What Steps Can Be Taken To Repair Bad Credit?

Published on August 13, 2020 by J. Andrew Meyer

What Steps Can Be Taken To Repair Bad Credit?

Your credit score may be the most important measure of your financial health. It is one of the most common tools that creditors look to in assessing whether you have the stability and consistency to qualify for loans and credit. Unfortunately, many people have fallen on hard times. Their credit scores have suffered as a result. The good news is that a bad credit score is not permanent. In fact, there are a number of ways that you can repair your credit score and rebuild your financial health. Let’s take a look at some of the more productive ways in which you can repair and reestablish your credit.

Eliminating Credit Card Debt

Revolving credit card debt is one of the most destructive things to your credit. Creditors and lenders view credit card debt as a mark of financial instability. With extremely high interest rates, carrying credit card debt tells creditors and lenders that you may be at risk for default, which often leads to you being unable to pay your debts. Therefore, it is important that you pay down any credit card debt as soon as possible. Under certain circumstances, the elimination of credit card debt alone can significantly boost your credit score.

Dispute Errors In Your Credit Report

Through a number of different providers, you can easily check your credit report for any errors. If you see any debts or negative remarks that you believe are inaccurate, you should dispute them immediately. The three major credit reporting agencies in the United States provide instructions on their websites on how to dispute inaccuracies in your credit report. It is not uncommon for an account that you paid off to still be listed as unpaid or even delinquent. Disputing inaccuracies and having them removed from your credit report can greatly improve your score and your overall credit rating.

Pay Late Or Past Due Accounts

One of the most glaring and damaging things on your credit report are late or past due accounts. The presence of either on your credit report tells creditors that you are not paying your current obligations. It is imperative that you resolve these outstanding debts as soon as possible because leaving them unresolved will continue to be a barrier toward your financial recovery. Critically, if you believe that the past due or late accounts are listed in error, dispute them with the credit agencies as soon as you become aware.

Contact An Attorney

In some cases, it may be necessary for you to consult with an attorney who specializes in credit repair or recovery. If you believe that you are the victim of identity theft or that you are considering filing for bankruptcy, then get in touch with an experienced attorney. At a minimum, a consultation will give you an idea of your options and provide you with a pathway that will best suit your specific financial goals and situation.

Florida Bankruptcy Attorneys

The Bankruptcy Team, PLLC is dedicated to assisting clients resolve financial dilemmas through bankruptcy, foreclosure or other legal avenues so that they can get the fresh start that they are entitled to. If you are considering filing for bankruptcy, modifying your mortgage, or are facing unmanageable credit card or student loan debt, we are here for you. Our experienced attorneys will thoroughly review your situation and advise you about viable solutions. To consult with The Bankruptcy Team, PLLC, call or contact us today.

J. Andrew Meyer

Andrew Meyer was born in Deland, Florida, in 1970. He graduated with an International Baccalaureate Degree from St. Petersburg High School in 1988, and attended the University of Florida, graduating in 1991 with a degree in Economics awarded with High Honors. Mr. Meyer also attended law school at the University of Florida, receiving his juris doctorate degree in 1995. While at the University of Florida, Mr. Meyer was inducted into Florida Blue Key and Phi Beta Kappa. Mr. Meyer was first trained as a lawyer by Richard T. Earle, Jr., and thereafter worked at the Attorney General's Office for the State of Florida in the Bureau of Criminal Appeals before becoming a senior staff attorney for the Florida Second District Court of Appeal. Mr. Meyer also served as a law clerk to the Honorable Chris W. Altenbernd, Retired, at the Second District Court of Appeal. Following his time at the Second DCA, Mr. Meyer worked at Carlton Fields, focusing his practice on appellate matters. In 2004, Mr. Meyer became an advocate for consumers as a partner at James Hoyer, and then later moved to Morgan & Morgan's class action department in 2009.

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What Steps Can Be Taken To Repair Bad Credit?