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Here's what you need to know.
As an umbrella term, credit repair is any steps you take specifically to improve a bad credit score.
Generally, credit repair falls into two areas:
– Fixing incorrect information in your credit report.
– Changing your spending and borrowing habits so that your credit improves over time.
There is no quick solution to the latter. The former is often an easy fix, but can become complicated if you have become a victim of identity theft (this is one time when it might be a good idea to hire a professional). Legitimate negative information stays on your credit report for seven to ten years, but that doesn’t mean that changing your credit habits now won’t benefit you even in the fairly short term.
Here's what you need to know.
As an umbrella term, credit repair is any steps you take specifically to improve a bad credit score.
Generally, credit repair falls into two areas:
– Fixing incorrect information in your credit report.
– Changing your spending and borrowing habits so that your credit improves over time.
There is no quick solution to the latter. The former is often an easy fix, but can become complicated if you have become a victim of identity theft (this is one time when it might be a good idea to hire a professional). Legitimate negative information stays on your credit report for seven to ten years, but that doesn’t mean that changing your credit habits now won’t benefit you even in the fairly short term.
When you set out to repair your credit, there are a number of steps you can and should take. Some of these are quick and simple, others are going to take quite a bit of time.
The first step is to get copies of your credit report from all three major credit reporting companies (Experian, Equifax, and TransUnion). You need to read these reports very carefully. Reports from these companies are free (once a year), and requesting your credit report does not affect your score. This myth comes from the fact that certain checks on your credit by third parties can. Some people like to use a service that pulls all three of their credit reports into one place. This can make them easier to compare.
One thing to pay attention to is which accounts appear on your report. If you are paying bills to a utility, for example, and that account does not appear on your report, then that’s worth remembering when you have too much month for your money and have to pay something late.
You are looking for a score of between 700 and 740. Higher than that is rare, and lower than 700 is when you start getting dinged with higher interest rates.
Dispute anything that doesn’t belong. Look for these common errors on your report.
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• I give my written consent for We Solve Debt and its partners to obtain my credit report to provide debt relief options, without affecting my credit score. Checking my rate won't impact my credit score.
We cannot guarantee that your enrolled accounts will be resolved for a specific amount or percentage or within a specific timeframe. Not all Clients complete the program. The program is not available in all states; fees may vary by state. The use of debt consolidation services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding obligations may increase from the accrual of fees and interest. Certain creditors and types of debts are not eligible for enrollment. C.P.D. Reg. No. – 21-04861.