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Accounting & Finance

3 Steps for Repairing Your Credit

(340 words)

If, like a lot of people, one of the things that you are searching for on the Internet today is how to repair your credit, you are going to find a lot of advice from many sources. If you want to go about repairing your credit, you are going to find that it will take some time to do it. But here are three simple tips that you can use in order to help your credit score get back to where you would like it to be.

  1. Dispute old items on your credit report – The majority of negative items are only able to be reported up to seven years. Items that are older than this length of time might not immediately disappear. You are able to use a dispute to have negative old items taken from a credit report. Don’t forget that Chapter 7 will stay on the report for 10 years and tax liens, unpaid or paid, can remain on your report for as many as 10 years in California.
  2. Regularly make your payments – At least pay the minimum on the accounts even if they’re not on the report. Any balances that are past due might ruin your credit if it’s been sent to one of the collection agencies. They almost always report their accounts to the bureaus. Delinquencies are going to hurt a score even more once they get older.
  3. Don’t close your unused cards – Many people believe that closing an account will help their credit, but it will hurt it. The closed account will still be on your report and will likely affect your score.

Don’t forget that repairing your credit is going to take time. It’s not going to happen overnight. But when you take the three steps above, you’ll be getting yourself on the right road to credit repair. Just take the time to do it right and pay your bills. You will find that your score is going up and that things aren’t as bad as they used to be.

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