Credit repair – the last debt frontier

Now that you’re back on track with your credit you might want to turn your attention to your credit score.

So why do you care about your credit score?

• Thinking about a mortgage or a loan? A good credit score could be the difference of getting financed or not.
• Many employers are including credit checks in their screening process.
• Buying a life insurance policy greater than $150,000? Your credit score will be considered. Your auto and homeowners’ policies premiums are also impacted by your credit score. 

When you’re ready to come to grips with your credit score, the first step
is to request a report. Go to www.annualcreditreport.com, a centralized
site for all three credit agencies, set up for just this purpose. And these reports are free when

• You get one report annually,
• If you’re unemployed and looking for work in the next 60 days,
• If there has been an adverse action against you i.e. a circumstance when you’ve been denied credit.

Once you have your score, you may be curious how your score stacks up. Take a look at a graph that was shown on Investopedia.

 

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If you believe that there are errors in your credit report, you need to correct it. This is called Credit Repair.Credit Repair is the focused effort to demand verification from whomever provided erroneous, obsolete or unverifiable information. If the provider is unable to verify the information, the credit reporting agency must remove the negative notice from your credit report by virtue of the Fair Credit Repair Act.If you decide to do it yourself, the Federal Trade Commission offers step by step instructions, at http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm. Alternately, you may want to hire someone to do your credit repair.One such credit repair expert is Hannah Fleigel of Your Credit Score, (415) 999-9348.
When working with a client, Hannah confirms that anyone making a negative report on your credit is in compliance the law and that they completed the appropriate paper work correctly, within the statute of limitations.The best times to use her services are after foreclosure, before financing or refinancing your home or purchasing a car, or if you find yourself encumbered with high interest rates related to credit mistakes have been rectified.Once you are back “on track” and your credit repair is in process, I ask you to consider if you have taken action to protect you from making the same mistakes that put you in debt in the past. If you’re unsure, or just want more help, I am available to discuss your individual needs and the steps you need to take to protect what you have and move forward financially.

So whether you’re no saving consistently, you’re accumulating debt, or having nagging thoughts about retirement, now is the time to see a certified financial planner, preferably an independent hourly planner.

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