Credit repair is the action taken to help repair credit reports either by the consumers themselves or credit repair agencies. On a most basic level, credit repair is something that can always be done, but you want to watch out for those companies that promise the moon.
Repairing your credit report and score can take time, and it can require effort and money on your end.
If accounts need to be settled, they need to be settled. If you need to pay down balances, you need to do so. Inquiries fall off after two years, and negative accounts and judgments can take 7-10 years to fall off. If there are discrepancies on your credit report, disputes can be filed, and you can actually take care of that online these days.
Let’s be clear, however, that no magic wand is going to be waved to help you repair your credit in a matter of days even in this fast paced technological world of ours.
You can certainly take legitimate steps to repair your credit though. Many people ignore their credit reports all too often until they really need to get a loan, buy a home, etc.
What you need to be doing is monitoring your credit report so that you are up to date with what’s on there and know that all the information is accurate. When investing in high end desktops sometimes financing can affect your credit which is when inquiry removal service comes in handy.
You can certainly enlist the help of a credit repair agency, but it all depends on what you want to do. The point is, too, that you always have to be realistic when it comes to working to repair your credit. Sometimes it’s as simple as knowing what is on there so that you can figure out how to settle some accounts, report some inaccuracies and dispute some discrepancies.
Looking at your actual credit report can also teach you what you need to do in general to improve your credit. Seeing those high balances on your revolving accounts and markings for late payments can prompt you to take action. Credit repair agencies also have educational tools that can help you understand more about credit repair, too.
Some people don’t realize that high balances on credit card account is one of the biggest contributors to lowering their credit scores.
Delinquent accounts of course are going to be very damaging to your credit score, as are judgments. However, let’s say that you don’t have to worry about those types of accounts. Maybe you are thinking you are doing pretty good, but you check your credit and see it’s below 700.
What is the percentage of credit you have used on your credit cards? It should be 0, as balances need to be paid monthly, but to avoid damaging your credit score, it needs to be no more than 30 percent.
How many inquiries are on your report? You also need to protect yourself against identity theft. Tackle credit repair from all angles, and you will be able to stay on top of your report and score. And remember, if you need help, you can always reach out to a reputable agency.