If you don’t know what state your credit report is in, how do you know you are going to be able to get credit, or extend your existing credit facilities, the next time you need to? The answer is: you don’t! And if you do need to increase your credit score, even if its through no fault of your own, it can take a long time (three months or more), so there is no time to lose in getting acquainted with your credit file.
It Starts with your Annual Credit Report
Each of the main credit report agencies are required by law to grant you one free annual credit report (and more under some circumstances). This means that you probably have three versions of your annual credit report, one each from Equifax, Experian and TransUnion, available to you right now.
Once you have that priceless credit report in your hand (or on your screen) it’s time to go through it to pick out any unusual looking accounts or details; this could be evidence of fraud or honest errors, neither of which will usually do your credit score any good. Shockingly, most credit reports do contain at least one error so, for this reason alone, you should be interested in having a copy.
Next, you really need to go through your report line by line to see if there’s any way your credit score could be improved. Your free report doesn’t actually include your credit score – you would have to pay for that – but it does include details of everything that affects that number, including your payment history; address and employment details; credit lines and balances and any ‘red lights’ such as bankruptcies or foreclosures.
If you’re not sure how to begin, don’t have the time to go through everything or simply prefer to relax and hand over responsibility for improving your credit score to someone else, you can enlist the help of a credit repair specialist. Speed Fund LLC have chosen Better Qualified as preferred partners in the credit repair industry as they are an established firm with a glowing reputation.
Create a Credit Goal
Whether you choose to work alone, with Better Qualified or with another trusted company you will need to create an organized plan for improving that all-important credit score. Dealing with fraud and errors is, of course, the first priority and, after that, you probably want to organize your ongoing regular payments so that they are always paid on time. After that you will need to attend to existing debts and this is where credit repair agencies come into their element. Not only can they advise you on which debts to clear first (which will depend on your circumstances), but they can also often draw on long-standing relationships with creditors to get you the most favorable repayment terms.
Whether you do opt to bring in the credit repair professionals or to bravely take on the reporting agencies yourself, the most important advice to take home from this article is that you need to know where you stand in the first place. So if you haven’t done so already get a copy of your annual credit report and check it thoroughly – your future plans might depend on it.