and you know exactly how much you owe.
2. Calculate the total cost of all of your debts and find out if you have enough money to start making minimum monthly payments on your debts.
3. If you do not have enough money to make minimum monthly payments on your debts, either try to contact a professional credit agency and see if you can get some of your debts wiped out or eliminated. Some agencies will allow you to wipe out your debts so that you only have to pay the interest depending on what you have for debt.
4. If you cannot reduce your debts, you can always look into consolidating your debt with a consolidation loan which will allow you to make one monthly payment and wipe out all of your smaller debts at once.
5. Using either of the last two options will help you fix your credit and get you out of debt.
6. If you want to start improving your credit, use a secured master card to start rebuilding your credit. Do not accumulate any more debt.
7. If you file bankruptcy and you still have a few loans that the bankruptcy did not take from you, make sure that you make payments on those debts to improve your credit score.
You can live a life without credit and create your own wealth now.
Find related information on finance resources at http://www.loans-consolidate.com to learn more about bad credit tips.
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Topics: Credit Repair |