5 Steps That Are Essential To Fixing Your Credit
Today, there are many people who need help fixing their credit. The information provided here can be utilized whether your credit issues are big or small. Some of these techniques are used by credit repair companies, but most of them can be done by yourself. All you need is a little time and effort.
If you are sick and tired of hearing “NO” , “SORRY” , “A LETTER WILL BE SENT TO EXPLAIN THE REASON YOU WERE NOT APPROVED” , use these 5 steps and get started. In Today’s Economy, you are only as good as your credit score.
One of the first things you need to do is obtain a copy of your CURRENT credit report, it is essential that you monitor your credit scores. You need to watch and monitor your credit score on a monthly basis. There are many websites where you can obtain your credit score, but be careful not to pay too much for monthly subscriptions. We would say paying over 6 dollars a month is too high. If you pay more, just call the company to cancel your subscription and 90% of the time they will offer you a deal at almost half off the price, sometimes more. So get started and get your credit report on your desk today.
Once you have your credit report, look at it closely and check to make sure it’s accurate. If you find items on that report that do not belong to you, call the number to that creditor and ask them to remove it. Make every effort effort to reach out to your creditors to ensure the quickest resolution. Keep in touch with them, and they will document you as a person trying to fix the issue.
While you are talking with the creditors, tell them you want to create a Payment Plan. Wheel and Deal with them and create a plan that will help you save money. Always get the highest interest creditors paid off first and try to focus on the debits that offer you the best flexible payment plan first. In other words, interest, flexibility and affordability is the way to go when talking to creditors.
Once you’ve arranged payment plans, MAKE THE PAYMENTS. If you have any problems financially with the payment plan, always call them and tell them what is going on. You want to ensure that you pay off these debts, and talking about a financial struggle with creditors will help if you cannot make a payment. You do not want to get a black mark while making payments, this will certainly lower your credit score.
Negative marks on your credit report should be documented and double checked, do this monthly. If you notice any negative reporting at all, ensure it is correct. If it is not correct, write the creditor and tell them to remove the negative mark on your report, they have 30 days to respond, if they don’t respond, call them and say you never received a response. They then need to remove the negative mark.
Some other notes:
Know the laws in your state concerning debt. Some creditors will threaten you with court cases and other scare tactics. This is their job. They want money, and they will do what it takes to get it.
If your account is turned over to a collection agency, the above 5 steps still apply, but you have a good chance to get a lower payment. This simply means the original creditor filed it as a loss, and the collection agency purchased the account for a discount. So, adding that up, the collection agency now needs to profit, and to do that, they will try to charge you the full amount, but you can go through the above steps to get a payment plan and discount.
One thing to “NEVER DO” is just file everything in the garbage and forget about your debt. It’s not the right thing to do, and it will destroy your credit for just about everything you can imagine, including job’s, homes, cars and bank accounts. Get it fixed.
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