• 5 Easy Steps To Credit Repair

    May 9, 2016 | blog
  • Due to unforeseen strokes of bad luck, you may find yourself neck-deep in bad credit. Credit repair is a major need for over 40 million Americans. You need to set yourself free from the shackles of debt and high interest rates. You are bombarded with credit notices and warnings. How do you handle the stress of bad credit? You are just a layman and repairing your credit seems like an arduous task. Well, we at Samaritan Credit understand your pain. We want to give you a few handy tips, that may raise your eyebrows and get you exercising the jaw. These can give you a reason to smile and can set you back on your road to good credit. But self-help may not be the best help. But there's no need to be depressed. If you find that you lack the time or the patience to tackle your credit problems, then drop us a line, and we'll help with your fight. we have the tools for the self-helpers as well as the consumers who rely on our professional credit counselors to tackle the most challenging credit files. Bad credit can be repaired through a few systematic steps and make you credit- worthy in some time. Here are the five steps you can take yourself, to heal your credit.

    5 step guide to credit repair

    1 . Get your credit reports
    There are three major credit bureaus that regulate these credit functions. TransUnion, Experian and Equifax. You need to get a report from each one of them. You can get reports from all three for free because you are entitled to a free annual credit report from each bureau. You can also obtain a free copy anytime you've denied credit, insurance, or employment due to spotty credit. You can obtain them in 60 days after your rejection.

    2 . Examine the reports

    Once you obtain the reports check them thoroughly for any kind of mistakes. The reports may be erroneous as these bureaus do not cross check the information provided by the credit rating companies to them. Be sure to look for any obsolete information and erroneous account records. Be painstaking enough while organizing and preparing points of dispute. If there are any kind of false points there you can look to rectify them through your good habits and timely billings and fight bankruptcy.

    3. Negotiate account payoffs
     
    Call your creditors and see if they are willing to settle with you. Negotiate for what you can afford to pay. If the creditor agrees, you have just saved some money, and now have a zero balance on that account.
     
    4. Raise your credit limits
     
    30 percent of your credit score is directly impacted by the balance on your account compared to the limit on that account. There's really only two ways to change this aspect of your credit score. Either you pay down the balance or you raise the credit limit. Either approach will give you an equal result when doing credit repair yourself.
     
    5. Continue monitoring your credit score
     
    Follow up to be certain that the actions you've taken have helped improve your credit scores. Following through until you get the results you are looking for is one of the best tool to use when fixing your credit, yourself.

    Bonus Tip

    You can approach alternate sources of credit, i.e.;
     
    Rental History – Canceled checks and letter from your landlord or property management company
    Medical Bills – 12 months of statements from medical provider showing paid as agreed Utilities – power, gas, water, cable, cell phone companies
    Auto Insurance – Auto insurance company
    Health / Life Insurance – as long as it’s not auto-deducted from your pay check Companies, shops, etc. that have your previous proofs of purchase and liquidity. You can forward these to the bureaus, and have them added to your file and tabulated toward your overall score.