The 8th step to repair bad credit – Follow up with your credit bureau
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Since the beginning of this 8 steps process to repair your credit bureau until step 8, there is a time delay of about 2 years. If you went really bad on your credit cards and you have several bad debts, the process may be longer. Re-establishing confidence with banks and credit card companies takes time and effort. If they usually give you a chance for your first request, if you didn’t pay them, they will wait awhile to lend more money.
At the 8th step, you should be in a much better financial position. Your debts should be always paid on time; they should have been decreasing since you are using the snowballing method (to be explained in a later post) and your credit score should be increasing as well.
With good credit comes great temptation. You will start receiving credit card offers and pre-approved loan letters. Throw them in the garbage! There is nothing worst than applying to more credit cards or taking credit simply because someone is offering it to you.
Since you made so many efforts to repair your credit bureau, you should definitely follow-up with credit reporting agencies every year to make sure that everything is in order. Make sure that your bad credit rating are being erased on time and that there is no mistake shown.
I would say that banks, credit card companies and loan companies are pretty fast to report late payments but they may sometimes take their sweet time before reporting that the debt has been paid of and cleared. This is why it is so important to double check each item on your credit bureau.
By ordering your credit report every year, you make sure that your Beacon score will increase accordingly to your efforts. It is also motivating to see your progression from year to year and to finally see that your efforts show on a piece of paper.
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