How can I fix my own credit report?
If negative information on your credit report is dragging down your scores, you’re likely looking forward to the day it goes away.
Unfortunately, there is no one answer to when that day will come. In fact, how long something will remain on your credit reports depends on what it is unless you employ the help of a credit repair expert such as ‘We Fix Credit’.
So long as there is no adverse information that needs correcting by an expert, there are things that can organically assist your score and things that you can do to boost your score on your own. There are credit fix solutions that you can use to fix your credit score gradually.
Your credit report is made up of information that can generally be classified into two categories: positive and negative. Positive information includes properly managed loans, on-time credit card payments and, in certain cases, utility or rent payments. Negative information includes public records such as bankruptcy, third-party collection accounts and other evidence of financial mismanagement, including late payments and defaults. For example, late payments are allowed to remain on a credit report for as long as seven years from the date of their occurrence. This includes any notation that one or more of your accounts was 30, 60, 90, 120, 150 or 180-plus days past due. These are the only late payments that can appear on your credit reports as ‘Repayment History Indicators’ (RHI’s).
Credit repair is an option for you and It’s certainly possible to improve your credit score by a few points in a few weeks on your own also, though significant credit score improvement is generally measured in months and years unless you pay a credit repair agent to do a professional job. For most people, increasing a credit score by 100 points in a month isn’t going to happen, however, you pay your bills on time, eliminate your consumer debt, don’t run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
Steps Everyone Can Take to Help Improve Their Credit Score
- Bring any overdue due accounts up to date.
- Negotiate the debt only if it is not close to being statue barred or you may be paying for something you don’t have to.
- Reduce balances on revolving accounts.
- Apply for credit only when necessary.
- Stay away from ‘pay day lenders’ or short term unsecured personal loan applications. Too many of these can ruin your score.
So, it is possible that you can play a huge roll in fixing your credit file and score however, credit repair experts can make a significant improvement in a short amount of time. You will need to establish the importance of the timing in having this done so you can make an informed decision to wait for things to drop off your report and fix themselves or employ credit file repair expert to hasten the entire process. Either way, your credit score is something that should be nurtured and if adverse information arises you should take immediate action to begin building your credit score again. Learning to fix your own credit can take a while to master.