Fix My Credit: What Items Negatively Impact Your Score?
The repair process varies when you begin deliberating how to “fix my credit” because every scenario is diverse. What may work for one individual could supply adverse effects on your score. Look at the entire picture and evaluate the current report to determine the right steps for reaching a better rating. Does inaccurate derogatory information exist? Are past delinquencies or collection accounts lowering your score? What exactly are agencies portraying to possible lenders or creditors? These are important questions that can only be answered by reviewing the information being supplied for loan or card approval. You are entitled to a free yearly report from each national agency and can pay a small fee to see the supplied FICO score.
Here are the most frequent derogatory marks seen on consumer reports:
- Inaccurate Information
- Late Payments
- Collection Accounts
- High Card Balances
- Maxed Credit Accounts
- Unpaid Judgments
- Loan Defaults
- Tax Liens
While this list may seem overwhelming, many things can be done to resolve a majority of these issues. Do not expect the FICO score to skyrocket in a matter of days since all items, with the exception of errors, remain on the report for approximately seven years. This is true regardless of how many accounts are closed or resolved when the issue of “fix my credit” arises.
Inaccuracies can be investigated by the bureau or removed by the creditor. Perform the necessary actions to become current on all of your debts:
- Pay Off Collection Accounts
- Resolve Charge-Offs
- Lower Card Balances
- Meet Due Dates
- Make the Full Payment
- Resolve Additional Bad Debt
- Take Care of Any Defaults
A dependable repair professional could be capable of offering additional assistance for removing other derogatory items. Unfortunately, not a lot can be done when a bankruptcy, foreclosure or lien has occurred. You have to wait these items out while continuing to build a more solid history. Lenders look at the most current records and a foreclosure or late payment from five or six years ago will not be evaluated extensively as long as the most current records display a healthy history of borrowing reliability.
TURNSCOR is the industry leading Credit Repair Company.
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.