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Self Repair Credit

As with many other things in life, when it comes to repair and protecting your credit, there is no one that should care about it more than you.  You are the only one that is truly going to be concerned about your credit rating because this will affect you the most.  Having a good credit rating can mean all the difference in your finances and lifestyle.  A good credit rating can mean that you will be eligible for loans, lines of credit and mortgages.  Even further than this, you will be able to get the best interest rate that is offered.  Having a credit rating that is fair or poor, can cost you a lot in the long run.  First, you may not be eligible for a loan to begin with.  If you do get approved for the loan or mortgage, your interest rate will probably be very high, costing you more money over the term of the loan or mortgage.

To make sure that your credit is what it ought to be you need to know what factors help to determine your overall rating.  There are several issues that can make or break your credit score.  Your credit report may reflect the following parts of your credit history: longevity, payments, amount of credit, amount of debt, collections, paid off credit, charge offs and delinquencies.  It is up to you to become aware of what is on your credit report on a periodic basis.  If you find something that is incorrect, you should address it right away.  Inaccuracies may include past due debt that are more than seven years old or credit activity that was not initiated by you.

Credit fraud and identity theft has been on the rise for several years.  People are becoming savvier when it comes to these kinds of crimes.  Often times, people become victims and don’t find out about it until several months later when they look into their credit report or worse, when they have already applied for a loan or mortgage.  This is the worst time to be learning that your credit has been destroyed by an identity theft, or worse yet, someone you might know.  In situations like this, you need to get proactive by trying to resolve the issue and salvage your credit.

To get more involved in repairing your credit you need to raise a dispute about the item on your credit report that is incorrect.  You should also look into any government sponsored programs that could provide you with relief.  There are some government assistance programs that can help to reduce your bad debt.  To improve your credit you need to start practicing using your money wisely.  That means paying down debt, paying bills on time.  Another way to improve your credit is to ask that some of your prior negative marks be removed.  You can do so by sending a letter to the entity that reported this negative information to the credit bureaus.  Get the help and professional guidance you need from CreditElves.

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