Your credit rating has a huge amount of influence on your purchasing power, in other words, how easy or difficult it is for you to qualify for loans. This is especially true for higher priced items such as cars and houses simply because most of us have to borrow from the bank in order to afford such high ticket items. Therefore, if you have bad credit, then it's important to take action in order to repair your credit. This process takes time, but the rewards are well worth it. Here are a few things you can do to get started.
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Review Your Credit Report
You should get a copy of your credit report from each of the three major credit bureaus. You can do this right from your computer and get instant access to your credit report info. Once you have a copy of all three credit reports, take a look over all the accounts and make sure that the info about them is accurate. The balances may be a little off since this information is not reported to the bureaus in real-time but it should be relatively close unless you've made a recent large purchase or recently sent in a substantial payment.
You want to be sure that any accounts that are open or closed are listed accordingly on your report. Also be sure that the three bureaus have the same information. If anything is in error, you can simply write to the credit bureaus and explain what is wrong and why it should be fixed.
No More Late Payments
On-time payments are a big deal to the banks and other creditors, and for good reason. They're taking a sizeable risk loaning out money so by showing a history of timely payments, you're also showing the banks that you're less of a risk. The result is an increase in your credit score and lower rates when you go to borrow for your next big purchase.
Credit Counseling
Credit counseling is another option for fixing bad credit. Credit counseling organizations have experts trained in all aspects of the credit market and you can tap into that expertise to help you get back on track. There are also some commercial credit repair companies that provide similar services but there is a fee involved. This can be a good option as well, depending on your circumstances, but keep in mind that the monthly fee over a long period of time can really add up.
Ultimately, you're the one who is responsible for improving your credit. By taking some of the steps above, you can take charge and make sure that happens. The credit counseling agencies are a good source for support and guidance but in the end, you're the one who will reap the rewards.
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