So, what exactly is a credit report? In layman’s terms, it’s a printed record of all your financial transactions. It showcases items like your current amount of debt and how well you’re repaying it. It offers a record of past debts and shows if they were repaid. The report also shows all of your open accounts and notes any instances of bankruptcy, foreclosure, or judgments. And, there are three credit reporting agencies. They’re Atlanta based Equifax, Costa Mesa, California’s Experian, and Chicago’s TransUnion.
It is only after ten years pass and the Primary Tradelines does not make a mention of the bankruptcy will your financial life come back to normal. 10 years-a very long time. A 35-year old middle aged man will be an old man entering the last stage of his or her life. Do you want to waste 10-years of your life just because you felt there was no other alternative?
Discover the in and outs of how money matches your needs, so that you can be superior ready to repay what you owe. It’s also wise to read books on money, budgets, and attend seminars. As a result, you won’t ever miss a payment, therefore upping your credit rating.
Did you know that an estimated 87% of all credit files have errors? These errors are dragging down people’s credit scores and costing them money. Surprisingly, the credit bureaus are not required to verify any information that it in your credit file. Unless you take an active part in your credit, these mistakes will never be removed. You want to write a letter to the credit bureaus to dispute any mistakes you find in your primary backdated primary tradelines. Also take a look at any derogatory credit that you find questionable.
Your bad credit may have be the result of any number of situations. Sometimes its due to poor budgeting habits, while sometimes it may be due to problems outside your control, such as a medical emergency. In either case, lenders only care about your score and rarely want to know the story behind it. Don’t leave your financial future in the hands of some bankers. Follow these steps if you want to learn how to rebuild credit quickly.
Take note that there are other factors being considered by credit card companies and agencies. The balance on your last statement is just one of them. So keep in mind that when you incurred a high balance even just one time, it can have a negative impact on your score.
The best thing you can do to improve your credit score is to pay your bills on time. By doing this, you will make a positive credit report and will therefore result in higher scores for credit. Remember that it is you who will determine if you have good credit or not. By paying your obligations on time, you will be able to improve your credit score.