The Credit Repair Organizations (CRO) Act is a federal statute that became applicable on April 1st, 1997, to deal with some fraudulent credit repair cases. Under this law, users have three days to pull out from the agreement if they think that the service provider has not fulfilled their end of the bargain.
If you are thinking about going into a debt settlement program, getting help from a debt settlement company will be essential for you, but getting a credit repair agency will help you immensely. These agencies are top-rated because most people don’t realize that there are debt settlement programs available. They will charge you for taking their services, and hence it becomes necessary for you to take time out before you sign any papers.
The first step you need to take is to get a free credit report. You can quickly get one from three major reporting agencies: Experian, Equifax, and TransUnion. The process is quite simple. All you need to do is to fill up an online form and then wait for the results. Once you get your report, check it over carefully for any errors and dispute them with the reporting agencies.
Another way to improve your credit score is by following some credit repair tips. One of the main tips would be to pay your bills on time. Payments on time help because if you miss one payment, the creditor would use it against you and severely affect your credit score. Therefore, it is essential to make sure that you do not miss one single payment for the month.
Another tip for improving your credit score is to settle your debts within the agreed period. The agreed period is because it helps you keep track of your debts and helps keep you away from the clutches of creditors.
Another credit repair tips would be to apply for and get a secured credit card to improve your credit score. This way, you will be able to build your score slowly as you are assured of the card’s safety.
The best credit repairing tip is to make regular payments towards your debts. The reason behind this is because your credit score will go up when your repayments keep on increasing, as a result of your increasing amount of payments.
The best way to increase your credit score is by getting rid of all your pending debts. This way, you will be able to build up your score and keep on improving gradually.
Another one of the credit repair tips is to maintain a healthy financial situation at all times. Do not make purchases just for the sake of purchasing something. If you have a considerable credit card debt, you should keep all of your payments in one account. This way, you will not find yourself in the position of having a massive debt at a time when you need money badly.
Another credit repair tip is to avoid debt settlement companies. These are the firms that offer help to people who want to repair their credit scores. They charge you a fee to help you get rid of your dues. They have the right to contact your creditors and negotiate with them so that they reduce your debts to allow you to clear off your outstanding balance in a lump sum.
A safe way when dealing with these firms, it is recommended that you do not deal with them directly. Instead, find a reliable company that can be reached through their online service.
A third credit repair tip would be to keep your credit card information secure. One way of achieving this is by using a debit card or an ATM card. Keep the card in a safe place. The reason being that you will not be able to make direct withdrawals from the card without first deactivating it.
There are other ways of repairing your credit scores and many other credit repair tips available. They include checking your monthly budget and spending habits, getting professional advice, being careful about who you lend your money to, and other ways of helping yourself with your finances.