Getting married creates a union between two individuals that stretches into many aspects of life. Planning to buy a home, creating a nest egg, or opening a retirement fund can all be hard to accomplish if one spouse has bad credit. The road to fixing credit can be long and arduous, but the end result will benefit both partners in the relationship.
How to Begin Fixing Credit Problems
Step 1
Request a credit report from one of the three major credit bureaus. According to the website Annual Credit Report, the Fair and Accurate Credit Transactions Act (FACT) allows a consumer the ability to request a free credit report every twelve months from one of the three major credit bureaus. The website will show you how to order your free report from each of the three agencies.
Step 2
Check your report for errors. If you find any errors contact the creditor that has erred and try to resolve the issue. Also, contact the credit reporting agency that issued your report and notify them of the mistake. By law, the agency has a legal obligation to make an inquiry on your behalf and attempt to fix errors within a thirty day time span.
Step 3
Contact existing creditors. Explain to them your financial situation and set up a plan to begin paying your bills on a monthly basis to bring your balance down. Once you begin making payments, they will report that you are in good standing.
Step 4
Document any contact you have with your creditors, and ask if they will send you a letter stating the agreement you have reached on payment terms. This will help should an argument about the terms arise. Documentation is your proof that an arrangement was made.
Step 5
Start building good credit now. Pay your bills regularly and ask that your creditor report this to a credit agency. Not all will do this, but there are several that will if you ask. Ask creditors with whom you hold existing accounts that are in good standing to report this fact to a credit bureau. As previously mentioned, not all will agree to do this, but some will with your written permission.
Step 6
Contact the credit bureau from which you have requested a report to inquire about including a self-written statement with your credit report explaining the circumstances that lead to your bad credit. You are entitled this right and taking advantage of it will help lenders make better decisions.To start the process, you must contact the credit bureau and request to include a consumer statement in your credit report. Include your statement with your request and be as factual and precise as possible.
Tips and Warnings
- Keep track of your credit score. Pay all of your bills on time and avoid overextending yourself so you can stay away from further damage to your already blemished record. When applying for a joint loan, make sure the wife is the signer and the husband is the cosigner.
- If you use a website to obtain your credit report, be sure it is the correct website address and not a malicious mirror site.
Things You'll Need
- Credit report
