Credit Report Repair – What Must Be Done
It is absolutely urgent that you start repairing your credit report. Too many companies have found a way to raise there interest rates and fees that they charge you based on having bad credit. So far it is allowed. The car insurance industry has been charging higher premiums for years based on a individuals credit scores. It doesn’t matter that you may have bad credit due to a temporary situation, that alone can constitute years of higher fees. Mortgages and car loans do the most damage to your finances due to the higher loan amounts and longer terms to repay the debt.
Credit report repair starts with reviewing your credit report and credit scores. You can get a free credit report at www.annualcreditreport.com. You can get your free credit scores at www.creditkarma.com.
If your credit scores are below 740, it is a fact you are being charged higher premiums and rates. So let’s check your credit report and see why.
1. How many credit inquires are shown on your credit report. This indicates that either you or likely a company you do business with is looking at your credit. Too many of these will lower your credit scores.
2. Do you have collections or judgments showing on your credit. Often companies like medical and phone companies file collections but do not inform you that they have done so.
3. Do you have late payments? Were you aware of these? Late payments within the last 24 months have the largest impact on reducing your credit scores.
4. Does your credit report show any public records such as bankruptcy, child support, etc.
5. Are your balances too high on your credit cards?
6. Are you showing too many prior residences? Believe it or not this is a factor in determining your credit scores.
It would take too long to explain what you can and should do to deal with these issues, so we have created our FREE Credit Report Repair Guide which details in an easy understandable format on the actions you must take. Don’t wait! The cost of having bad credit is definitely going up!