Just like reputation, a credit score requires a lot of time and investment to build, but may take very little to damage completely. The rebuilding process may even be more difficult than initial credit score creation. The numerical changes in your credit score therefore, call for utmost care and maintenance to avoid going through the hectic rebuilding and repair process.
Nevertheless, to understand credit rebuilding and repair process, we need to comprehend what exactly demands for this process, and then afterwards apply the specific solutions. This is important because the process is subjective to the intensity of credit score damage at hand.
How to make your credit score go up fast?
This basically means deleting or removing inactive or obsolete and negative information from your credit report. Most of the times, your credit score is damaged by the bad negative information, either correct or incorrect in your credit report. This information includes, personal identification information, types of accounts held, collections, public records, loan and credit amounts et cetera.
Getting rid of some of this negative information from your credit report, especially aged information, that is more than 7 years old, is the best option to take. The process may come at a service cost if an expert is consulted, but it is worth every penny, and especially if the damage caused is severe. Some of credit repair companies are just but scams, so you need to be careful when contracting them. However purging makes your credit score go up fast and actually the fastest way to improve your credit score.
Fastest way to raise your credit score
A defaulted payment is a sure ingredient for a properly damaged credit score. The damage worsens as long as the defaults stand. Payment of defaults is the antidote to this menace. At times there might have been justifications for the defaults, but it does not matter, as ‘defaulted payments’ is the phrase that still stands. Depending on the depth of damage, this can considerably make your credit score go up fast.
Disputing credit report
A credit report may have incorrect information which do not necessarily call for deletion or which cannot be deleted but can easily be corrected. You, as the owner of the credit report has the responsibility to check, audit, identify the incorrect information in your credit report and take the necessary action to correct it.
Disputing a credit report is the process in place to correct wrong information with either the credit providers, the credit reporting agencies or both. Technology has made the disputing process easy, fast and convenient. In between 30 - 45 days most of the dispute cases are solved, bringing your credit score up fast in a matter of days. Disputing your credit report shows responsibility on your part, and this is what credit providers look for.
Some credit reports are full of inactive credit accounts and very little activity for the active accounts if any. Use of credit is what keeps the credit providers and lenders in business, so if you do not use credit, you are irrelevant and negligible to them, and this reflects in your bad credit score. Re-activating credit accounts and increasing your use of credit in terms of the types and number of credit used and credit limits in place is an ideal remedy for bad credit and it increases your credit score quickly.
Quick credit repair therefore, requires bold and prompt actions to avoid collateral damage of your credit score, which takes a lot to rebuild, and significantly affects your financial life. Being updated on current procedures and relevant legislation information places you in a better position to know how to rebuild and repair bad credit and maintain the results achieved.