A excellent credit rating isn’t simple to come by. Financial burdens like divorce and paying for children’s post secondary education may have lowered your once perfect credit score. With the present economic condition, it’s easy to fall behind and lose view of your credit rating. After you find that you’ve let things slide, just relax, a little time and effort can provide you with credit repair.
All most all lenders have pulled back the reins on lending; making it increasingly difficult to get the money you need for a new car or home. A credit score that may have been high enough to qualify a year ago may be lacking now. You can fix your credit score, for free with a little elbow grease. Don’t think it’s impossible; be diligent and make it happen!
Free Credit Reapir
Major credit reporting agencies like Experian and Equifax can point you in the right direction to repair your credit. By law, these and other agencies must provide each person with a free, annual credit report. Your credit report is like a report card on your credit progress. The information found on this report is invaluable and should be reviewed carefully. The slightest inconsistency can ruin your credit history, so verify all information contained in the report. Pay special attention to dates and payment amounts.
Your Credit Report
Taking a look at your credit report will help in knowing what avenues you need to take to get your score back to where it should be. Examine your credit report for accuracy. Check dates as well as loan or payment amounts carefully. Many companies sell credit accounts to secondary lenders and the information in your report may not reflect the true picture of your credit health.
Credit card companies often throw unsuspecting card holders for a loop when they charge daily interest, making an account that was paid off in full appear as delinquent or charge off status. A single dollar in the balance can land your account with a debt collection agency and you’ll never know it until you see your credit report.
Are You Going Through A Divorce?
A lot of times, couples going through divorce try to push debt off on the other party. Unfortunately, your former spouse can cause you credit rating grief without your knowledge. Make sure that you have financial obligations spelled out clearly in divorce records and keep them handy. You never know when your ex may have told a creditor that the burden of payment is on you, when he or she has been ordered to pay it, themselves.
Some times, divorced couples try to place the financial burden on the separated spouse without their knowledge so it’s good to know where you stand at all times. If you and your former spouse cannot agree on terms of repayment of debt, ask for mediation. Hold on to divorce proceedings and decrees, they may save you from errors later by proving that YOU were not the one who owed on an account.
Look For Mistakes
Things to look for and make sure of are that credit reporting agencies do not have old or invalid information in their records. Often times, FICO scores are negatively affected by misspellings of your name on old accounts. When you remarry or change your last name, verify that no reporting agencies have you listed by your maiden or former married names.
Verify that any employers listed on your credit score reflect true dates of employment. By taking the time to check into your credit report, you can clear up judgments against you and remove blemishes on your credit history.
By checking documentation thoroughly and staying on top of disputes, you will have the free credit repair you have hoping for and the credit you deserve.
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