A good credit rating isn’t easy to come by. Financial burdens like divorce and paying for children’s post secondary education may have lowered your once flawless credit score. With the current economic state, it’s easy to fall behind and lose sight of your credit rating. When you find that you’ve let things slide, just relax, a little time and effort can provide you with free credit repair.
Commercial lenders have pulled back the reins on lending; making it increasingly difficult to get the money you need for a new car or home. A credit score that may have been high enough to qualify a year ago may be lacking now. You can fix your credit score, for free with a little elbow grease. Don’t think it’s impossible; be diligent and make it happen!
Major credit reporting agencies like Experian and Equifax can point you in the right direction to repair your credit. By law, these and other agencies must provide each person with a free, annual credit report. Your credit report is like a report card on your credit progress. The information found on this report is invaluable and should be reviewed carefully. The slightest inconsistency can ruin your credit history, so verify all information contained in the report. Pay special attention to dates and payment amounts.
Taking a look at your credit report will help in knowing what avenues you need to take to get your score back to where it should be. Examine your credit report for accuracy. Check dates as well as loan or payment amounts carefully. Many companies sell credit accounts to secondary lenders and the information in your report may not reflect the true picture of your credit health.
If and when you find flaws in your credit report, act promptly. You will need to file a dispute with the credit reporting agency that you received your credit report from as well as the creditor. You can get further instruction from the reporting agency. Make sure you keep track of the paperwork you send and make copies for yourself in case you lose originals. Delays can be caused by incorrect documentation, so you need to have proof of the error being reported.
A dispute can be filed with both the creditor and the agency supply the information. If someone needs help finding the source of the outstanding balance, they are known to help track them down. Keeping all documents about someone’s credit is always a good idea in case there’s a dispute.
Often times, divorced couples try to place the financial burden on the separated spouse without their knowledge so it’s good to know where you stand at all times. If you and your former spouse cannot agree on terms of repayment of debt, ask for mediation. Hold on to divorce proceedings and decrees, they may save you from errors later by proving that YOU were not the one who owed on an account.
There are a lot of ways that someone’s credit can be damaged. The most common way is during a divorce when property and debt try to be divided. Many times one party will try to force the other to pay, and if they don’t, it damages both parties credit rating. To try to eliminate this problem, it’s recommended that one have the agreement drawn up in detail by the lawyer. Many times that doesn’t even work. Besides, one may not even know if the other party is paying as directed.