repair credit score

Michael J Robinson asked:




Is your credit score in need of improvement? Here’s some timeless credit repair info that will help you understand what causes your credit score to diminish and a few tips that will quickly help you boost it back up again.

Your credit rating is a snapshot of your credit history – so keep it clean

You may not realize that even if you have had a solid payment history, but fail to make payment when due just once (no matter how unintentionally), your credit report can be tarnished simply because the creditor who was paid late, can and often will make a negative comment on your credit report and this will in turn affect your credit score.

And you may not even be aware of this until you apply for credit or your credit report, but this comment will sit there indefinitely – unless you do something about it.

So the key here is to always keep track of your payments – and if you know that you are going to be late, make direct contact with the credit supplier and discuss it with them.

This will do two things that work in your favor:

It shows the creditor that you are committed to timely payment and you can request that they not make a negative comment on your credit report, and it builds trust and good credit relationship so that the creditor is far more likely to work with you and not against you.

Incorrect information can damage your credit score

You need to be vigilant and keep a watchful eye on your credit report because it is quite surprising how often false statements or incorrect data is entered to the wrong file. Not to say that it is common, but it does happen and you don’t want it to be on your file as will diminish your credit score.

In order to remedy this you should check at least once a year, but every 6 months would be ideal. You are entitled to one free credit report per year from AnnualCreditReport.com or you can get subsequent copies from myFICO.com.

Then take the time to study it and look for:

Incorrect late payment reports, where you have evidence of timely payment Information or accounts that are not your own Bankruptcy comments more than 10 years old or claims that were made whilst bankrupt that are still on your file Negative information or comments greater than 7 years old. False or fraudulent claims – make sure you have written evidence.

Never let disputes get to collections

Often we will refuse to pay a bill because we feel it is unjust, or incorrect or that it is not our responsibility – which may very well be the case… but if any credit company hands the bill over to a collections agency, the result will be a ‘black mark’ and negative comment on your credit rating and a drop in your credit score.

To avoid this, pay the bill – no matter how justified you may feel… then get all the evidence together and get your money back plus costs through a small claims hearing.

Sure it will be a longer process with a bit more work for you but it’s far better than your credit rating being black marked.

Just make sure you have sound evidence that the bill is not yours so the creditor cannot turn the tables and sue you – a lawsuit or judgment will actually damage your credit rating.

To conclude – most good credit repair advice is based on common sense and sound financial management on the individuals part, which if done correctly and often will enhance your credit score without requiring too much extra effort on your part.

However it is well worth seeking as much free information and advice as possible so that your credit rating is constantly improving over time – giving you the benefit of easier credit access, lower interest rates and better insurance premiums, not to mention the many other benefits a healthy credit report brings with it.

For much more free credit repair info visit the link below.

You can also get a free 5 day video course covering the whole process of quick credit repair.

Pamela