The Best Way to Repair Your Credit Quickly

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The Best Way to Repair Your Credit Quickly

There are THREE WAYS to improve your credit quickly, identity theft, and consumer information:

  1. DO IT YOURSELF 

  2. HIRE A REGULAR NON-LAW FIRM Credit Repair Company

  3. HIRE AN ATTORNEY

Make an Immediate Impact: Do it Yourself

Always review your credit reports for accuracy.

Your report may contain inaccurate information or missing important credit information. Contact the credit reporting agency to fix any errors. Be sure to provide the complete and necessary information, so that the agency can complete an investigation and repair any inaccuracies.[1]

TIP: The credit reporting agency are required to investigate and respond to the dispute. It’s usually within a 30-day period according to the amount of your business line of credit needed. If a correction is made, then the creditor must notify all three credit reporting agencies so their files can be changed.

To get started, you can get a copy of your credit reports from the Annual Credit Report.

Always Set up automatic payment reminders.

Paying your bills on time is the most important factor in figuring up your credit score. This is another great way to repair your credit quickly. Setting automatic deductions from your banking account for house and automobile payments, utilities, and credit cards will help you make timely payments. If auto payments aren’t possible, set payment reminders on your calendar or budgeting software.[2]

TIP: Make sure to coordinate your future income deposit dates with your automatic withdraws before you set up auto payments.

Stop using credit cards!

This is usually the most expensive of debt types and the source of aggressive collection efforts. Keeping zero or low balances on your credit cards will save money and increase your peace of mind. Use cash or your checking account debit card for irregular purchases.

TIP: Don’t cancel your credit cards. The debts are not canceled, and then the credit report will suffer. If you decide that some credit cards must be canceled, choose the ones with the shortest history.

Changing Your Money Habits

Always Commit to improving your credit score.

Fixing your poor credit is tough work that will require commitment. Distinguish between “wants” and “needs.” Ask yourself what you truly can and can’t live without. Learn to wait on purchasing wants until you have extra cash.

TIP: If you have a partner or family, be sure to involve them in the process of fixing your credit.

Set a budget and stick to it.

A budget is simply a plan to direct parts of your income to specific expenses. Above all, Budgets can be simple or detailed. It determines how much you can comfortably set aside for savings and how much you can reasonably afford to pay off your debts.

TIP: Try to lower your fixed expenses as much as possible. So you can put more money towards fixing your credit. For example, a reasonable budget might break down like this: 50% towards fixed costs (like housing, utilities, car payments, etc.), 20% towards financial goals (savings, pay down debt, retirement fund), and 30% towards flexible spending (groceries, gas, shopping, entertainment).

Consolidate your high-expense debts.

Credit cards and short-term debt can be very expensive. If your problems come from credit card or trade debt and you have a home or a whole life insurance policy, you might consider borrowing money on the policy or a second mortgage on your home.

The risk in debt consolidation strategies is due to old habits and you building new credit balances, for instance multiplying overall debt.

TIP: If you consolidate your debts, then you must change your old habits in order to avoid repetition of your recent situation.

If the DIY tips don’t work and you’re still battling because of bad credit reports, then it’s possible that you may have something negative or incorrect on your personal credit report.

Late payments, loan defaults, medical bills, high credit card balances, and court judgments may have damaged your credit over time. Make sure to repair the credit and put correct information in the credit report.

Any inaccuracies in your report will reflect badly upon you. In other words, it’s possible to repair your credit history on your own. But, sometimes be easier to work with a credit repair service.

At BitX Funding, we have strategic partnerships that can clean up inaccuracies in your personal credit report.

By fixing these inaccuracies BitX Funding can provide higher loan approvals, lower interest rates, and better terms.

Do You Need Help to Repair Your Credit Quickly?

For more information on working capital loans, contact BitX Funding by phone, email or by filling out the form below.

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Republished by the Labate.io in Westport, CT

 

 


 

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