Chapter 1 – Know what is
Credit Repair
Credit repair is
managing your Credit Report so that you have a good credibility when it comes
to money matters. This might sound like a simple thing but what is a Credit
Report? Well, it is a reference to how you pay back money to your lenders, like
banks and other Financial Organisations.
You need to constantly
monitor your credit reports but we all know that we are good payers, so why
monitor it?
Well, it is a good question
but what if the concerned organisation makes an erroneous report on your
payment habits and history? To err is human but the adage, ‘better to be safe
than sorry’ also makes a lot of sense! This is why you need to keep a regular
check on your Credit Report and repair any errors that may occur. Let’s take a
quick look at some Do It Yourself tips!
•
You can
request a copy of your credit rating from credit reporting firms on an annual
basis. This is good enough but if you are a perfectionist then you can also ask
for a quarterly report so that you can nip off any errors at the bud. Your
credit report is a tool that various firms use when you approach them for a
loan or any other lending activity.
•
Payments that
are missed are a huge No-No when it comes to your financial credibility. Be
regular on your repayments and also report any repayment that is not entered in
the statement.
•
If you are
planning to close out on some of the multiple accounts that you have, then it
will be wise to retain old accounts that boost your credibility.
•
Monitor your
credit by not going over the 30% benchmark of your credit limit.
•
If you find
any erroneous statement in your Credit Report, you need to report it at once;
this is a free of charge service and one that you need to use.
•
It is also a
good idea to own multiple accounts and link them to your credits. A loan
repayment linked to a regular account that takes care of the EMI sends out a
report that is good enough to know how to manage your money.
•
Check your
Credit Report and make sure that if there is any new credit it is availed of
your credit card. This may increase your credit risk at first (the lower the
credit the safer you are) but in the long run, provided you make regular
repayments, it will show how dependable you are on making repayments, which
gives you a good rating.
WANT TO PURCHASE A HOME?
BUT, YOUR CREDIT SCORE
LOW.
CALL TODAY & CHANGE
YOUR LIFE.
CREDIT REPAIR AID
CONSULTATION!!!!
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