Bad credit consolidation insurances can be an important step in rebuilding your credit rating. But it is only one step. Getting a correct credit report is also an important step. Your credit report may be incorrect and contain errors in it. It is your responsibility to ensure that your credit report is free of errors. If you are saddled with high interest debt and have a poor credit rating or FICO score, a bad credit consolidation insurance along with your efforts to get an error free credit report will help improve your credit rating.
Start by calling the lender and telling them that you want to apply for a bad credit consolidation insurance. A copy of your credit report will be requested within minutes and the process will begin. You will have to face the fact that you do not have a clean credit report, but lenders are experienced in dealing with situations like yours. And what a relief when all of your credit card bills, medical bills, and even auto insurances are marked as fully paid on your report. Because that’s what happens with a bad credit consolidation insurance. They pay off all your open accounts, combine them into one insurance, and simplify your life. One lender, one payment.
Now you can work on reviewing and correcting any errors in your credit report. Some things you should know:
o As an adult, you are entitled to 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 get a copy of your credit report. Once you have your free report of the year, there is a small fee for each report you order afterwards.
o On your 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, check them for errors. Make sure that the accounts on the report belong to you and that the amounts owed match your records. If you notice errors, instructions for correcting them are provided on the website of each credit bureau.
o There is no need to pay anyone to correct your credit report. If a credit repair service ensures negative information is removed for a fee, it is not telling the truth. No one can remove valid negative information (for example, that you are 30 days overdue on a credit card account). If you can prove that an item is wrong, the credit reporting agency will remove it.
By consolidating your high interest debt into a bad credit consolidation insurance, working to correct any errors that may be on your credit report, and staying up to date on your payments, you will rebuild your credit rating and should see an improved FICO score within three months .