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Repairing your credit report

A good credit score is important. However, attaining and maintaining a good credit report can be quiet a hassle for some people. This is very understandable as most people struggle so much with debt, unstable income and various unplanned financial emergencies.  Most people attempt to repair their credit report through quick fixes like filling for bankruptcies only to end up with negatives on their credit score after a while. Getting tips on how to successfully repair your credit score for a period of time is a far much better approach.

A credit score is an essential component of your financial information. It is literally a grade of how well you manage your finances and a reflection of how good you are at making financial decisions. Attaining a good credit score, improving or repairing your credit score to your level of desire means that you can easily qualify for loans and credit services and lower interest rates and better terms of payment. Whether you are out to buy a car, applying for a student’s loan or servicing your mortgage, a good credit score inevitably comes in.

The problem with repairing a tanked credit score is that it’s not something that you can miraculously work on it overnight. It calls for a strict financial discipline and a lot of patience. It will surely take a long time for you to stabilize a tanked credit score and even much more time for you to make it rise further.

Luckily, it is not that hard to repair your credit score. There are some conventional steps you can follow for you to attain that desired credit score. They include

See also  Reasons to Check Your Credit Report

Have a look at your credit report.

You cannot talk about your credit score without your credit report coming into the picture. In fact, a credit is just a minor component of the credit report. There are other significant factors on your credit report that significantly affect your credit score. They include;

•    Public records

This part of the report details your personal information like your social security number as well as your residence. It also includes public records related to your credit score and status. A public record is an entry obtained from federal, state, county or local court.

•    Account history

This section of a credit report details out information about an individuals’ credit accounts and how they have settled them. The account history information is comprehensively detailed and it is crucial that you go through it for authentication.

•    Enquiries 

This section provides detail of the lenders who have enquired about you regarding your credit score. The information is presented in four columns; the lender’s name, the purpose, date and amount enquired.

Your credit report may be containing inaccurate information that may be causing your credit score to tank. It may also be missing crucial financial information. It is advisable to keep track of your credit report on a regular basis and raise issues with the reporting agencies whenever inconsistencies appear.

 Schedule automatic payment reminders.

Payment of bills heavily impacts on your credit score. Settling your bills on time is the most crucial factor that you must observe in order to achieve a good credit score. Scheduling automatic deductions from your bank account for frequent bills like rent, water, electricity and credit cards helps you avoid late payments. If automatic deductions can’t be attained, then setting up reminders on your calendar is a suitable option.

See also  Credit Report Composition

Reduce the amount of debt you owe

The amount of debt owed to credit is rightfully captured in your credit report under financial history information. Reducing the amount of debt is easier said than done but if achieved; it can positively impact your credit score. Using your credit report, you can point out the amount of debt you owe to various accounts and come with a proper payment plan.

Be persistent and consistent

Repairing a tanked credit score is not a walk in the park. The process of rehabilitating it is not as easy as the process of destroying it. You will have to put in more discipline and work.  Pay your bills on time, reduce the amount of date owed and your credit score will gradually improve.

Unfortunately, some credit report information like bankruptcies and public records stay on your report for some years.

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