Fixing Your Credit
Having good credit is more critical in today’s world than it has been in quite a while — whether you are planning on getting a mortgage loan, you need to have good credit.
Three years ago, it really didn’t matter what your credit score was – you could find someone to loan you money regardless of what your credit score was. But times have changed and banks have gotten tougher when it comes to credit scores.
Which is why many society are being referred to a “credit repair company” whether they apply for a loan and have awful credit. whether you have poor credit and can’t qualify for a mortgage, what is credit repair anyway?
Credit repair is nothing more than the process of questioning the data found on your credit report with the intention of finding and correcting any mistakes or inaccurate info that you find. As a aftereffect of correcting these mistakes that you uncover, your credit score will increase.
The process of questioning items found on your credit report means that you will need to write letters to the credit bureaus about specific items found on your report. The process of writing these letters can typically take within 3-9 months depending on how many items that you are questioning and asking to be removed.
One of the more common questions about credit repair is “is it legal” and the reply is yes – it is completely legal as
A few of the key things to fix when fixing your credit report:
- Any accounts that have been “charged off”
- Any late payments
- Any collection accounts
- Any other negative items that are not accurate
- Any credit limits that are not correct
- Any accounts that are listed as “paid charged off” whether you paid on day and in full
- Any accounts that are listed as “paid derogatory” whether you paid on day and in full
- Any accounts that are listed as “paid as agreed” whether you paid on date and in full
- Any accounts that were a part of a bankruptcy and were discharged as part of the bankruptcy process. Any accounts that were discharged in bankruptcy should be listed as “discharged in bankruptcy”
If you are like most humans, you will find that the actual process of “fixing your credit” will not bring you “perfect” credit, but you might be surprised to find how many folks raise their score just by cleaning up the derogatory knowledge that is on their report.
And in today’s mortgage lending world, even a bump of just a few points may mean the difference within qualifying for a mortgage and not qualifying for a mortgage – or in other words – it can manufacture all the difference in the world.
Orginal post by Justin McHood
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