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Credit Q&A: Best Ways to Monitor, Repair, and Build Credit

Not only is having good credit a requirement for getting credit accounts at competitive interest rates, but it affects other parts of your financial life—even if you never take out a loan. Laura answers four questions from readers and podcast listeners about how to monitor, repair, and build credit for life.

By
Laura Adams, MBA
8-minute read
Episode #458

Question #4: Courtney says, “I need help repairing my credit so I can sell my house and finance a larger home. Can you offer advice on a reputable source?”

Answer:

In most cases repairing your credit is something you can do yourself by pulling your free credit reports, correcting inaccuracies, paying bills on time, maintaining a low utilization ratio, and having a mix of loans and revolving accounts.

But if you don’t have the time to review your credit report, have already disputed errors that haven’t been resolved, or have many negative items, check out Lexington Law. Lexington is a large network of credit repair attorneys and professionals that’s been around since the early 1990s.

The real value of credit repair services is in informing you about your credit and debt collection rights and leveraging the law to negotiate with creditors on your behalf.

There’s no guarantee that a repair firm will be able to convince a creditor to remove any negative item that is accurate from your credit report. However, it’s possible to negotiate the removal of a bad mark as part of a settlement offer.

Before working with a credit repair firm, be clear about the services they provide and the value you’re going to get for your money.

To learn much more about credit, download the Credit Score Survival Kit. It’s a free multimedia resource I created as a gift for you with a video tutorial and 3 smart strategies to build excellent credit scores (that you can real or listen to). Plus, I tell you how to save money by getting your credit score absolutely free as often as you want.

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Credit card, fountain pen and diagram image courtesy of Shutterstock

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About the Author

Laura Adams, MBA

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a trusted and frequent source for the national media. Her book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show. 

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