How Will I Know When Credit Repair is Successful?

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Credit repair is a common goal with many benefits: lower interest rates and insurance premiums, the ability to save, borrow and even find employment.

If you have been pursuing creditworthiness, you may wonder, “How will I know when my goals are achieved?” While there is no obvious alert to credit improvement, there are plenty of ways to determine whether your efforts have succeeded. Begin by:

  1. Pulling your credit reports. Inaccurate and negative information can reduce your credit score by hundreds of points. As you and your credit repair team address these issues, deletions should help your score improve. The best way to verify progress is to order free copies of your TransUnion, Experian and Equifax reports. Review each report and highlight errors that are still present, then compare your list to the original. With any luck, you’ll see that negative items have disappeared.
  2. Checking your scores. Credit scores are a reflection of the information found in your reports. After analyzing your information, order your credit scores from the respective bureaus to see if change has taken place. Bear in mind, it can take a few months to see change after your credit report information is updated.
  3. Digging a little deeper. Understanding the Five Factors of credit scoring is the best way to maintain a stellar score. Review the basics here and track your progress by using a free credit scoring resource like Credit.com. In addition to providing up-to-the minute account details, they also provide an analysis of your credit’s strengths and weaknesses.
  4. Checking with professionals. A reputable credit repair firm, such as Lexington Law Firm, follows your progress closely and should notify you when errors are removed and your credit standing has improved.

 

Knowing the facts is important, but you’ve probably noticed changes in your personal life that mark credit repair success. Habits and even emotions can signal positive change, including:

  • You have a budget that works. What was once a chaotic lifestyle is now manageable thanks to a working budget. Your credit repair efforts have helped you reign in spending and focus on debt reduction. You now have a budget that allows you to do more than live paycheck to paycheck.
  • Credit card debt doesn’t control you. The days of minimum monthly payments are gone thanks to credit repair. Although it’s been challenging, you have worked hard to pay off revolving credit card balances and debts no longer rule your monthly budget.
  • You aren’t afraid to know the truth. Steps 1-4 once terrified you, but your confidence has improved along with your creditworthiness. You are able to participate in the process without feeling afraid or overwhelmed.

Credit repair takes time, but the success you’ll gain could change your life for decades. Keep checking your progress and don’t get discouraged. Eventually, your determination will be rewarded.

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