Fix Your Credit And Purchase Your Home In Kissimmee FL

Fix Your Credit And Purchase Your Home In Kissimmee FL

Introduction to Credit Repair

Living with bad credit in America today is possible, but it's tough. Bad credit makes many things difficult, impossible, or more expensive. For example, did you know insurance companies often charge a higher interest rate for drivers that have bad credit scores? If you're getting new utilities turned on in your name, the company will check your credit to decide whether you should pay a security deposit. We all know that banks check credit scores before they give you a credit card or a loan. As years go by, the list of companies who check your credit will probably grow instead of shrink.

Do It Yourself Credit Repair

You've probably seen advertisements for credit repair on television or heard them on the radio. I've even seen credit repair signs on the side of the road. You don't have to hire a professional to fix your credit. The truth is, there is nothing a credit repair company can do to improve your credit that you can’t do for yourself. Save some money and the hassle of finding a reputable company and repair your credit yourself. The next steps will show you how.

Get the Latest Copies of Your Credit Reports

Before you can start repairing your credit, you have to know what you need to repair. Your credit report contains all the mistakes you've made that have led to bad credit. Read through your credit report to see what are the negative items affecting your credit score. By law, you’re entitled to free credit reports from each of the three credit bureaus each year. Thisyearly free credit reportis available only through AnnualCreditReport.com. You can alsoorder by phone or mailif you need to.

Other Ways to Get a Free Credit Report

You're also entitled to a free credit report if you've beenturned down for creditbecause of something on your credit report, if you're currently receiving government assistance, if you're unemployed and planning to look for a job soon, or if you think you've been a victim of credit card fraud or identity theft. Some states even have laws that let you get anadditional free credit reporteach year. All these free credit reports should be ordered directly through the credit bureaus.3

Review Your Credit Reports for Errors

Once you have your credit reports, read through them completely. If you have a long credit history, your credit reports might be several pages long. Try not to get overwhelmed by all the information you're reading. It's a lot to digest, especially if you're checking your credit report for the first time. Take your time and review your credit report over several days if you need to.

Reading Your Credit Report

Become familiar with the information contained in each of your credit reports. They'll all look very similar, even if you've ordered them from different bureaus. Each credit report contains: your personal identifying information, detailed history for each of your accounts, any items that have been listed inpublic recordlike a bankruptcy, and theinquiriesthat have been made to your credit report.

Deciding What Needs Repair

Here are the types of information you'll need to repair:

  • Incorrect information, including accounts that aren’t yours, payments that have been incorrectly reported late, etc.

  • Past due accounts that are late, charged off, or have been sent to collections.

  • Maxed out accounts that are over the credit limit.

Use different color highlighters for each type of information to help you easily make a credit repair plan. You'll take a different approach for incorrect information than you would for a past due account so using different colors save time re-reading your credit report each time you're ready to payment a payment, call a creditor, or send a letter.

Dispute Credit Report Errors

You have the right todisputeany information in your credit report that's inaccurate, incomplete, or you believe can't be verified. When you order your credit report, you'll receive instructions on how to dispute credit report information. Credit reports ordered online typically come with instructions for making disputes online, but you can also make disputes over the phone and through the mail.

Tackle Past Due Accounts

Your payment history impacts your credit score than any other factor - it's 35% of your score to be exact. Since payment history is such a large part of your credit score, having several past due accounts on your credit report will significantly hurt your score. Taking care of these is crucial to credit repair. Your goal is to have all your past due accounts reported as “current” or at least “paid.”

Get New Credit

After you’ve resolved the negative items on your credit report, work on getting positive information added. Just like late payments severely hurt your credit score, timely payments help your score. If you have some credit cards and loans being reported on time, good. Continue to keep those balances at a reasonable level and make your payments on time.

By LaToya Irby

Updated August 17, 2016



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