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I recently was caught in the real estate debacle. My bank panicked and foreclosed on the property. I was able to sell it at a net profit of $125K. In the meantime I fell behind on credit card obligations. This, combined with the foreclosure notice, created a horrible credit rating in the 500’s. The mortgage and credit cards along with taxes etc. have all been paid in full. I need a good credit rating to secure materials and bonding credit in my business. These ratings have me stymied. What would you suggest to be quickest remedy?

[Sunday, December 25th, 2011]

Unfortunately, the answer is NO. There is no easy fix, no quick way to restore your damaged credit history. Don’t fall for fairy tales of a “magical” credit repair service, either. However, there are steps you can take to help the process of restoring your creditworthiness. First, check your credit history report from any of the three credit bureaus: Transunion, Equifax, and Experian. Make sure there are no mistakes and everything is reported correctly. Should you suspect a mistake on your credit report, notify the credit bureau immediately. Additionally, in theory, you can contact your creditors and try to leverage your current timely payments as a good reason to pull back at least some negative records filed against you. It can happen! Keep in mind; your creditors are not obligated to recall their negative reports to credit bureaus. However, it’s worth a try. Another idea can be getting a friend with an excellent credit score to add you as an additional card member to his or her credit card. Even if you never use this card it will be reported to the credit bureaus as an account in good standing, provided that your friend makes all payments on time! These tricks and ideas may help, but will not repair your credit history overnight, as only time and timely payments on existing accounts will.

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