Credit score is a three digit number assigned to an individual by the credit bureaus. This number mostly acts as a financial report card of an individual, looking at which the lenders make their loan decisions. If you have been honest towards your debt repayments and met every term of the payment under the agreement of the loans, you are likely to have a high credit score. This means a lot to the financial world and looking at the current economic condition if you continue to hold on to your excellent credit status, you are set to save huge amount of money and will get any unsecured personal loan with ease.
However, if your credit score is bad, you really need to work hard towards repairing the same as soon as possible. Here are a series of steps which will help you do so.
Know where you are
The first step towards credit repair is to know where you stand in terms of the credit score. So all you need to start with is to get a copy of your credit report from all the three bureaus. If you are not an expert on the financial details, you should do some research over the internet to get some tutorials wherein you will get to know the method of analyzing your credit report. If you are still unable to get any idea of the same it is better to get in touch with a credit repair agency at the earliest.
Step Two – Seek and Destroy
Sometime there is a situation that credit report agencies insert wrong information by which your credit score is lowered. You need to fix that problem by consulting the credit bureaus and remove that wrong remark from your credit report. Well, this may sound a lot simpler. However, one must understand that these three credit bureaus have millions of records and when you make a complaint to them it is not just a one day affair to get the discrepancies removed from your credit score. One has to constantly work and follow up with the bureaus for the same.
Step Three – Make a List
Make a list of wrong remark or discrepancies on your credit report and then ask your credit reporting agencies to remove them from your credit report. Make sure you check all the records with all the credit bureaus and leave none. This is so because lenders and banks consult all the bureaus for your credit report before making any final decision.
Step four – write letters
You can write a letter to credit reporting agencies to fix the wrong remark on your credit report or you can go online and make a correction request on their website. Remember, you need to keep track of all the communication you make with them to prove your point.
Step Five – Find a Template
While writing a letter to the credit reporting agencies find a template and use it in your letter. It is very effective.
Step Six – Get Thorough
Will you send a letter of correction to the credit reporting agencies send them with all copied documents which work as a proof for a wrong remark which they gave to you on your credit report.
Step Seven – Keep Track
The creditor has to report to your letter in 30 days or else it will be removed automatically.
Step Eight – Be Persistent
If in any case a credit reporting agencies say no to your letter then don’t simply give up, go to the credit report agencies for your right of removing wrong remark from your credit report.
Step Nine – Stay On The Ball
If you get any mail to wait for a few days for your problem to be fixed or anything sort of this then don’t wait response for that mail right at the same moment.
Step Ten – Celebrate!
If you successfully followed every step mention up then it’s time to celebrate as your credit score will be increased by 100 points at least in the month. And later you can enjoy all the privilege of good credit score.
