3 Important Lessons to Improve Credit Score and Avoid Common Mistakes
Credit Repair Lessons: Strategies for Improving and Maintaining a Healthy Credit Score
These days, I'm a Certified Financial Planner™ and make a living educating others about things like investing, retirement planning, and managing their credit. But it took me a while to learn these lessons...
Lesson No. 1: There's no such thing as "fast credit repair"
If you see advertisements promising to fix your credit quickly, ignore them. Many "debt repair" companies use a disputing strategy that may temporarily improve your score, but it's not a long-term solution.
Lesson No. 2: Getting rid of bad credit is only half of the battle
Paying off negative accounts is crucial, but you also need to add positive information. Consider options like secured credit cards to build a positive payment history.
Lesson No. 3: Calling your creditors can make a world of difference
Communicating with creditors can lead to beneficial agreements, such as settling debts or stopping reporting on missed payments. Don't ignore the problem; address it head-on to improve your credit score.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.