How to Begin Repairing your Credit Following a Foreclosure or Short Sale
There are many of us in financial peril due to the housing crisis and the subsequent meltdown of real estate market values. Many homeowners have been forced into foreclosure or short sale, leaving many homeowners wondering where they go from here.
Although it may be quite overwhelming and frustrating to go through the loss of your home, you do need to understand that it is possible to repair your credit and move forward. In fact, if you begin repairing your credit now you may be able to purchase another home in as little as two years.
Make no doubt about it: your credit score will greatly affect your lifestyle for the next one to two years, but it is quite possible to take that time and rebuild your credit score so that you can move forward and rebuild your life and your credit rating.
It is important to realize that we live in a society that is dominated by credit, so repairing your credit now will make your life easier in the years to come.
What you can do now to repair your credit:
- Order a copy of your credit report from all, three national credit reporting agencies. Although it may be hard to face, there is no time like the present to take a good, hard look at your credit report. What we don’t know CAN hurt us, and our credit report is no exception. Take the plunge, order a copy of your credit report and review it carefully so that you can take care of unpaid bills and correct any errors or discrepancies. Most importantly, immediately contact the credit reporting agency if find any incorrect information on your credit report.
- Don’t fall victim to credit counseling/repair scams. There is one business that has done quite well during the recession: credit scammers. Be very wary of any company offering to repair your credit for a fee, as many times these are just scams in disguise. Unless you are dealing with an accredited credit counseling service, be very cautious about dealing with any type of credit repair company.
- Pay your bills on time. Simply put, there is no easier way to begin repairing your credit today than to pay your bills on time and in full, every month, with no exceptions.
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