It is possible to repair your own credit but its much easier with NOC Credit Repair. The first thing you need to know if you want to do it on your own is what your financial situation looks like. Knowing specific details about your debts will help you come up with a plan that you can make work.
If you are struggling to make the payments on your current mortgage, consider looking into the option of loan modification. In many cases a lender may be able to lower the interest rate that you had initially agreed on. This process used to be just for homes that were in danger of foreclosure but many lenders are now extending this service to many others.
Repairing your credit score can mean getting a higher credit later. You may not think this is important until you need to finance a large purchase such as a car, and don’t have the credit to back it up. Repair your credit score so you have the wiggle room for those unexpected purchases.
All documentation that you send to reporting agencies should be sent by certified mail. Through this method you will have documentation of your sending and the agencies will be giving a return receipt of the mailing. In this way you are guaranteeing that from your end to their end, the required steps have been met.
When you decide you want to repair your credit, sending out disputes can help take false information off of your reports. If there are several items on your credit report you need to dispute, only do one at a time. Wait a little while before you send the next one. If you send too many at one time the credit bureau may become suspicious and consider your disputes frivolous.
As hard as it may be, use manners with debt collectors because having them on your side as you rebuild your credit will make a world of difference. We all know that catching flies works better with honey than vinegar and being polite or even friendly with creditors will pave the way to working with them later. Unless you are filing for bankruptcy and absolving these bills, you will need to have a good relationship with everyone involved in your finances.
An important tip to consider when working to repair your credit is to ideally keep your credit card utilization no more than 25 percent of the total credit limit. This is important because your credit card utilization is directly responsible for your credit rating. If your balance is high, aim to bring it down to no more than 70 percent.
An important tip to consider when working to repair your credit is to be sure that you familiarize yourself with your fair credit reporting act rights. This is important because you need to know your rights and the fact that you are entitled to a fair credit report. You are able to question any items that you feel are inaccurate.
If you check your credit report and see an error on it, contact the creditor immediately. They have 28 days to respond to you and correct the matter or give you a reason why they do not think that it is a mistake. It will save your credit score if you take the time to look into this carefully and fight the errors that you find.
Since passage of legislation known as the Credit Repair Organizations Act, companies must supply you with a required form known as the “Consumer Credit File Rights Under State and Federal Law,” before you are required to sign a contract to hire them to aid you in regards to repairing your credit. In addition, they must provide you with a written contract which specifies all of your obligations and rights. Make sure you read through all documents before signing a contract. A credit repair organization cannot charge you a fee until they have fulfilled all of their promised services. Also be aware that they must wait three days after you have signed a contract before they can perform any services. During this three-day waiting period, you may void the contract at any time, without payment of any fees.
It is important that everyone, regardless of whether their credit is outstanding or needs repairing, to review their credit report periodically. By doing this periodical check-up, you can make sure that the information is complete, factual, and current. It also helps you to detect, deter and defend your credit against cases of identity theft.
If you are trying to repair or improve your credit score, do not co-sign on a loan for another person unless you have the ability to pay off that loan. Statistics show that borrowers who require a co-signer default more often than they pay off their loan. If you co-sign and then can’t pay when the other signer defaults, it goes on your credit score as if you defaulted.
Now that you have looked into your financial situation and discovered what your plan will be, it is time to initiate your plan of attack. Repairing credit is not an intimidating task if you take it one step at a time and realize it will take patience and will-power.