There is no other way out in credit repair – even before paying for professional services – which you’ve to personally handle your bad credit loans. Reality is you owning a unique financial situation. Take care of your debt problems by learning how to optimize your credit repair using proven techniques.
Pay mortgage & cc loans to clear up credit reports.
One effective technique is to perform a thorough credit cleanup. It could be done through an agency specializing in credit repair service or do-it-yourself. Either way, you’re cleaning up your credit report.
Figure 1.0 below demonstrated the types of negative items you’re doing a detailed clearance:
Figure 1.0 Listing & Removing bad information quickly
|1. Outstanding mortgages||4. Duplicate entries|
|2. Credit card bills & loans||5. Incorrect information|
|3. Cash advances, bank overdraft & paydays||6. Obsolete (expired) claims|
These listed items can actually harm your individual credit score. Your focus is on clearing outstanding mortgages. Every unpaid debt clinging stubbornly on your credit report is going to affect your fico score. Credit repair is to be done by seeking redress from a credit bureau – Equifax, Experian or TransUnion.
Note: You can get a free annual credit report up to 3 reports at all of the credit bureaus listed.
Set up balance transfer accounts & pay your dues on time.
Knowing the types of unpaid debt is good. Fixing bad credit loans is the best. Make a decision to select those you could afford. It’s time to do repayments on outstanding mortgages and loans.
Figure 2.0 below revealed how you may effectively time your repayments easily:
Figure 2.0 Figuring out what needs to be paid first
|1. List out verified information||Creditors often wanted their money back, list out the different types of credit to be repaid.|
|2. Set up balance transfer accs||Create a balance transfer account, get your debts consolidated into an account. A credit card consolidation loan is preferred for cc bills.|
|3. Apply debt-snowball method||Service off mortgage last. Start from personal loans or credit cards.|
Lenders do provide grace period for repayment. If not, it’s a way to test you on your financial credibility. One missed payment results to bad impressions. Never miss a payment as reputation cannot be recovered easily.
Note: Debt collections companies might be called in to retrieve bad debts, fearful anot?
Is it prudent to engage the best credit repair companies?
Lack the expertise, no problem, credit repair services can help you on your credit reports. It’s important to share your sorrows to a private consultant, case advisor or paralegal. If not, any secrets kept cannot be held responsible during Court sessions.
Figure 3.0 below brings some light to what exactly goes into your credit score:
Figure 3.0 Educational resources on credit repair laws
|Chapter 7 Bankruptcies law||Self-declared & Judgments|
|Chapter 11 & 12 Bankruptcies law||Liens & Judgments|
|Chapter 13 Bankruptcies law||Court-approved Judgments|
A credit repair review is required only if you’re considering to outsource your bad credit to professionals. For those who decided to go for a quick credit fix, it’s best to do it yourself. There is nothing wrong in hiring someone else or to repair credit yourself.
Note: Some credit repair companies offer higher tiers of service for a complete fix.
How can I “fix” credit on my own?
Consumers often don’t have the knowledge of self-fixes. If not, you can actually fix your credit report on your own. Yes, it’s not mandatory to invest some money on credit repair services when you can improve your credit score manually.
Figure 4.0 below shows you on various ways to refute creditor’s claims on your reports:
Figure 4.0 Learn the Art of fixing bad credit
|Duplicate or re-entries||Call up credit bureaus and original creditors to remove info.|
|Miscellaneous items||Seek explanations on hard credit inquiries.|
|7 years up to 10 years||File for disputes or attorneys for litigation lawsuits.|
Once you get the hang of credit fixes, nothing is too difficult. Firstly, request for a free credit report and make sure you get all 3 credit reports. Without the help of credit report, it’s not easy to identify the problems hence making repairs challenging in a short period of time.
Note: You’re eligible for an annual credit report for free, thrice a year.
Why is it important to remove unused credit?
The question lies on the number of negative disputes in your credit report. A huge number of credit cards is not advisable. It’s a hassle for the cardholder to carry tens (if not 30s) of cards around. Such hassle led to difficulties in undergoing real-time credit repair.
Termination of credit accounts is not prudent. Some experts argued that cancellation of unused lines is not a good short-term strategy. However, it’s fair enough to justify on long-term financial planning while rebuilding your credit history the right way.
Note: Do not be financially distressed over the cards, focus on repairing bad credit.
Good to know about optimization: highly effective credit repair techniques.
No one is responsible for your current financial problems. Always remember to perform a regular screening on your credit report. If not, your credit score might take a hit. What’s worst is on court-approved judgments. You cannot revoke these judgments albeit negotiating for debt settlements. In the end, bankruptcies filing is possible after Chapter 7, 11, 12 or 13 is approved. Optimize your credit repair using proven techniques today!
Quote of the Day: “Optimize spending habits first – KIG Hall [2013-2018]”
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This article was originally published on February 22, 2014. It has since been updated.