Do you know how to get a good credit score after identity theft? If not, there are many options available to you. Did you know that it can take seven years or more for your credit to be repaired after a major incident such as identity theft? That can be a long time if you do not take action. You need to know how to get a good credit score after identity theft. This will help you get a low-interest rate, which is helpful in lowering your monthly payments.
After identity theft, your credit will be reviewed by the three major credit agencies. If the report finds an error, they’ll delete the erroneous information from your report. If they discover the item to be accurate, the item will stay on your report. The other option is to contact a credit repair service to help you with the removal of your negative items and monitor your progress toward a higher score.
Your credit report contains three major pieces of information: your payment history, your outstanding debt, and your utilization ratio. When you apply for a loan, your lender will want to see your payment history, especially if you have missed any past due payments. Credit repair companies can help you raise your total paid in late fees and reduce the amount of late fees on your accounts. If your utilization ratio is too high, you may not be able to keep current accounts open. This is why it’s important to know how to get a good credit score after an identity theft. Your credit counselor can create a report that shows all of your current debts, current income, and the percentage of your debt versus your income.
A credit score is what determines your eligibility for loans, insurance, and other forms of credit. Your credit score will tell a lender if you are a good candidate for a car loan, apartment rental, credit card, home mortgage, and other forms of credit. It also reveals to potential employers what kind of worker you are. A good credit score will also prevent foreclosure and repossession of your property.
Your credit rating will affect your ability to get a job. Employers are now using credit reports and scores to determine whether potential employees are good candidates for their jobs. If your credit rating is bad, they may find you less eligible for certain jobs. You may find your insurance premiums go up, or you may find it difficult to get a credit card. Even landlords and short-term leases may use your credit rating to decide if you’re financially responsible enough to rent their property.
A credit report can have many errors on it. Some of these errors are a result of mistaken identity, inaccurate information, or fraudulent reporting by a business or other type of agency. Because these agencies must report this information, they must get it from the credit reporting bureaus. If the bureaus don’t get the data from the reporting agencies, they cannot provide you with an accurate report of your credit score. It is up to you to dispute these errors to get them corrected.
This post was written by Kristian D’An, owner of Lux Credit LLC and CCA board certified credit repair specialist. Lux Credit offers best credit repair services for those looking to improve their credit!
