Credit Repair

Credit repair refers to a couple different methods of fixing your possibly blemished credit.  You have the option of writing to the credit bureaus and disputing erroneous information such as late payments, accounts that should be closed, collections that have been satisfied, balances, etc.

While writing to the credit bureaus and disputing incorrect information can be a success, it can also be frustrating and time consuming.  If you have items on your credit report that you feel are incorrect, it might be wise to use a professional credit repair company such as Lexington Law. 

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Another method of credit repair is done by re-establishing good credit.  The following methods are great ways to dramatically improve your credit score.

-          Maintain a clean payment history on all accounts.

-          Never be late on your mortgage (if you have to be late on something, pay the mortgage first)!

-          Keep your balances on revolving credit lines such as credit cards below 30% utilization.  For Example, if you have a credit card with a $1000 limit, try to keep your balance at $300 or less.

-          Keep your accounts open!  Do not close accounts that are older and are paid off.  One factor that is taken into account when scoring your credit is the length of time you have had credit available - the longer the better.

-          Do not close accounts with remaining outstanding balances.

If you have not checked your credit report or scores recently, MyFico.com is an excellent place to keep tabs on your scoring and report.  Fico Scores/Reports