Seniors planning for retirement can get exponentially better rates for mortgages, insurance products, and other potential sources of income if they have good scores.
Bad credit or poor credit history don't necessarily mean that your retirement will fall into shambles, although you'll have a considerably better chance at good rates once you start fixing your credit score.
The first step in repairing your credit score is getting a copy of your credit report.
Inform the reporting company if you find any errors, and keep your notification as documentation.
Credit reporting companies typically investigate complaints within a month.
Once they've investigated your complaint and found it to be valid, the report must be fixed.
You should also be given a corrected copy of the credit report free of charge.
There's no easy fix for a decent credit report and poor credit history.
Don't go to companies or individuals who supposedly repair credit - this is a scam.
You're the only one who can fix your credit history by changing your bill payment habits and how you handle other aspects of your finances.
This can take upwards of several years, so start as soon as possible.
Raising your score is much easier with good credit history.
Taking care of your bills on or ahead of time, paying off debt instead of shuttling balances, and reducing credit card balances are just a few of the things you can do to improve your credit score in this scenario.
Seniors shopping for insurance products or applying for loans to help fund their retirement can get better chances at lower premium rates and faster loan approval with good credit scores and the right credit report information.
Consult with your lender or financial advisor to find out how to use your existing cash to raise your score and help you ask for a quick re-score.