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Personal Credit Repair

Page Law PLLC Oakland County Royal Oak, MI


CREDIT REPAIR

WHAT AFFECTS MY CREDIT SCORE?

Payment history- The most important factor to a potential lender is whether or not you will pay your bills in full and on time. The more recent your good (or bad) payment history, the more important it will be for your credit score.
Outstanding debt- The more credit cards you have that are maxed out, the lower your score will be. As mentioned above, try to keep your credit card balances at 25 percent or less of your limits.
Length of time you’ve been building credit- The longer your credit history, the higher your credit rating.
Number of inquiries on your credit report- The more times you’ve applied for credit cards or loans, the more credit inquiries will show up on your credit report. A higher number of credit report inquiries may indicate that you’re struggling financially or may have a lot of debt (even if you never used the cards or gotten the loans).

Top 5 Tips to Rebuild Your Credit

1. Do not play the balance transfer game. Transferring credit card balances to avoid making a payment is only postponing the inevitable. This tactic will only take you so far. Considering the balance transfer fees that are added to your balance each time you transfer it, the amount you owe continues to grow rather than shrink.

2. Do spread your disputes over a period of time. If you’re disputing several items on your credit report, only put one dispute in each letter and space out your disputes. The credit could become suspicious of too many disputes and consider them frivolous.

3. Do be cautious closing credit cards. Rarely does closing a credit card help your credit score. In fact, closing a credit card is more likely to hurt your credit score, especially when the account has a balance. A lot of people don’t realize that closing a credit card can be bad for your credit score, especially if it’s a credit card with a balance or one of your older credit cards. You’ll never improve your credit score by closing a credit card, so think twice about canceling one. Do not cut up your credit cards- a lot of people who go through a period of bad credit swear off credit cards. But, without them you could have difficulty getting new loans or other types of credit. Not only that, using a credit card the right way will help rebuild your credit as you go through the repair process.

4. Learn what things hurt your credit score. Learn what things have a negative effect on your credit score so you can avoid making these mistakes. See list below.

5. Be cautious of hiring a credit repair company. Credit repair companies don’t have a reputation for good results and often do not have your best interest as their goals. Credit repair companies often make lofty promises that they can’t legally fulfill.

6. If bankruptcy is inevitable, file sooner rather than later. If filing bankruptcy is the only way you can get back on track, don’t waste time on strategies that won’t work. Evaluate whether you should file bankruptcy early so you can start the process and begin to rebuild your life.

HOW DO I OBTAIN MY CREDIT REPORT?
You can receive a free credit report from each reporting company once every 12 months.

To get the free credit report from each of the nationwide credit reporting bureaus authorized by law visit www.AnnualCreditReport.com or

You can also order your free credit report:
• By phone: Call (877) 322-8228
• By mail: Download and complete the Annual Credit Report Request Form and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

TIP: Should you order all three reports now or spread them out over time?

The answer depends on you.
– If you are thinking about buying something big soon – a new car or even a home – you may want to get all of your credit reports now. That way you can correct any mistakes on all of them right away.
– If you are not planning a big purchase, requesting them over time might be a better choice. When you spread them out, watch for expected changes or suspicious activity throughout the year.
Whichever strategy you choose, mark your calendar so you know when you can request your next free credit report.

IMPORTANT: Your free credit report does not include a credit score. You can purchase a score directly from the credit reporting bureaus. However, it’s important to check your credit report to make sure the information is accurate because your credit score is based on the information in your credit report. It’s also important to note that the score you purchase may not be the same as the one lenders use to decide whether to give credit.

 Tip: Be cautious of websites that claim to offer free credit reports. A number of these sites will only give you a free report if you buy other products or services. Some sites will give you a free report and then bill you for services you have to cancel. BY NO MEANS GIVE ANYONE YOUR CREDIT CARD TO OBTAIN YOUR CREDIT REPORT- it is FREE!

Information on requesting your credit report was obtained from www.consumerfinance.gov

 

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