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Some Steps Towards Credit Repair
By Tuscan Brittney
Some Steps Towards Credit Repair
Credit is an
important tool to most people's lives. A good credit rating allows for numerous
things that we take for granted: having a credit card, being able to lease
property, qualifying for in-store financing etc. . . If you fail to make
payments towards a creditor this will influence your credit report collected by
your credit bureau, and will make doing the above things tough if not
impossible. When your credit rating becomes poor, you must take steps as quickly
as possible to repair it. Credit repair can be a sluggish process, and requires
that you build a better credit rating over time. Here are some measures you
should take:
1) Add accounts to your credit report. If you are denied for
credit, you should right away procure your credit report from the credit bureau
in question. Once you have the report you should scrutinize it closely for
errors. In the occurrence that there are no errors, you may find that your
credit rating is "poor" not because of outstanding debts, but because you don't
have enough of a credit history to amount to a good rating.
Many types of
credit from smaller organizations are not tracked by credit bureaus. Things like
gas-cards or department store cards are not as a rule on your credit report. As
long as the account is verifiable, most credit bureaus will add it to your file.
They are not obligated to do so, and thus usually charge a fee for this service.
By adding these accounts to your credit report you will establish a better
credit rating.
2) Credit Counseling. Once you become mired in debt, the
process can feed on itself, and it can be tough to get out of it. If you find
yourself having constant problems with your credit repair, you should consider
credit counseling. It's critical to notice the difference between a credit
counselor and a credit repair company. The former is usually a non-profit
service that offers advice and direction on credit repair, while the latter are
for-profit companies of questionable ethics that typically charge fees for steps
that you can comfortably take care of yourself. A good credit counselor will
help you make a sensible budget and stick to it, and help you make realistic
decisions with regards to your outstanding debts.
By adding whatever
accounts you have in good standing to your credit report, and pursuing credit
counseling if required, you will make headway into your ultimate goal of credit
repair. The tough thing about credit is that it takes a long time to build a
satisfactory credit rating, and a very short time to demolish it. When your
credit rating has been damaged you have to comprehend that there is no quick
solution: you will have to build your credit rating again - essentially from
scratch. If you refrain from the temptations of credit repair companies that
pledge a quick and easy credit repair for a fee, and think instead of long term
changes to your budgeting and spending habits, you will - over time - be
successful in credit repair.
About the Author
Tuscan Brittney is a freelance writer with an intrest in credit repair. Check out her comprehensive resource site at http://www.musthavestuff.ws/creditrepair
Article Source: http://www.simplysearch4it.com/article/24006.html
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