The Truth About Fast, Easy Credit Repair
There is no quick fix, or easy solution for credit repair. Doing it yourself can save you lots of money, and hiring someone else to do it for you is supposed to be less stressful. The truth is no matter which way you fix your credit, it will not be fast, or easy.
While it is true that sometimes collection agencies are less willing to deal with people than with credit repair services companies. This is not always the case. Just remember that extra effort you are putting into repairing your credit is going to benefit you.
I suppose you could do it without this step, some people have tried, many have failed. You need to get rid of your credit cards. It is way to easy to spend, just this once, if you don’t have to actually part with the money right now. Get rid of those cards.
Open a separate bank account, and for a few months put your payment you normally make to your credit card company in that account. I mean let’s face it, you’ll never get it paid off with the minimum monthly payment. When the credit companies start calling regarding your delinquent accounts, be honest that you can’t pay right now, but you have a plan in place to repair this situation as soon as possible.
Surprisingly enough, when you contact your creditor and offer a lump sum payment, they have been known to settle past due accounts for as little as pennies per dollar. You may have to dust off your negotiating skills, but if you stick to it and don’t be too eager to give in, you’ll get results.
A good first step is to assess your situation. You must know where your credit is at before you can begin to rebuild it. It should be mentioned here, that sometimes it needs to get worse before it gets better. A really good help for this, is to look at the big picture. A few missed payments now, are not going to reflect all that badly once the whole debt is paid off.
A lot of people have found sources of hope, support and good information on credit repair forums. Some people working for companies offering credit repair services are on these forums as well. It can be a great place to get free advice and to read about others who have dealt with situations similar to what you’re dealing with.
Please remember this, if you remember nothing else. Research. That’s right Research. It is extremely important to research your alternatives as well as your legal rights and responsibilities.
As the old saying goes, look before you leap. Know where you are going, and what steps to take along the way. This is not something you want to do by the seat of your pants. You want to have a thought out plan, you don’t want to make things worse.
Another saying I’ve heard that applies to this, plan your work and work your plan. That goes hand in hand with, if you fail to plan you plan to fail.
You must remember two things when deciding what to do. As much as there are laws that determine what you are allowed to do and not do, there are also laws that dictate what credit reporting agencies may do or may not do. It is also in the creditors best interest to get this account paid, that’s why they often settle for lump sum payments at pennies on the dollar.
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