Author Topic: Credit Problem: CLEAN UP YOUR ACT!  (Read 1899 times)

PrincessSaDagat

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Credit Problem: CLEAN UP YOUR ACT!
« on: June 21, 2007, 09:59:46 AM »
(1) Clean up your act.

The best things you can do to yourself is to pay off your accrued debts immediately.  By doing so it gives a strong message to a financial institution that you are taking care of your business, seriously. Now in months time (approx. 2 to 3 months) get your credit reports and review everything there is about your credit details history.  Make sure everything on the credit reports are current especially those recent debts you've paid off.   

Why 2 to 3 months?  Not every financial institutions send loan details to these 3 agency on a daily basis. Some do 30 or 60 days, same with these 3 credit report agency. Often agencies will update there systems every month or 3 months. In other words ... not all agencies are created equal. 

Note:  Credit report agency will never remove your bad debts information on your credit report unless
1. An error occur by your financial institution whom you have the loan with.
2. It is now 7 years old (approx.) and it will automatically remove itself from your credit history.

For U.S.A. only: List and link of credit report agency 

Equifax:       http://www.equifax.com/credit-product-list/
Experian:     http://www.experian.co.uk/
Transunion:  http://www.transunion.com/
 
You can get all three from Equifax or Transunion for $29.95, otherwise Experian cost $34.95.

Get it for FREE! Federal Trade Commissions  - Heading: How do I  order my free credit report.
Link: http://www.ftc.gov/bcp/conline/pubs/credit/freereports.shtm

(2) Start new credit history.

Start applying for small loans which allow you to make a small minimum payments on a timely manner. No excuses! PAY IT ON TIME WITH MINIMUM PAYMENT REQUIREMENTS.  By doing this you are now making a fresh start of your payments history and it allows you to establish your credit history slowly, but surely.
Notes: Guarantee your interest rate will be higher than normal ratings but this is part of the healing process.   

(3)  You're on your way ...

Continue rebuilding your good credit history soon you will back to getting loans but be careful you don't want to overload yourself once again. 

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