Improving your credit score does not happen overnight. Many consumers believe there is a quick fix to a situation that did not happen overnight. It is estimated that 60% of all people will have a bruise or blemished credit in the next several years. The rampant foreclosure and job loss has caused a downward swirl in credit portfolios. The first step in improving your credit score is actually obtaining your credit score from all there major credit bureaus. I recommend getting your credit report from a local banker or mortgage professional so you will have the report that financial institutions use to make financing decisions.
Once the tri-merge credit report has been secured the fun part begins. Verify the account information listed, it is estimate that 79% of all reports have some type of errors. If the accounts are numerous and hard to verify consider working with reputable credit repair company to work on your behalf If the accounts are few in number work with the creditors to offer settlements on collections and charged-off accounts. But beware that paying off collection charges on judgment does not increase credit scores dramatically. In order to see a significant boost your credit score you will need several factors working together at the same time –stay tuned for next post that describes a key element in raising your credit score on your own.
Don’t let your credit score keep you in credit prison visit www.queenofmortgages.com for more information. Markita Aldridge-Woods is an expert at helping clients raise credit scores and get the chance they deserve to become homeowners.
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If you have store credit cards or other high interest credit cards that you are harassed to pay, you can transfer them all to one of these credit cards to have one payment each month. This can help improve your credit score by showing that you paid off debts and will make it easier to make payments so you will not have missed payments show on your credit report.
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