How bad is it really? Clean up your credit problems

Clean up your credit problems

•1.      How bad is it really? Get a copy of your credit report. Go to www.annualcreditreport.comto receive one free copy from each of the three credit reporting agencies (Experian, Equifax and TransUnion).You can receive these free once every year.

      Credit Score

•                             720 or higher (max. 850) - you're in great shape.

                                      Continue doing what you're doing.

•                             620-720 - Still okay, but you won't get the best credit card or mortgage rates.

•                             Below 620 - you've got some serious blemishes on your record. 

                                      Chances are you're going to pay a lot of fees and deposits on  future purchases  like cell phones. Secured credit cards may be the only credit you're approved for.

Learn the steps to repair you credit.

•2.      Fix what you can. Check closely over your report. There can be mistakes listed or accounts you had forgotten about. About half of all credit reports contain some kind of error.

•·        Write to the credit bureau to correct a mistake. Send supporting documentation if you have it. The bureau must respond within 30 days and either verify the information or delete it from your file.

•·        Pay off old bills. Pay off any debts that are 90 days past due. Many times forgotten medical bills will be on you credit report.

•·        Get on the phone. Call the creditor directly and ask "If I pay this in full right away, will you remove this from my credit report?" Make sure you get an agreement in writing before making a payment.

•·        Update your address. If you've moved and the creditor does not have your new address to forward the bills, give them a call.

•·        Make regular payments. On-time payments budgeted into your household income will help you rebuild your credit.  

•·        Get a new line of credit. After you clean up your credit, its time to rebuild your rating. Start slow and only what you can afford.

Melissa Sall

REALTOR, RE/MAX Team Experts

Barnesville and St.Clairsville, Ohio real estate offices

Direct: 740-338-9303

Email: melissasall@remax.net

Website: sweethomeohiovalley.com

When you're ready to make a move, I'm ready to help you!