Your Finances: Addressing Credit Woes

When addressing your credit woes you have two main approaches: The first is focusing on credit repair, and the second is credit rebuilding. Both play a significant role in reaching your goal of having good credit.

Credit repair is more about correcting errors, whereas credit rebuilding is about engaging in behavior that increases our scores, like paying your bills on time, keeping credit card balances below 50 percent of the credit limit, and opening up new credit accounts only as needed.

The process of making corrections to your credit report requires that you review your report at least twice a year. Identity theft is on the rise and anyone can be victim. The Trans Union Corporation reported than two thirds of all consumer inquiries to the company's Fraud Victim Assistance Department involved identity theft. Erroneous information can often be listed on your report as a result of your lender or the credit reporting agency offering misinformation or fraudulent activity caused by identity thieves.

No matter what the reason, you need to address these issues sooner rather than later. Self help can be the best way to repair your credit and save money. However you can seek the assistance of a reputable credit repair, counseling agency, or hire an attorney. Please keep in mind that no one can legally remove accurate negative information on your credit report.

Jaynee Sasso, speaker, author, coach for financial life management. For more information visit www.FaithfulAssistants.com Submit prayer request to faithfulwarriors@yahoo.com or write to 26 Park St, Ste 2035, Montclair, NJ 07043.