When people begin taking their financial health seriously, it may be after negative things have been reported to the credit bureaus. There are some people that have only a few things that have been reported and others have such poor credit scores and reports, they don’t know how to begin fixing it. Instead of giving up, repairs can be made to a person’s credit score and credit report.
The importance of a credit score and credit report in today’s society is larger than most people realize. Many companies consider an applicant’s credit score and history before extending an employment offer. Being able to purchase large ticket items with a great interest rate can be hindered by a poor credit score. While it seems like a small part of who a person is, a poor credit score and negative report has a large part of a person’s financial life.
Those that have bad credit and negative things placed on their credit report don’t always know what they can do to remove those things from their history. They don’t realize they are able to dispute some of those things and improve their credit. Although improving a credit score can be time consuming and tedious, it is worth the effort. The better a person’s credit score and credit report, the better their financial heath is.
When it comes to improving a bad credit score or negative credit report, there are simple things that can be done. Many times, it will take a lot of patience to do these things but they are worth doing. Sometimes it doesn’t take a person filing for bankruptcy or hiring a firm to do the work. Most people can do these things for themselves over the course of several months.
Get Annual Credit Reports: Every year, the credit bureaus offer a free copy of credit reports to those that request them. This is something that is very important. As soon as people begin monitoring their credit reports, they will be able to see if they are the victim of identity theft.
Disputes: When something is on a credit report that isn’t accurate, it’s important to dispute it. This is something that most people don’t do because they don’t look at their credit report and when they do, they don’t know what to do. Disputes are easy to do with these agencies and they are encouraged.
When a person sees something inaccurate on their credit, a dispute starts when the credit agencies are contacted. A reason has to be given for the dispute over the item. Once the credit agencies have received that dispute, they contact the other party and if there is no response, the disputed item will be removed from the credit report. If something has been paid off and is still showing delinquent, it is easy to dispute that as well.
Settlements: When there is a debt on a credit report, there are two things that can remove it. People can dispute the debt or pay it if it belongs to them. While it’s true that things are removed after a specific amount of time, those that are trying to improve their credit don’t want to wait that long. Those that choose to deal with those items will find that settlement offers are easy to make and attain.
When a creditor has been trying to collect their money with no results, they are willing to listen to an offer of settlement. Use the information on the credit reports to contact that creditor. Once they are on the phone, make an offer to pay a lesser amount than owed to settle the account. This is a wonderful way to resolve issues with creditors. Once the debt has been paid, ask them to report the closing of the account to the credit agencies and send written verification of the account being paid in full so that a follow up can be done with the credit agencies.
There are hundreds of things that can be done to improve a negative credit score and low credit score. Taking the time to do the work will show results that most didn’t think they would be able to do. Those that choose to wait it out won’t have a lot of time to enjoy the benefits of being financially healthy. A person’s credit score and report are important and time should be taken to repair any damage done by financial irresponsibility.