Entering the Process of Credit Repair
You apply for a loan only to find out it has been denied due to bad or insufficient credit. The feeling experienced when this scenario becomes a reality can be devastating. What can be done once the realization of a negatively impacted score hits home? Unfortunately, it takes a little more time than desired to turn this downhill slide around; however, many things can be done to begin the credit repair process.
Responsible management over a long time period is the best approach to improving the overall score. Your supplied history can reflect bad debt in the form of delinquencies, foreclosures, bankruptcies, liens, or an extensive amount of outstanding credit. These items must be repaired before your score will begin to improve. Many of them can remain on the report for up to seven years while others are avoidable simply by making payments on time and through proper debt management. Reviewing the information on your report is the first step toward making certain it is accurate. Contact the reporting agency about any errors found within this history.
Additional steps must be taken once the accurateness of the information has been verified. Making a payment late by a couple of days can lower your score and it is best to use reminders or direct withdrawal methods to ensure timeliness. Attempt to lower debt owed as much as possible without causing additional payments to become delinquent. List all the account balances, interest rates, and other information to determine what should be paid first. Set up a reasonable plan to begin paying off the highest interest rate cards or loans. If you have missed account reimbursements, do your best to become current and then continue to pay on time.
Paying off collection accounts does not eliminate the bad debt from the report; however, it does lower total debt owed. Attempt to alter payment arrangements with creditors if the current requirements are impossible to meet. Consider a credit counseling service or additional options to begin down the path of credit repair. You can make a difference by taking an active approach to removing bad debt and improving your score.
TURNSCOR is the industry leading Credit Repair Software platform.
No need to invest hundreds or thousands of dollars to pay a lawyer or third party to do what you can do for yourself. This was the sole reason we developed TURNSCOR. The major credit bureaus and creditors would like for you to remain uninformed, thus allowing them to charge you higher rates of interest based on your personal credit scores. This reason alone makes it very difficult to build wealth without a high credit score. Get started today.