In a perfect world, mistakes and inaccurate information would not affect your credit report. But in reality, it does. Inaccurate and negative information on your credit report can hold you back from a job, getting an affordable deal on your mortgage and even cause you inconvenience while financing your future payments with a favorable plan.
If you’re wondering what credit repair entails, here are a few things you need to know about navigating your financial health when it comes to credit repair.
Knowing these essentials of credit repair can help you evaluate the best options and gain an in-depth understanding of how to improve your credit reports.
Credit Repair And Credit Reports Are Team Players
When you’re working toward repairing credit, what you’re essentially working on is improving the information that is present on your credit report.
As a result, your credit score will also change as the information on your credit report dictates whether you have good credit or not. The first thing to start off this process is to check your credit report. You can obtain a free copy of your credit report once in 12 months from mainstream credit bureaus here.
Credit Scores Determine Where Your Credit Stands
Watching out for your credit score is useful in determining whether your credit is good or bad. It’s difficult to assess simply by reviewing your credit report. The credit score can help you determine that more efficiently. As your credit score improves, it simultaneously indicates that your credit history is improving as well.
Removing Inaccurate Negative Information Is Easy, Removing Accurate Negative Information Is Not
Under the FCRA, credit repair companies and credit bureaus are only obligated to help you remove false or inaccurate negative information on your credit report.
Whether the inaccurate information reflects positively or negatively on your credit report is of little consequence. What allows you to remove the information on your credit report is solely the fact that it is inaccurate.
No Course Of Action May Be The Best Course Of Action
Negative information doesn’t stay on your credit reports forever and they most definitely don’t reflect badly on your credit history throughout your life. Most negative information drops off your credit reports after 7 years. There are, however, a few exceptions, such as unpaid taxes which can stay on your report for up to 10 years. But the general rule of thumb is that if an account is nearing its time limit, it’s less of a hassle to wait for it to fall off rather than use strategies like dispute letters.
Don’t Expect Overnight Results
Rebuilding a bad credit history takes time. This is why it’s important to give the process its due time and to be patient with the process. During the process of credit repair, making a few payments on-time is a step in the right direction but that alone will not guarantee a good credit score immediately.
Moreover, your credit score can even drop during credit repair but the key is to focus on maintaining a trend over a period of time rather than fret about fluctuations that may happen during the process.
Find The Right Credit Repair Company for Help
Credit repair and credit building services can help you come a long way when it comes to improving your credit scores. Hire an experienced credit repair company, like KeyPoint to help you get your financial health back on track.
With its services having been operational since 2010and based in Fremont, KeyPoint serves their clients with a team of financial gurus and legal experts to help them legally improve their credit scores.
To learn more about their services, visit their website or get in touch with them at 1-800-745-7400.