Fast Credit Repair Tips
If you’re planning to apply for any kind of credit in the future, you will need to have a clean credit report. Unfortunately, if you’ve defaulted on a payment in the past or had problems with meeting your repayments on time, you may need to resort to using some fast credit repair tactics.
Did you know that people with bad credit can often be charged higher interest rates than those customers with good credit? Putting some fast credit repair tactics to good use can help you reduce your interest rates, which could also reduce your monthly repayments. This can make your finances a little easier to deal with.
Here are some fast credit repair solutions and ideas to help get your credit file back on track:
Pay Bills on Time
If you have a history of paying bills late, you can give your credit a bit of a boost by re-arranging your budget so that you begin paying your bills on time. As many credit card providers, telephone companies and utilities providers may list a ‚Äòdefault’ onto your credit file for consistently missed payments, making an effort to pay bills on time can help get you back on track.
Remove Negative or Incorrect Listings from Your Credit Report
You can request a copy of your credit report from Veda Advantage and take a look at what’s listed there. If you see any entries, enquiries or listings that don’t belong to you, query them and see if you can have them removed.
Remember that you can only query incorrect entries. Any listings you see that are rightfully supposed to be there will remain there.
Default Listings
Your credit report may show one of two types of default listings. If you have an outstanding unpaid default listed on your credit report, banks will view this very negatively. It’s important to find a way to pay the outstanding amount as quickly as possible.
Call your creditor and let them know you’ve made the payment and ask them to amend your listing to read ‚Äòpaid default’. While this still isn’t an ideal listing, it’s far better than an unpaid default showing on your file.
Judgements
While most people might tell you that it’s not possible to remove listings on your credit report that are correct, there are occasions when it’s possible to have a judgement removed or amended to appear less damaging.
Court judgements can sometimes be amended by appealing to the creditor who placed it there. Call your creditor and ask if there’s any way you can have the listing removed, or at least amended to read ‚Äòpaid default’.
PrePaid Credit Cards
If you have a history of missing payments, defaulting on bills and generally not managing your payments very well, you might want to consider a prepaid credit card.
Adding a prepaid credit card to your account can be very helpful if you’re applying for credit, as you have evidence to show the bank or lender that you’re able to make payments into your card regularly without going over the prepaid limit.
