Credit Repair 101
More and more Americans are taking recourse to credit repair. This is because we have been negligent with our finances for so long, being the worlds super power. But times are strained. The economic scenario all over the world is making it hard and taking its toll on our finances.
A lot of Americans have woken up to this fact and are taking the necessary precautionary measures. But a lot of others have still not woken up or are only belatedly realizing that they are in troubled waters. That is when one needs to practice damage control; credit repair is just such a tool.
A lot of slick smooth talkers are taking advantage of this situation and are offering exclusive services to ease your financial situations. Let me tell you here and now that all these people are doing is looking to cash in on your money. You do not, I repeat, do NOT need any kind of professional service to repair your credit.
How To Begin
You can manage all of that well enough on your own. There is nothing that a so called credit repair company can do for you that you cannot manage all on your own, my friend. The first thing you need to do before you start the active process of repairing your credit is order the credit reports. Oh and dont worry about the money, these reports come free you are in fact entitled to them, from all of the three credit bureaus!
It is advisable that you order all of these reports because each report will have different information which you will find useful. All three reports will then give you a complete picture of what needs to be done.
It is important to scrutinize each report thoroughly. Then take note of all the outstanding payments and all the ones you have already cleared. Now comes the small matter of debt collections. Did you know that after a certain period where you have not made any transactions in your account, your debt becomes what is known as time barred? In ordinary terms it means that the debtors cannot sue you for not paying up.
Settling Old Scores!
But it is still advisable to clear and old debt score. In fact this can even change your credit score and increase your credibility. The reason behind this is youll get a clean chit in the payment history of your credit score.
As a result of this money lenders and debtors will be more open to lending you money which you might need. In fact mortgage lenders demand that you have no outstanding debts you need to take care of before they promise to assist you! Lastly, your debt to income ratio also decreases which is great in terms of credit repair.
A few things you simply shouldnt do while youre planning credit repair is: you shouldnt keep putting it off, you shouldnt hire professional service and you shouldnt dispute everything in your credit report. Good luck with credit repair!
A lot of Americans have woken up to this fact and are taking the necessary precautionary measures. But a lot of others have still not woken up or are only belatedly realizing that they are in troubled waters. That is when one needs to practice damage control; credit repair is just such a tool.
A lot of slick smooth talkers are taking advantage of this situation and are offering exclusive services to ease your financial situations. Let me tell you here and now that all these people are doing is looking to cash in on your money. You do not, I repeat, do NOT need any kind of professional service to repair your credit.
How To Begin
You can manage all of that well enough on your own. There is nothing that a so called credit repair company can do for you that you cannot manage all on your own, my friend. The first thing you need to do before you start the active process of repairing your credit is order the credit reports. Oh and dont worry about the money, these reports come free you are in fact entitled to them, from all of the three credit bureaus!
It is advisable that you order all of these reports because each report will have different information which you will find useful. All three reports will then give you a complete picture of what needs to be done.
It is important to scrutinize each report thoroughly. Then take note of all the outstanding payments and all the ones you have already cleared. Now comes the small matter of debt collections. Did you know that after a certain period where you have not made any transactions in your account, your debt becomes what is known as time barred? In ordinary terms it means that the debtors cannot sue you for not paying up.
Settling Old Scores!
But it is still advisable to clear and old debt score. In fact this can even change your credit score and increase your credibility. The reason behind this is youll get a clean chit in the payment history of your credit score.
As a result of this money lenders and debtors will be more open to lending you money which you might need. In fact mortgage lenders demand that you have no outstanding debts you need to take care of before they promise to assist you! Lastly, your debt to income ratio also decreases which is great in terms of credit repair.
A few things you simply shouldnt do while youre planning credit repair is: you shouldnt keep putting it off, you shouldnt hire professional service and you shouldnt dispute everything in your credit report. Good luck with credit repair!