Credit Repair

The payment history of a person is vital in determining his credit score. A credit score is a reflection of payment patterns of an individual over time. Good payment history makes a positive impact on credit score, and helps in getting loans and mortgages easily by the lenders.

A proper monitoring of credit score refers to checking of credit score every time during a purchase, so as to maintain that it is accurate and avoidance of any negative impact on loan or mortgage approval. Knowledge of the payment history, debt to credit ratio helps in easily acquiring new debt.

Bad Credit Score

All the above stated factors, if not adhered to properly, can severely impact credit score, resulting in bad credit, leading to problems in availing low rate mortgages and loans from lenders and banks. A credit score can be damaged in no time, but takes time to repair or fix. So, it is always advisable to keep your credit score in good factor from the start.

Fixing or repairing credit score

If your credit score is going in the wrong direction and you have poor credit & experiencing problems to avail loans and mortgages, you can incorporate certain rules and steps in repairing and fixing your credit. Re-establishing or re-building your credit score will help you get mortgages again easily with low interest rates.

How credit score can be fixed or repaired

1. Identify the problem
The first step in finding solution to a problem is to identify the root cause. Get your credit report and comprehensively scrutinize it to find out the weak spots in your expenses and payment history. Sometimes, it is not just poor payment habit, but natural circumstances like illness, unemployment, decreased income, divorce or so which has contributed in making your credit score bad.
2. Create plan to improve credit score
The next step is to create a specific plan to pay off remaining balances and managing and budgeting financial expenses, so that you add positive points in your credit score over time.
3. Reducing balances
It is advisable to keep your credit card or line of credit card balances down to below 75% of credit limits (below 50% limit is best).
4. Removal of collections from Credit report
Pay off the collections like cable bills, phone, utility bills, and parking tickets from your credit report and ask creditors to remove the collection notions from the credit report.
5. Debt payment
Start paying your debt fast, inclusive of your balances, along with catching up your late payments.
6. Limit your credit accounts
Don’t go for new credit accounts, unless it is absolutely necessary. Alongside, it is also important to note that closing unused cards won’t either create good impact on credit score, as fewer open accounts with same owing amount is also not good.
7. Information Protection
Always ensure full safety to avoid any identity theft or fraud of your credit information.
8. Bankruptcy
If you have looked over at all your options and are unable to create a specific payment and repair plan, then bankruptcy is your last resort. Bankruptcy helps you to re-build or re-establish your credit score in a fresh manner.

Time length negative information stay on credit bureau

1. Wrongdoings on credit report stays on for 7 years
2. Majority of public record items and information remains on credit report for 7 years
3. Unpaid tax liens stays on for 10 years
4. Bankruptcies also stays on for 10 years
5. Inquiries & Reviews stays on for 2 years on credit report

Improve your Credit Score with Golden Financial

Being established experts in the domain, possessing intense and extensive knowledge, Golden Financial is well placed to provide proactive support and transparent, all-inclusive assistance to individuals who have been grappling with low credit score and are looking for professional guidance to improve their credit. We incorporate aggressive approach and provide sound judgement and service through our extensive network with creditors, collectors and reporting agencies. We

  • Repair your past, working with credit bureaus, creditors and collectors, challenging the negative report items
  • Monitor your payment, making you aware of the credit report changes and offering related advice on how to implement positive steps
  • Fully analyze and go through your credit report, identifying the grey spots and correcting the mistakes.
  • Help you build a secured future with improved score, offering proactive guidance through technological, intellectual and tailored approach.
  • Help you clean up your credit report and boost your credit score.
  • Provide comprehensive credit analysis, identity theft protection and debt settlement guidance with industry expertise and experience.