Saturday, February 4th, 2012 at 2:55 pm ?
Credit repair can start with something as simple as keeping active savings and checking accounts. These accounts work in your favor as they show financial income and outgoings, that any overdraft is protected and that you regularly attend to all your accounts. If managed properly, your accounts will show evidence of reliability and responsibility, which will help your situation with creditors.
You should be truthful with debt collectors and see if they can work with you. Tell them the amount you are able to pay, and when you are able to make the payments. Collectors are always able to negotiate.
If you find a mistake on your credit report, be sure to dispute it! Include proof along with a letter disputing the claim to the agency that recorded the errors. Make sure that you send the letter via recorded delivery, so that you can prove that the credit agency receives it.
If you are having a hard time sticking to your budget, contact a credit counseling agency for help. They may be able to talk to your creditors and figure out a repayment plan; they can also assist you with your long-term financial goals. Credit counselors will also be able to help you understand where you are going wrong financially to stop the same mistakes happening in the future.
No credit repair company can remove factual information, no matter how damaging, from your credit report. Negative info stays on your history for seven years! If the information is an error, the credit report can be corrected.
Start using credit again in order to repair damage caused by previous negative activity. Prepaid credit cards are one way in which you can repair your credit. These cards are used like a normal credit card and are reported to the credit bureaus; however, you can only use the amount of money you deposit into your account. You will prove to creditors that you can pay your bills.
Put the spending brakes on yourself by lowering your credit limit on all of your cards. This will stop you from racking up giant credit card bills, and show lenders you are responsible.
When trying to repair your credit report, consolidating your debts with a program tailored for you might be a good place to start. With one simple debt payment, it will be easier for you to manage your finances and get out of debt. You will be able to pay in a timely manner, and improve your credit rating substantially.
Having read these simple tips, the only thing left now is to apply them. Since having a solid credit rating is vital for various transactions, time spent learning how to repair your credit is not wasted.
Blig for Cash
Filed under: Bad Credit Help
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Source: http://www.financeyourdream.org.uk/bad-credit-help/ideas-on-how-to-fix-your-credit-problems
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