Having a bad credit score can prevent a person from accessing new credit or small loans that may help fix up his house. It’s also a bit embarrassing for some folks.
Pittsfield, MA -- (SBWIRE) -- 02/06/2013 -- The following will offer some thoughts about how to repair a credit score, including:
- Credit report perusal
- Contact a credit counseling service
- Pay bills on time
- Apply for new credit
Obtain the Credit Reports
The three major credit reporting bureaus, Experian, TransUnion, and Equifax, allow everyone one free copy of their credit reports each year. Get them and peruse them very closely. Watch for errors or fraudulent charges and if any are found, dispute them in writing. This is the most important step in how to repair credit, so make sure to do it. Often, the credit bureaus will remove up to 20% of disputed items, which immediately improves a credit score.
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Hire a Credit Counselor
If a person really wants to know how to repair his credit score, he could work with a credit counseling agency. A credit counselor can help a person consolidate his debts and can talk with his creditors on his behalf. If the counselor succeeds in lowering the interest rates on most of the debts, this can lower that individual’s monthly payments by as much as 40%. No credit counseling company works for free, though, so take the feed they charge into consideration when choosing one.
Pay Every Bill on Time
While working with the credit counselor, begin to devise ways to get new credit. Paying all of the bills in full and on time every month is a big part of how to repair credit, so take it seriously. The rent or mortgage and utility bills are usually tracked by the credit reporting bureaus at the landlord’s, lender’s and service’s requests. This makes them very helpful in starting anew.
Get Some New Credit
Once all of the debt is caught up and paid off, try to obtain new credit. Apply for a credit card. If it cannot be an unsecured one, go for a secured card. This is one for which a person puts a certain amount of money in an account, and the issuing lender gives him a line of credit equal to that amount. This is an effective tool in how to repair a poor credit score, especially when the person pays the monthly amount due (plus 10% if possible) in full and on time every month. For more information on this topic, contact a free consumer resource website such as Credit-yogi.com.
About Credit-yogi
http://Credit-yogi.com is a reputable site located in Pitts field, Massachusetts that is backed by over 264,000 lawyers and fiscal advisers who can help folks get answers to the questions they have. For a free initial consultation, dial 866-964-9644.