Bad credit consolidation loans can be an important step in rebuilding your credit rating. But it is only one step. Having an accurate credit report is also an important step. Your credit report may be incorrect and have errors. Making sure that your credit report is free of errors is your responsibility. If you have high-interest debt and have a bad credit or FICO score, a bad credit consolidation loan along with your efforts to get an error-free credit report will help improve your credit score.
Start by calling a lender and telling them you want to apply for a bad credit consolidation loan. You’ll order a copy of your credit report in minutes and start the process. You will have to accept the fact that you do not have a clean credit report, but lenders have experience with situations like yours. And what a relief it will be when all your credit card bills, medical bills, and even car loans are marked PAID IN FULL on your report. Because that’s what happens with a bad credit consolidation loan. They pay all your open bills, consolidate them into one loan, and make your life easier. ONE LENDER, ONE PAYMENT.
You can now work on reviewing and correcting any inaccuracies on your credit report. A few things for you to know:
oAs an adult, you have the right to get a free copy of your credit report once every 12 months from each of the major credit bureaus (Experian, Equifax, and Transunion) by phone or mail. There is no need to pay someone else to obtain a copy of your own credit report for you. Once you’ve gotten your free report for the year, you’ll be charged a small fee for each one you request after that.
oIn the annual credit report, you will be able to download your report to your computer within minutes after verifying your identity. Once you receive your credit reports, review them for errors. Make sure the accounts on the report belong to you and the amounts owed match your records. If you notice errors, there are instructions for correcting them on each credit bureau’s website.
oThere is no need to pay someone to correct your credit report. If a credit repair service guarantees to remove negative information for a fee, it is not telling the truth. No one can remove negative information that is true (for example, it was 30 days late on a credit card account). If you can prove that an item is in error, the credit reporting agency will remove it.
By consolidating your high interest debt into a bad credit consolidation loan, working to correct any errors that may be present on your credit report, and keeping up with your payments, you will be rebuilding your credit score and should see an improved FICO score. within three months.
