Rebuilding Your Credit

13 Oct

Metro®Boston, Publication Date: October 12, 2011
By Attorney George Warshaw

 “I couldn’t get a loan because my credit was lousy.”

 What can you do about it? There are a few simple things that can help. The starting place is your credit report. Get a free copy and see what went wrong, then start to rebuild.

 The first thing is dispute any inaccuracies in the report. Is something on the report that belongs to a person with a similar name? Has something already been paid? Don’t hesitate to challenge the credit bureau or call the creditor directly.

 Second, and I consider this the most important, start paying all your bills on time, especially mortgage and credit cards. There’s an easy way to avoid future late payments.

 Nearly every credit card or mortgage lender allows you to set up an automatic payment method in which money is taken directly out of your bank account by the creditor to pay the bill.

 If you put every credit card on an automatic minimum payment plan with the creditor, you won’t miss a payment! You can always write a check and send in more later when you look at your written statement, but at least you won’t miss a payment!

 Go to the creditor’s website, register, and look for the payment screen. It will solve a lot of problems.

© 2011 George Warshaw. All rights reserved.

__________

George Warshaw is a real estate attorney, estate planner and author. He represents buyers and sellers of homes and condos in Massachusetts, and prepares wills, trusts, prenuptial agreements and estate plans. George welcomes new clients and questions at george.warshaw@warshawlaw.com.

Legal Advice: Laws, and court decisions interpreting them, change frequently and this article is not updated as laws change. The content and information contained in this article is neither intended as legal advice nor shall establish an attorney-client relationship. Before making any legal decision, consult an attorney to see how or if the foregoing may apply to your circumstances.

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