Repairing your Credit Score

For the record, I do not endorse free credit report.com, probably because it actually is not free. That is all.

Every time I turn on the television, it seems that I’m watching another add from Freecreditreport.com. Their catchy jingle and the upbeat tempo make you really want to go to their website. Buy why are credit reports so important? Why would you want to enroll in Credit Advantage in order to keep an eye on your credit score? Because it can ruin your life.

How to get a Bad Credit Score:

Someone can get a bad credit score in one of several ways. Sometimes, when you’re going through the pitfalls of a divorce, or you break up with a significant other, that other had their name on your checking account, so they will take all the money out. Perhaps you took on a loan for your daughter’s brand new Audi, the really fancy one with all the bells and whistles, and even though she promised to pay the loan, she didn’t. Even when you co-sign a lease because your brother had this great idea for a business, that pretty much fell by the wayside, and you were stuck picking up a tab that you simply couldn’t afford. It could even be as simple as a typographical error, incorrect paperwork, or someone at the credit bureau mishandled your paperwork.

The Reasons Why You Want to Fix the Problem:

Accidents happen, such as flooding, electrical, and heaven forbid someone gets hurt enough to endure a hospital stay, and you have to take out a loan to fix that problem. If you have an outstanding debt on your credit score, nobody will want to give you the money you need. Or, if they do give you a loan, they will charge you higher interest rates, and should you miss one payment, you will be hearing from their collections department. Once you fix your problem, however, you will have a fresh clean start with lower interest rates, and no debt collectors banging at the door.

Conditions

It must be noted that in most states you cannot actually remove the credit problem all together. However, if you pay off the debt, then the record will show that you did indeed finally pay off the debt, and that a new credit may be given to you.

How To Fix Your Credit Score

First, you will want to find out what is wrong with your credit score. You will want to request a copy of your credit score which is obtainable for free for all three credit bureaus for free, once a year.  You can also order the copies from a qualified vendor such as Creditscore.com or Annualcreditreport.com. Once you know the problem, you will be able to fix it. Sometimes, if you feel that the debt is too much for you to handle, you may wish to consider help from a professional debt counseling and settlement service. Firms like these will help you set up a payment plan, keep track of your spending, and will help you pay off the debt in one to five years.