Why your Credit Score Matters
A bad credit score can make it hard for you to get approved for a loan, and may even require you to have a co-signer and/or a decent chunk of change to use as a down payment in order to get approved. A bad credit score can put a damper on your career, too – did you know that more and more employers are doing background checks that include a peek at a potential employee’s credit history? And planning for the future — trading in your current vehicle for a new one, buying a house, investing in the stock market — can be a little difficult to do when the current state of your credit makes things uncertain.
The first step to fixing bad credit is to grab the bull by the horns: contact the three credit reporting bureaus (Experian, Equifax, and Trans-Union) and request copies of your credit history. Then find a reputable company or even a bank to purchase your credit score from. With the bad news in hand, you can now go through the reports, line by line, and highlight any discrepancies. For instance, if you know you paid off the $400 balance on your Sears credit card, but it’s showing as being an outstanding balance (unpaid) on your credit report, then that’s something you’ll want to look into right away.
Once you’ve determined just how bad things are, you’ll need to decide if you’re going to fix your credit on your own, or if you’ll hire a third party to do the fixing for you. Credit repair companies, for example lexingtonlawreveiws.com, will take the time to go over your credit report in fine detail, and they’ll do the leg-work required to take care of discrepancies and disputes. Either way, fixing your credit will take time and dedication. If you don’t have the available time and resources to handle the fixing of your credit on your own, then the fees a credit repair firm charge will be well worth it. Plus, they’ll go over your report repeatedly with a fine-tooth comb, and may even be able to handle disputes in a more efficient and resolution-seeking manner than you could.
Keep in mind that repairing your credit and keeping it in good condition takes time and a willingness to change spending habits and improve on money management, but in the end, the pay-off — financial security — is well worth the effort.