The Restoration of Your Credit can be Handled by the Professionals at J.L. Taylor and Associates
Get a Copy of Your Credit Report
It’s hard to start repairing your credit when you don’t even know what your credit score is, or what is on your credit report. Your credit report will be your main tool in repairing your credit. The government has made it so everyone in the United States can receive a free credit report once a year. We highly recommend that you take full advantage of this. If you have already received your free copy this year, we can get a copy for you for a minimal fee.
It’s important to request your credit report from TansUnion, Equifax and Experian because all of these credit reporting bureaus can have different information about you. Also, the credit company you are borrowing money from may not report to every agency. So ordering all three credit reports will give you a much more realistic credit history.
Review Your Reports
Once you receive your credit reports you should review them carefully. If they are viewed online then print them out and keep a copy of each one. Your focus should be on what each bureau reports and any history that may need to be repaired.
- Look for any and all incorrect information such as work history, wrong birth date, payments made but that were never recorded, etc.
- Look for accounts that have gone to collections, are past due or have been written off as a bad debt.
- Also look for accounts whose balance is over your credit limit.
If there is any information that is inaccurate we can help you dispute and investigate these immediately.
Past Due Balances
If you want to increase your credit score dramatically you should get all of your past due accounts back up to speed, current, and paid. Your goal is to get current on past due balances.
Are You Maxed Out?
Did you know that 30% of your credit score is made up of your total debt compared to your total credit? When your cards are maxed out your debt to credit ratio is extremely high and has a negative effect on your credit score.
Obtain New Credit
This sounds bad right? Wrong, it’s actually a good thing to get new credit. Once you’ve eliminated or minimized your negative credit it’s time to start building up new (good) credit. If you have good accounts, make sure to keep them good. If you need to rebuild a little, try getting some new credit. Apply for a major credit card, a department store credit card or try to get a secured credit card.