Shared below are three easy steps you can take immediately for improving your less than perfect credit score.
Get your credit report
Credit report is the record of your financial history, including data which is used for calculating your credit score. You can order credit report online and carefully go through it checking for any errors. You should be looking for any incorrectly listed history of late payments for any of your accounts and ensure the amount you owe is mentioned correctly. In case of any errors, the matter can be discussed with reporting agency or credit bureau.
Make payments in time
Many people fail to realize the adverse impact late or missed credit payments can have on their score. To ensure timely payments you can opt for payment reminder facilities offered by many banks, where you are notified through text messages or emails regarding any due payments. Another good way to ensure that you never miss a payment again is to get enrolled in the automatic payment option, in which the minimum credit payment is debited from bank account automatically.
Reduce the debt amount
Although reducing the debt amount is not easy, but you can begin by taking some small steps. First step is to stop use of credit cards. Now visit online to get recent statements of your every account to determine the money you owe, as well as the interest rate you are required to pay. Next step is to create a repayment plan and use maximum part of your budget to make debt payments, starting with the accounts with highest interest rate.
Repairing credit score can take time. However the useful tips mentioned above are sure to get you started towards achieving a good and commendable credit score.
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Figure: 7 TAC §80.200(b)
“consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the texas department of savings and mortgage lending, 2601 north lamar, suite 201, austin, texas 78705. complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. a toll-free consumer hotline is available at 1-877-276-5550. the department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. a written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. for more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.”