This Too Shall Pass

Jun 12th, 2013 | By | Category: Debt

darktimesYour credit can be lowered significantly by errors in your credit report. D.I.Y credit improvement is one of the best ways to improve your credit. Read on to find out how you can fix your credit.

If someone promises you to improve your score by changing your factual history, this is a scam. Negative entries that are otherwise accurate will stay on your credit report for a minimum of seven years. You can, however, succeed at having incorrect information erased from your credit reports.

You should consider talking to directly with your creditors when you are trying to improve your credit. This will enable you to make sure to keep your credit in good standing and repair any damage that may have been caused. This can be accomplished by negotiating with them for a change in due date or monthly charges.

Don’t do anything illegal, you really don’t need to and this will get you into more trouble than it is worth. There are less than honest entities that will show you how to make a brand new credit file. These scams are not legal and there will be repercussions. Legal ramifications can cost a lot, and you may go to jail.

When attempting to improve your credit, you should go over any negative marks with a fine tooth comb. If you find errors in any of the information, you might be able to request the entire negative record be removed from your credit report.

If you come across a mistake on your credit report, don’t hesitate to dispute it. Report any errors to the three credit reporting agencies. Be sure to include any documents to support your case. Also include a request for a return receipt to make sure the agency gets it.

Credit Card

If you have bad credit, have your credit cards merged into one single account. Transfer credit card balances to one card for loan consolidation. Doing this will allow you to focus on paying off one large credit card bill, instead of several smaller ones.

If you are able to negotiate a repayment plan with your creditor, be sure to get it in writing. This will give you important documentation in case of an ownership change or if the creditor tries to back out of the agreement. Once you finish making all your payments, be sure to send that information to the credit agencies in writing.

You will be able to keep up with your bills, and get a good credit score. Every late credit card payment can damage your credit score.

Try and pay down any revolving account balances in order to boost your credit score. Your credit score can be raised if you lower your balances. The FICO system will make a note when the balances are at 20, 40, 60, 80 and 100 percent of the total credit available.

It is obviously somewhat difficult to let derogatory marks stand undefended, but the evidence suggests most lenders don’t use those statements in determining creditworthiness. There is also the possibility that it will just draw attention to that negative event instead of it being overlooked.

Collection Agenciescollectionguy

One of the most stressful aspects of handling bad credit is dealing with debt collection agencies. Debtors can stop harassment by collection agencies with cease and desist notices, but know that this is all they do. This doesn’t let the customer off the hook for the debt, it merely stops the threatening calls.

When attempting to fix your credit score, exercise caution when it comes to attorneys and legal teams that advertise instant repair of credit. Since many people have credit issues every day, there are now scam lawyers that promise to repair them. They charge large fees, and most of the time the services they provide are illegal and have no worth. Do the research on your lawyer before you call them.

 

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