Developing A Credit Repair Plan

: Chris Lee Law Firm

  Filed under: Credit Tips

credit repair planThe credit score. Something we all dread checking and most of us find disappointing. The one thing that is true of everyone’s credit score is that it takes time and effort to improve when it is down. Unfortunately, there is no easy fix for damaged credit. Whether the your accounts are delinquent or recently resolved through bankruptcy, having a plan of action is your best tool for credit repair.

The Plan

The good news about filing for bankruptcy is that it can put you  in a position to faster credit repair that allowing your accounts to sit in delinquency for long periods of time. When debts are discharged your account is wiped clean, allowing you to start fresh with a positive credit history. Even if your accounts are still considered delinquent and you are working to resolve them outside of bankruptcy, a good credit repair plan should include the following:

  • Consistent monitoring of your credit report
  • Reviewing accuracy of your credit report and disputing any missing or inaccurate information
  • Copy of your bankruptcy discharge or written agreement for debt resolution between you and the creditor
  • An outlined monthly budget detailing your expenses and prioritizing a savings account
  • Obtaining one to two new lines of unsecured credit with the best interest rate possible
  • Responsible and consistent payment history on new credit lines for at least 6 or more months
  • Keeping debt balances below 30 percent of the total credit limit per account

 

 


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