If you're looking for bad credit repair so you can buy a new house, take out an auto loan or fix your credit interest rates, then you may be surprised to learn that you may have to weed through many credit repair companies to find a legitimate one. The industry is inundated with scam artists and criminals! However, there are also many legitimate non-profit organizations and government-approved credit restoration counselors. Two things to keep in mind at all times are that it will take some time to fix credit scores that are poor and that you'll need to make many modifications.
If you're looking for bad credit repair, then understand that there is no way to legally remove accurate and timely information from a credit report. Your credit score is designed to let lenders know how much of a risk you pose as a borrower. They are legally entitled to gain truthful information regarding this matter. Sometimes, you can write to your creditors and ask them to drop the information from your credit report in exchange for a prompt and full payment. Often times, that's the best you can hope for, with regard to the negative information. Then you can take the initiative to create more positive information.
Here are some do-it-yourself tips for fixing bad credit. If you do not want to use a credit repair attorney and feel up to the challenge yourself, then you can use your sales and negotiating skills to get items deleted or at least changed in your favor on your credit report. First thing is, never make arrangements over the phone. It's always best to do yourself a well-written letter instead and be sure you write this letter before you give the creditor any money or you will have lost your power to negotiate! If you have a "charge-off" listed on your credit file, then you can sometimes offer to adhere to a monthly payment plan and get creditors to replace them with "paid as agreed and on time." If you can't get that, then try for "account closed, account paid or account settled," all of which are much better than a charge-off. The best case scenario you could ever hope to achieve is a creditor to completely remove their account from your credit report, although it's certainly a rare best case scenario. Often with medical bills, the creditor will remove the bad credit debt if you agree to pay immediately, in full, with an additional fee or two, which will improve credit scores straight away and if you can afford it, is well worth the additional fee.
Here are a few last bad credit repair tips. First of all, get a copy of your credit report before contacting a debt collector to see how much you actually owe, and furthermore, never negotiate over the phone. Always negotiate with a certified mail paper trail for the best legal protection. Always try to negotiate for negative records to be completely removed from your credit report, but be prepared to pay the full amount in that case. Dispute the inaccurate information on your credit report. Try to have at least three lines of credit in good standing for a minimum of two years; this may include two credit cards and one installment loan. There are credit cards for people with bad credit available from Visa and Mastercard, but be mindful of the terms. Pay down student loans 70% and all other credit cards to 20/80 debt-to-credit ratio. Do not close credit card accounts and be patient; you can repair your credit soon enough.
At an early age people are given the opportunity to begin building their credit. They can acquire credit cards, loans for vehicles and homes and even money for school. But what happens when this credit is maxed out and there is no way to repay it all? It is all too easy to find yourself in over your head in bad credit. But you do not have to stay that way. There are many resources on the internet that can help you eliminate those bills and get back on your feet.
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