Many of us here in Western Australia are living with bad credit and it’s tough and it is difficult. If you got a bad credit score, many things become tough and more expensive. For instance, if you got an insurance policy, your company is more likely to charge you with higher interest rates due to your bad credit score.Credit Repair
Creating and maintaining solid credit history takes time so building good credit won’t happen overnight. You’ll also need to accept the fact that it’s going to take some hard work and patience as well for credit repair.
The first step to fixing your credit score is to fix your credit. Get your credit reports and scores from each of the banks or financial institutions so that you can gauge where you’re at and determine what parts of your score need some work. You should get your credit reports from each of the major credit reporting agencies, as each may contain different information that could impact your scores.
Now that you’ve already found the problems (whether they are errors or areas you need to focus on you may find yourself wanting results quickly), keep in mind that these revisions can’t be fixed overnight.
To rebuild your credit, you need to pinpoint the things that kill your credit. If you have been receiving letters that detail your credit problems, you have some idea of what’s holding you back. Even though it may seem complex, your credit score is based on five core factors. These factors include payment history, credit utilisation, the age of credit accounts, mix of credit accounts and history of applying for credit.
If you have errors on your credit report, start the dispute process as soon as possible. You can repair your credit your own or you may also hire a professional credit repair company to help you fix your credit.
For more on credit repair, read this: https://www.moneysmart.gov.au/borrowing-and-credit/borrowing-basics/credit-repair
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