Correcting my Credit – what’s that all about?

There are many services out there that charge quite a bit to clean up your credit score.  If you are considering purchasing a home, I would suggest first contacting a good mortgage banker and see what could be done quickly, or will it be a process that takes time.

If you sit down with your mortgage person (ask me for a couple of very good ones) you can see what is on your credit.  Sometimes, there are a few things that just haven’t been updated.  If you can provide a statement (an online statement is perfect) that shows you have paid off the balance, or reduced the balance on an account.  That could be enough to bring your score up a few points.

If there are any accounts that are old and unpaid, it could hurt your credit to pay them off.  (I never said that determining credit made sense… )  In this case it may be possible to pay it off as part of your closing, and possibly even settle the debt for less money than owed.

Rescoring your credit can be costly; it runs $30 per account per credit bureau.  With several accounts to update quickly, the costs can add up fast.

Managing your credit repair can be tricky.  If you have the time, (you’re not looking to purchase a home or car right away) you can do it yourself.  Choose any of the services that you can get your credit report from, and check it out yourself.  If there are discrepancies;  get it corrected yourself.  Be sure to DOCUMENT, DOCUMENT, and DOCUMENT as you go with certified letters to confirm receipt, copies of everything and be diligent.