Whether you've missed a few payments, or made late payments - don't worry, you're not alone. Nearly everybody has at one point or another made a mistake financially. If you, for whatever reason, have serious marks on your credit score, here are some helpful hints and tips on how to repair bad credit.
First, you should have knowledge of your credit report. This is obtained through major credit reporting agencies. (Go to http://www.ftc.gov/freereports.) After you have your credit report, look through it to see if the two following opportunities for how to repair credit apply to you.
Collection accounts: First find out if any of your debts have been referred over to collection agencies. If they have, immediate action must be taken to resolve this. Collection agencies can update your account on a monthly basis by lowering your credit rating. This is done through a shortening the average length of your credit history.
How to repair bad credit: Give the collection agency a call and tell them honestly and clearly that you have every intention of paying off the debt entirely. However, make it clear to them that in order to make this happen, they must delete their account from the credit bureaus' report. While not all collection agencies are willing to do this, it is worth a try. If they do agree, make sure to get the agreement documented.
Past due accounts: Listed in the section of your credit report marked delinquent, there is a subsection titled "past due". Past due balances can also destroy your credit rating. So again, taking immediate action is crucial for your credit rating.
How to repair credit: Explore your options. Find out if there are any ways you can make the payment in full in order to avoid the problem head on. If you can't find a financial solution, try the same method recommended for collection agencies. Ask if you can set up a schedule to make the largest payments possible - and ask them to keep it off of your record. Again, it is crucial to get this in writing.
Your credit does not need to be brought down by late and unmade payments. You have a fantastic opportunity at redemption from your past financial mistakes if you are will to negotiate with creditors. You will need to pay your debts, but you can save your credit and help yourself in the long run. - 29866
First, you should have knowledge of your credit report. This is obtained through major credit reporting agencies. (Go to http://www.ftc.gov/freereports.) After you have your credit report, look through it to see if the two following opportunities for how to repair credit apply to you.
Collection accounts: First find out if any of your debts have been referred over to collection agencies. If they have, immediate action must be taken to resolve this. Collection agencies can update your account on a monthly basis by lowering your credit rating. This is done through a shortening the average length of your credit history.
How to repair bad credit: Give the collection agency a call and tell them honestly and clearly that you have every intention of paying off the debt entirely. However, make it clear to them that in order to make this happen, they must delete their account from the credit bureaus' report. While not all collection agencies are willing to do this, it is worth a try. If they do agree, make sure to get the agreement documented.
Past due accounts: Listed in the section of your credit report marked delinquent, there is a subsection titled "past due". Past due balances can also destroy your credit rating. So again, taking immediate action is crucial for your credit rating.
How to repair credit: Explore your options. Find out if there are any ways you can make the payment in full in order to avoid the problem head on. If you can't find a financial solution, try the same method recommended for collection agencies. Ask if you can set up a schedule to make the largest payments possible - and ask them to keep it off of your record. Again, it is crucial to get this in writing.
Your credit does not need to be brought down by late and unmade payments. You have a fantastic opportunity at redemption from your past financial mistakes if you are will to negotiate with creditors. You will need to pay your debts, but you can save your credit and help yourself in the long run. - 29866
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