Credit Repair: Taking Control of Your Financial Future
If you’ve faced financial difficulties, such as late payments, defaulted loans, or excessive debt,your credit score may have taken a hit. However, credit repair is possible and can significantlyimpact your financial situation. The process of repairing credit involves correcting errors onyour credit report, paying down outstanding debts, and developing better financial habits toimprove your score over time.
At NGAFUA AND PEOPLE, we help clients review their credit reports, identify anyinaccuracies or questionable items, and work to have them removed. This step alone can leadto a significant boost in your credit score. Additionally, we work with you to develop apersonalized debt repayment plan that helps reduce your overall debt load and improve yourcredit standing.
Building Credit: Starting from Scratch
If you don’t have a credit history or your credit file is thin, credit building is the next steptoward financial independence. Building credit requires time, patience, and the right strategy.Starting small and focusing on responsible financial behavior can help establish a solid creditfoundation.
We recommend the following steps to start building credit:
1. Secured Credit Cards: If you’re new to credit, secured credit cards are a great option. Thesecards require a deposit that serves as your credit limit, helping you build a positive paymenthistory with minimal risk.
2. Credit Builder Loans: Many credit unions and financial institutions offer loans designedspecifically to help individuals establish credit. Payments are reported to the credit bureaus,helping you build your score over time.
3. Authorized User: Becoming an authorized user on someone else’s credit card can give yourcredit a boost, provided they have a good payment history. The account’s positive history canhelp raise your score.
