Hi, everybody. Rowan Smith from City Wide Mortgage services. I’m answering the question today, “What’s the fastest way to rebuild my credit?” Now, there’s no quick answer. There’s no way this can be done in a month, or two months, or even three months, or six months.

    You have to think of your credit as your financial reputation. It takes years to build and you can destroy it in a single month. It’s very quick and very easy.

    Now, there are steps to rebuild it, however. Things you want to do, there are two different possibilities. Are you recovering from having no credit, or not much, or are you recovering from having bad credit, and missed payments, and write‑offs, and whatnot?

    If you’re coming from the circumstance of no credit, your first step is get some. Now, you may go to the banks and they say, “We won’t give you a Visa because you don’t have any credit,” and you may think this is a circular catch‑22 logic.

    In those cases, get a secured Visa. You put up $1,000 of your own money. They’ll give you a $1,000 Visa. Once you’ve demonstrated a track record of knowing how to use it, they’ll release the $1,000 back to you and you’re off and running. This was how I had to get my first Visa when I was 19.

    On the other side of this equation are people that have bad credit, so how do you do that? Well, if you want to fix that situation, same way, you can get a secured Visa with $1,000 to demonstrate, again, that you know how to handle your credit now, but you’ve got to mitigate some of the damage that’s on you.

    You have to make sure that what’s reported is in fact accurate. Often times, debts will report as written‑off, but then you’ve gone back and paid them, maybe a couple years later, and it’s not reporting that, so keep your proof. Have someone like myself go over your credit with you, show you how it’s reported, and ensure that the information that’s on there is in fact accurate and up to date, based on payment you may have made after the fact.

    You have to be careful here, because if you’ve been paying payments to a collection agency, but the debt was originally with TD Bank, TD Bank might have sold that debt to the collection agency and reports it as a write‑off. You, subsequently, may make payments to the collection agency, and you may have paid your debt in full with interest. The Credit Bureau may not reflect that. It’s important that we sit down and we go over bureau with you, and ensure that it does report accurately.

    If you’re in that circumstance, you want to rebuild your credit or establish your credit, I have the tools to help you. I’ve got the knowledge to walk you through that process. From City Wide Mortgage Services, I’m Rowan Smith.

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