It’s an understood process of humans undergoing a regular screening whether or not it is a full-body health checkup or a credit checkup. A physical examination for proper credit control is inevitable. The best option to maintain your good credit score is to undergo a laser-focused credit protection planning. No other ways can be used unless the foundation of debt management is being done the right way in credit repair.
Start with a credit screening plan
“Failing to plan is planning to fail”, sounds clinched? A screen of my credit is an imperative move as many creditors and lenders are doing the same thing, over and over again. What’s the point of doing a thorough credit screening review? The objective of (existing & potential) lenders is to find a credit match between them and you. Failure to get the right fit might subject to rejected loan approvals or even dispelled out of their radars.
Start with a credit screening plan. You can design a semi-active timetable to do regular credit checkups at your convenience. Now, the convenience cannot be taken for granted but to fully render financial assistance in managing good and bad debts. Detailed reviews are to be done within a day or so, generally during month-end periods where credit card companies and banks sent monthly statements to your mailing address.
Do not neglect the importance of an in-depth credit review. Your plan should entail different categories on a daily, weekly, bi-weekly and monthly screens. It is necessary to undergo several layers of stringent debt management process before someone else comes in to seize or take control over your possessions – money, fixed & non-fixed assets, furniture or a car!
Look out for potential errors & discrepancies for credit repair.
Many people purchase a credit report. None of them performed a follow-up on the bad objects listed or don’t have a slightest clue on ways to fix a bad credit report. Some good debtors possessed a clean credit report but the problem lies on not having the right credit repair ideas in doing a remedy. Reason being, they’re too good to incur potential mistakes.
Are you one of them? If the answer is yes, then your purchase of a credit report has been wasted. In this topic, you’ll understand how to look out for potential errors and discrepancies in repairing my credit.
Here are some common problems being reported by local credit bureau offices:
- Uncontactable debtors – consumers conveniently forgot to update their primary residence & personal information.
- Invalid credit info – failure to report increased income earnings or change of employment subjects to disapprovals from credit bureau officers.
- Verified claims – creditor’s claims are positive yet debtors initiated credit disputes against these legitimate claims over rightful assets.
As you can see, it’s common to err due to human’s nature. Do not become like one of them just “blindly” dishing out lawyer letters and filing for disputes. Also, never missed out personal info as some lenders and credit bureau agencies do need to contact you for certain document in validating dispute claims.
Discrepancies do happen when there is a mismatch in a credit report, missing information, lack of credit info, or obsolete information listed. You don’t have to worry about such discrepancies especially for expired claims – removal of bad information. Just take note of bad objects freshly listed by your creditors.
Rank your financial problems.
Knowing that 79% of consumers debt reports are filled with errors & discrepancies is crucial in doing up a step-by-step credit repair plan. If you’ve fished out approximately 3-5 errors, it is fine. Assuming you identified more than 20 credit dispute errors, it is going to be challenging in removing bad object information within a month or two, not to mention ongoing dispute cases being filed & bankruptcies upon judgements.
Rank your financial problems. It is prudent to list out major and small reported bad credit info first. Prioritize the bigger ones due to the fact of banks disapproving your credit applications as well as lowering your credit scores. This approach works the opposite way of a “debt snowball” technique. Go ahead to find ways in eliminating bad objects such as mortgage debt repayments and auto loans.
Once the bigger problems are resolved, chances are the smaller mistakes will be cleared out in a quick manner. Never assume that any of your reported credit errors would automatically removed out of a credit report. This is because certain financial regulations restricted bad debtors from performing sophisticated credit repair mechanisms, thereby gaming the entire financial system.
Fix my credit report.
How do I fix my credit report? Most consumers have an idea on various means to remove negative information but lack a personalized credit repair focus. The point is to recall your creditor’s initiated disputes by seeking redress from a local credit bureau. An important aspect is to firstly learnt how to fix my credit report.
Since you’re dissatisfied with your existing financial conditions, take a leap of faith by learning how to communicate effectively with your lenders and credit bureaus. This calls for wisdom in receiving financial advices from experienced agencies as your credit report & credit score ultimately affects the total debt servicing ratio. A good “bargain” may reduce your bank’s interest repayments and secured a longer debt repayment period for mortgage payments.
Do not take your consumer credit report for granted! As the name implies, a personal consumer report, it is directly influencing your overall financial standing. An increase or decrease on good reported information can severely changed your rate of financing & any quality deals being offered in banking and financial products.
Hire a credit monitoring service.
Feeling displeased in monitoring your credit, why not outsource the problem to experts doing credit monitoring services? Instead of shouldering the burdens of regular credit screening operation, you may seek external (third-party) vendors to manage your debt expertise in a similar fashion. A credit monitoring service provider does help clients in maintaining data control while customers focused on rebuilding credit.
Yes, you can sign several contracts with some professional credit monitoring services. It works out perfectly fine when you receive alerts or “feeds” from the credit monitoring agents warning you on overspending or hitting the targeted credit utility ratios. This gives you an edge on not to indulge on extravagant expenses and limit your consumption behaviors.
Hire a credit monitoring service is not a one-time effort. You’ve to constantly keep in touch with an assigned manager. The personnel assume the responsibility of being your trigger point hence do not work independently and ignoring the manager’s request for any credit related information.
Good to know about review: do a regular credit screening
A regular credit checkup is as good as any body checkups. The matter of fact in creditor’s interventions proved that something is wrong in your personal finance management. It might or not be your fault in failure to observe missed payments & delinquencies but never forget about an actual debt consolidation process. Implement a strategic credit repair plan today!
Quote of the Day: “Credit checks don’t hurt, body checks do! – KIG Hall [2013-2018]”
» Full scale credit shield: Get the right guidance here!
» Start a daily plan for credit repair: Devise a plan to get out of debts!
» Hire reputable credit repair companies: How do you trust?
» What you need to know about a credit repair: Knowledge is freedom!
» Dos & don’ts of a credit repair: Dos and dons of a credit repair!
This article was originally published on March 04, 2014. It has since been updated.