Credit is a necessity sometimes to be in the meet, if we need a guarantee of money to improve the financial conditions are minus, with our credit will be more mature in managing the material.
Having a good credit rating is important because it allows us many conveniences in life, such as renting property, having credit card, and qualifying for financing etc. However, if you do nop pay a creditor on time, your credit report with the credit bureau will be affected, and when your credit rating becomes poor, the above conveniences will no longer be possible. It is imperative that you take immediate steps to repair your credit.
The first step in credit repair is to get your credit report from the credit reporting agency. Once you receive your credit reporty, examine it closely for any inaccuracies. If you find any discrepanicies, you can request an investigation in writing to the agency. The agency must then either respond withing 30 days with documentation of the particular discrepancy, or remove that item from your credit report.
An immediate solution to credit repair is to contact your creditor as soon as you become aware of your outstanding debts. Your credit report depends on whether your creditor decides to report you to the credit reporting agency. Usually your creditor will be willing to discuss with you alternate payment options and solutions, because they would prefer to get some payment at all from you. You should propose a realistic payment plan and convince them that you can stick to it.
If your creditor does not accept your new payment terms, the your debt will go to collection, and you will the have to deal with the collection agency. Collection agents are usually more aggressive and may even threaten to take you to court if you do not comply.
Bear in mind that collection companies generally buy debts at about half their value, so any payment higher that that is a profit for them. Negotiate ASAP to pay less that the full value of your debt, and collection agents generally agree to quick payment at a small discount of the value, as they are unwiling to have the process drag on.
Another option is for you to seek the help of a credit counselor. Credit counseling is usually done by non-profit agencies, and credit counselors will advise you on and make you stick to your long term credit repair plans. Good credit counseling organizations also provide workshop, educational materials, and counseling.
Of all the credit repair options, Avoid for-profit credit repair companies at all cost because they are often scams, and propose a one size fits all quick fix. There is nothing that a credit repair company suggests that you can't do yourself, such as obtaining your credit report etc.