If you’re new to repairing credit, don’t’ despair. It’s not that hard to understand what this is about. And neither will the instructions and tips here be impossible to figure out. Many people think, mistakenly, that so long as they keep paying bills on a timely manner, their credit status will be fine. But sometimes we fall back on hard times, and we miss a few payments and end up with the need to do some credit repair. We all want a good credit status, so the more one knows about repairing one’s credit status the better.
Right now the economy is hurting, credit card companies are feeling the pinch, and the lending sector is frozen solid for people who need to borrow to sustain their needs. Keep that in mind as it maybe a bit harder this time around to pull back from the abyss of having spent so much, much more than one can earn. Here are important aspects of credit repair concepts you should know about.
Your credit score: This is not merely another figure. Your credit score is affected by many things and so you try to avoid those things that negatively affect it and find out what has a positive affect so you can implement those that improve it. Improving your score will involve some action on your part and from other people who trust you.
There are many ways to raise credit score. One way to pull up your credit score is to persuade some relatives to put you on the list of people authorized to use their credit cards. It’s a good mark on your report when a credit company sees that. That usually means someone trusts you enough to let them use their credit card. That means either financial stability or some discipline in spending.
Your credit reports: You need to be aware of the accurate score, so to speak, of your transactions, from your Credit Card Company or creditors. Knowing where you stand allows you to plan ahead and provide you with some calmness in facing the storm, or the rehab process if you’ve spent more than your income and maxed out a few credit cards.
This is one of the most important steps in how to improve credit. You are entitled to a free credit report once a year, just ask for it. When you do get it, though, read it cover to cover and try to have a list of questions about what you’re not clear about concerning your report. That will save time in phoning your credit card company and asking questions or talking about your disputes.
Creditors and collection companies: You have to keep the lines of communication open between the people you owe money and the people who collect on their behalf. Doing so is a sign of openness and a willingness to work things out. Besides, the collection companies will often take whatever you can give them. So don’t close your doors and hide from them, as that would only send the wrong message and mar your credit status even more. Remember that you’re aiming to repair it, not tarnish it even more.
Identity theft: Some people are victims of this. Someone makes purchases using their names and they had to pay for the consequences. You have to protect vital personal information so that nobody goes around buying in your name. You have to dispute charges you didn’t incur yourself. That’s one reason you have to talk to the credit companies about your free credit reports.
Laws and litigation: You must be aware of ways to legally protect your interests against unlawful practices of some credit card companies and their collection people. That way, you’re prepared and informed and won’t be forced to do things not in your better interests.
If you’re trying to find a way to do the credit repair yourself, you have taken the first step by reading this post. Be careful of companies that provide bad credit repair tips, such as applying for a new social security card or using a taxpayer ID number. These are illegal and could get you into trouble.
Here is a link to an eBook that can provide you with more help. https://damagedcreditrepair.com/credits