Negative information like missed payments remains on your credit report and impacts your credit score for years.
There is no shortcut to repairing your bad credit. However, with these steps you can repair your credit score.
Check your credit report. Equifax®, Experian®, and TransUnion® show the risk factors affecting your credit score.
If you find incorrect information, contact the credit reporting agency or the lender to correct their record.
Improve your payment track record: Ensuring you pay on time always has a positive impact on your credit score.
Maintain a good credit utilization ratio. Credit scoring models generally favor a ratio below 30%.
Plan your next move carefully. Don't be in a hurry to acquire new credit or close a credit card account.
Ensure you maintain an upward trend. Getting a good credit score requires commitment and patience.
Check your score regularly and track your progress so you know the right information is being reported over time.