Bouncing Back Following Credit Challenges
Throughout life there are various things that can happen—many of which are outside of your control—that can cause your credit to fall off track. Life events such as job loss, divorce, and illness can impact anyone and their financial circumstances. But, rest assured, it is entirely possible to get your credit back on track after filing bankruptcy or going through other credit challenges.
Here are some additional tips to help you bounce back from credit challenges:
1. Be sure that you are avoiding further actions that will negatively impact your credit score. Most importantly, work to make all scheduled payments on-time for your existing or new lines of credit.
2. Work to obtain a new line of credit(s) so that you can demonstrate your credit worthiness. A secured credit card is an excellent first step in rebuilding credit. Check out our rebuilding credit blog post for more details on a secured credit card.
3. Consider opening an account with Credit Karma . For no cost, Credit Karma will provide you with instant access to the information reported to the credit bureaus on your credit reports, give you regular updates on your credit score, and help you with monitoring your credit over time.
4. As you work to rebuild your credit, be sure to monitor the information being reported on your credit reports. Look out for inaccuracies or other derogatory reporting. You can access a copy of your free credit report from all three major credit bureaus (Equifax, Experian, and TransUnion) one time each year by visiting annualcreditreport.com.
Interested in learning more? Contact the dedicated team at Financial Freedom Legal today!
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