When it comes to balancing your credit report, each mistake can seem like a minor blow to your score. But when the mistakes begin to pile up, payments are missed and debt grows out of hand, what do you do in the aftermath? In todays blog, we will go over 4 steps you can take to start rebuilding your credit.
If I were to ask you “what is your credit score?” would you be able to give me an exact number? What if I asked you how much debt was left on your accounts, or how many late payments are listed on the report? The first and most inportant step when you are trying to empower and rebuild your credit is to become well acquainted with your credit score and each item that is listed on your report. When it comes to finding a copy of all three bureau reports, Credit Armor is here to help! With the ability to pull all three bureau reports once a month, you can watch your credit update in real time and track each item individually.
On top of Credit Armor, the FCRA allows everyone one free credit pull from all three bureaus annually. To get your free reports, visit AnnualCreditReport.com!
After you have a copy of all three bureau reports, the next step is to start correcting your errors! The sad truth is that over 70% of Americans have a reporting error on their credit report? These errors can range from an incorrect addresses to manner of payment issues. Any incorrect or false information could be costing you points and financing opportunities. With Credit Armors new program Dispute Armor anyone can dispute errors in their credit report with just a click of a button!
Open trade lines, credit mix and the amount of debt on your report are just some of the factors that help make up your credit score and each plays an impotant part when making up your report. The most important information that canb help or hinder your credit score is your payment history . Payment history affects over one-third of your FICO Score—35%, in total!
Making payments on time, even if they are the minimum payments and tracking said payments are the best ways to quickly build your score!
The final step we need to take is to tackle your existing debts. I know this sounds easier than it actually is and most of the time it is a slow process, but living debt free is achieveable. The first step is to review your finances and see if you can allot anythung extra for a side savings account. This can be anything, $20 a month can go a long way to paying off that old phone bill or cable bill. With those saving slowly growing, the next step would be to inquire about debt negotiation and set a savings goal. Most of the time, firm that work with debt negotiation will require a percent of the debt up front to use as the negotiation funds. You can negotiate debts on your own through Credit Armor, but hiring a trusted firm save you the hassle and paperwork.
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