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How many times have you been scammed by
commercials and companies stating that bad
credit, no credit, bankruptcy or divorce is
okay?
The truth of the matter is that it's not
okay. Having poor credit can devastate your life
style. In today's society, your credit speaks
for you. It is how you are viewed and
judged.
Whether you are trying to buy a home,
refinance a home apply for a credit card, even a
cell phone, it will be necessary to have
satisfactory credit. However, there are some
legitimate companies that specialize in working
with individuals with poor credit.
The down fall to this is that you suffer from
extremely high interest rates and low lending
amounts. Most individuals with poor credit opt
to take advantage of these opportunities, which
usually result in more debt and credit beyond
repair.
Managing your credit is the key to your
financial success.
There are various programs available to help
you understand, manage and repair your credit.
However, these programs come at an expense.
You may opt to pursue this goal yourself,
with out the help of a professional. This option
will save you money and help you gain ample
knowledge about your credit and how to manage
it.
In all honesty, there is nothing that a
credit repair agency can do to repair your
credit; that you can't do yourself.
Here are a few basic steps to repairing your
credit:
* 1. The first step to repairing your credit
is to order a copy of your credit report. You
can obtain a copy of your credit report, by
contacting the three major credit bureaus:
Equifax Credit Information Services, Inc
.O. Box 740241, Atlanta, GA 30374
1-800-685-1111
www.equifax.com
Experian Credit Information
P.O. Box 9532, Allen, TX 75013
1-888 397 3742
www.experian.com
TransUnion
P.O. Box 2000 , Chester, PA 19022
1-800-916-8800
www.transunion.com
* 2. The second step is to check your credit
report for inaccurate information; such as:
Collections or debts which have been paid and
never updated.
You may also check for inaccurate charge
amounts and duplicate items. These are common
mistakes made by the credit agency and or the
creditor. If you are aware of any mistakes,
dispute the information with the credit bureau
immediately. They will perform an investigation
and have the information updated.
* 3. The third step is to avoid more debt. It
is important not to over exceed your budget.
Your total debt should not over exceed 45% of
your income. This will include, current living
expenses, credit cards, car loans and personal
expenses, such as: cell phones, pagers, etc.
This list contains just a few of the many
steps you can take to repair your credit. The
wise scenario to take is to manage your credit
and not let it become damaged.
The fact is that repairing your credit will
take time and effort. However, getting back on
track will make all of your hard work and time
spent worth it.
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