In 2017, the U.S. News & World Report nominated Austin as the best place to live in the USA. There’s more to the capital of Texas than its sunny climate and diversity. Austin is the fourth most populated city in the United States, and like everything else “big” in Texas, it has the largest urban bat colony in all of the country. With its vibrant city life and scenic views of nature, Austin is definitely on top of the list when it comes to the best places to visit in North America. And you have probably heard about the “weird” vibe the city offers or all the odd things it does to make itself more interesting than the rest of U.S. metropolises – from junk museum to celebrating Eeyore’s birthday, Austin has it all. Despite the colorful approach and its overall appeal, Austin faces many social challenges in the background, including skyrocketing homelessness and indebtedness. When comparing all fifty largest cities in the United States in a study done by LendingTree, Austin ranked the worrisome second place for the highest median amount of credit card debt at the beginning of 2021!
Pyramid Credit Repair, a reputable and seasoned credit repair company, helped millions of Americans fix their financial defects through a rigorous process developed by specialists within the industry. Our patented and tried methods are based on pure analytics and are currently stepping into the Austin territory, allowing you to sleep soundly knowing your affairs are in the right hands. Credit repair, when done correctly, can and is a legitimate service offered to those who are willing to make the commitment of a better tomorrow.
Credit Repair – Where to start?
Credit repair can be one of the most heinous and labor-demanding tasks out there – being constantly on the lookout for mishaps, organizing your statements and credit reports, learning how to read them correctly, or drafting those dispute letters; you also are required to step into the role of a negotiator with financial institutions. That means you need to really commit to the process that may take up to few months to see results. Pretty discouraging, huh? Well, not necessarily. Read on to learn how you can master the credit repair process without the extra sweat.
Diagnose the Problem – Intervention
In order to diagnose any problem, you need to dig deep and identify the root and symptoms of your situation. Put your credit life on hold for a few days while you go through your statements, calculate the remaining balances to figure out your overall debt, identify the interest charges on your accounts, and establish a budget that you will commit toward paying off your financial obligations. Think about everything that is happening to your life and all the problems you have been sweeping under the rug to avoid facing the truth. This is the right time to come face to face with your situation and the challenges that brought you here in the first place. Without this holistic approach, all of your efforts might not work in the long run, even if you do boost your credit score temporarily.
Trim the spendings
Before you sit down with yourself or loved ones, commit to immediately stop digging a giant hole in your debt and avoid making unnecessary purchases. Trimming your spendings and slightly modifying your financial behavior will have an enormous impact on the further steps, especially if you need a decent budget to pay off the accumulated dues. It’s worth having a few tricks up your sleeve when it comes to effective budgeting:
- It might sound silly, but calculating your exact monthly income can become handy when beginning the credit repair process. While getting a check you earned gives you an idea of how much you make, it may not be a fixed amount every time, especially when considering all the deductions. Establish an average monthly income and subtract all business expenses, taxes, and other automatic reductions.
- Choose a budgeting method that works for you and your unique situation. Since you now know your overall indebtedness, you have an idea of how much you should dedicate toward paying it off. Choosing a budget system may seem overwhelming, so here are the few worth keeping in mind:
- The 50/30/20 budget – ideal system for paying off debt while covering current expenses and saving for the future. The main concept is spending 50% of your income on necessities, 30% dedicating to non-essential costs, and 20% going toward paying off debt and savings. If your debt is much harder to manage, consider adjusting the percentages and minimizing wants for the sake of needs.
- The envelope budget – the old-school cash and envelope system without the laborious spending tracking. You may combine the two methods and dedicate a sum of cash needed for various expenses by placing them in marked envelopes. This is a more rigid way to monitor and trim your spendings and might work better if you are buried in debt.
Review Your Credit Report
As a consumer, you are entitled to three credit reports from all three major nationwide credit bureaus, Equifax, TransUnion, and Experian. While all three look similar, they might contain slightly different information. It is crucial that you review all of the credit reports with scrutiny, identifying all possible errors that, unfortunately, are way too common. Some of the inaccuracies include wrong names, date of birth, addresses but may also contain more credit-affecting entries, such as inaccurate missed payments, inquiries, or closed accounts.
Now that you have highlighted all wrongful information on your credit reports, it’s time to take it up with the financial institutions and lenders. You may prepare a dispute letter yourself or download a free template online to guide you through the process. Make your case, attach copies of your credit reports with highlighted errors, provide all other supporting documents, and post the letter via certified mail. Now, allow the creditors 30 days to review your records and follow up if you do not hear from them. The dispute process may have to be repeated a few times before any action is taken.
Pyramid Credit Repair
If you are in Austin and need help with repairing your credit, do not wait any minute longer to get the assistance you deserve. The process is smooth, and we make sure you stay informed throughout the ordeal, monitoring your progress and getting advice around the clock.