Losing your house is stressful enough, and worrying about your credit score after a foreclosure is also stressful.
What will happen? How can you fix it? Who do you trust?
There are many companies that promise to help fix or erase black marks on your credit report, but in general, the only thing that truly helps repair your credit score is time and payment history.
The truth is, these companies can’t help you if you really had a foreclosure – even though they make promises.
So after a foreclosure, what can you do to rebuild your credit score? The good news is, there are steps you can take.
Here are four ways to rebuild your credit score after a foreclosure. Read on:
Get a copy of your credit report
After your foreclosure is complete, obtain a copy of your credit report from one of the major reporting bureaus. It’s free to get once a year. We recommend www.annualcreditreport.com.
Once you have it, go over it with a fine-toothed comb to make sure it is accurate. If there are errors, start the dispute process with the reporting bureaus. Send letters and keep copies!
Pay on time
For existing loans and debts, make sure you ALWAYS pay on time. By paying your car note and credit card bills on time – every single month – you will slowly but surely repair your credit score. Don’t carry a past-due balance on your credit cards.
Pay off debts quickly
If possible, try to pay off your loans quickly. Reducing your total debt will improve your credit worthiness and improve your credit score.
Don’t use credit repair companies
These companies are not your friend and we cannot recommend that you use them. Don’t waste your time – or money.
Mina Nami Khorrami LLC
If you are navigating life before, during or after a foreclosure, the legal experts at Mina Nami Khorrami LLC can help. Contact us today at 614-857-9590.