Ensure Credit Problems Are Reported Quickly

If you're in a position where you want to get your credit standing back to a respectable level after having suffered some financial problems in the last few years, you're probably thinking about the many ways that you might be able to accomplish that goal.

One of the most important and potentially easiest ways in which you can do so is by ordering copies of your credit reports with regularity and checking them over closely for any potentially unfair markings which may appear. An unfair marking can encompass many different types of entries that may appear on these documents, ranging from accounts you don't recognize and have had nothing to do with to details related to accounts you do control which are not necessarily accurate. In either case, these will usually create something of a drag on your credit scores and as such you will likely do well to get them sorted out as quickly as possible.

How can you do it?
When trying to get any potential problems you notice on your credit reports sorted out the first thing you should do is contact both the credit bureau which issued the document and the lender that controls the account in question, in writing, about what you think the problem is. By doing this, you'll be able to start investigations that are required by law at both of these companies, and this alone may clear up the potential issues in some cases. However, that's not always enough to get the problem sorted out, and sometimes you will be asked to provide proof that you are not responsible for the balance or the account in question. Further, you should also take this time to order your credit reports from the other two bureaus as well, because it's likely that if there is an issue with one of these companies, it will exist with the other two as well. If so, you'll have to repeat the process 

In most cases, the how and why of what led to the problematic entries are irrelevant — instead, you should just try to focus on getting the situation sorted out as quickly and painlessly as possible so that you can return to the standing you deserve to have. But if you think you're having these credit problems as a result of identity theft or a similar crime, then you will need to take steps to deal with those issues as well, such as working with the lenders to close the accounts in question and get credit alerts placed on your profile with each of the three major bureaus.

It's important to note that it's not always possible, or at least easy, to have these issues sorted out as quickly as you would like, and for this reason it might be wise to contact a credit repair law firm about the issues you're facing. This, in turn, may allow you to get them dealt with as expediently as possible by trained professionals with extensive histories in dealing with consumers' troubles such as these.

Is there anything else to accomplish?
Of course, once you've cleared up any potentially unfair markings that might be dragging down your scores, there might still be work to do. Often, problematic entries are only part of the problem, as bad credit management habits can likewise have a major impact on your ratings for the same reasons. Having large amounts of debt, missed deadlines, and applying for credit too often, among other factors, can all have a negative impact on your standing, and as such, you will have to identify these potential issues and do all you can to cut them out.

Fortunately, all of these issues are relatively easy to address, from a conceptual standpoint. You will only need to focus on things like ensuring you're not missing any payment deadlines on any of your accounts, paying down your potentially sizable balances until they are far more manageable (usually about 30 percent of your total available credit limits), and making sure you're not applying for new accounts too often. Altogether, these three factors alone make up 75 percent of your score — 35 percent for payment history, 30 percent for the percentage of your credit limits your debt takes up, 10 percent for your recent credit applications.

Once you have taken the time to address all of these issues either on their own or altogether, you will likely be able to enjoy a far better credit standing, which in turn will allow you to qualify for more accounts, and potentially the best possible rates and terms on those types of financing going forward. You will then be able to enjoy significant financial rewards for all your hard work to get your credit back to a high level.