The Miseducation of Credit Repair

Consider speaking with a credit repair counselor if you need to repair your credit. Many credit repair services can help you have even the largest debts removed in just a few months. A counselor will know better than you what steps to take and what channels to follow in consolidating your debt and building new credit.

Here are the best ways to look at your credit situation…these are your options:

1. You can wait 7 years for the general derogatory negative items to fall off your credit report and it takes 7-10 years for public record items (Judgments, Tax Liens, Bankruptcies, etc.) to fall off the credit report.

2. You can pay back each creditor or collection agency, in which they will not accept, any amount below 50% of the debt. So just do the math.

3. You can hire a legitimate credit repair company like to get the job done…in an industry where 90% or more of the credit repair companies are scammers we take pride in getting results for each and every client.

Now that you have a better insight towards getting your credit repaired, you should already be forming strategies about how you’re going to rebuild your credit. The tips in this article are a great place to start, but remember that there is more information to learn out there, keep on expanding your knowledge and applying your information and your credit should be repaired before you know it.

It is important to check your credit report regularly because the information on it affects many aspects of your life. Any negative information on your credit report can affect their decisions.

Your first step will be to get your credit report in order to know what can possibly be removed or what will remain. Highlight all the incorrect and negative items you want to have removed once you have that in hand. You will then want to write down a list of questions that you would ask the credit repair counselor /specialist in regards to making sure that you will see some results. Again, this is not a sprint, it’s a marathon so don’t expect everything to be removed within the time frame of a month or two…sometimes it takes a little bit longer but as long as you are seeing “some” results, it’s best to be patient and let the credit repair specialist do his or her job.

After your negative items are removed off of your credit report, you need to add some positives to the report. If you can qualify for them, you can do this by getting secured credit cards or retail cards. These will quickly improve your score as long as you make payments on time.

When trying to repair credit make sure you are paying your bills on time, which is the first and most important step you should take. It is very important you bring all of your bills up to date and continue to pay them on time. When trying to better your credit situation, that is key.

Make sure you’re paying off the entire balance at the end of the month if you have credit cards. This will help keep you from getting into a spiral of debt. It becomes nearly impossible to pay them all off if you let your credit card bills start piling up.

Get it over with as soon as you can if you have run out of options and have no choice but to file bankruptcy. Filing bankruptcy is a long, tedious process that should be the last resort if you’ve exercised the options of using a legitimate credit repair company or if you are trying to fix your credit yourself.

Keep in mind that if you ever hear a credit specialist utter the words “Guarantee to remove all negative debt” DO NOT do business with that person or company because it is against the law for any person or company to “guarantee” results because it’s ultimately up to the credit bureaus if the negative items will be deleted or not. Look at it this way…for example, if you have $30,000 in debt and a credit repair specialist was able to remove $10,000 in debt and you paid them $900 to fix your credit, you still got more than your money’s worth.

Remember the options listed above…

1) you could wait 7-10 years for the negative items to fall off of your credit or 2) if you wanted to settle the debt with the original creditor or collection agency they will not accept less than half of what you owe as a full payment to settle the debt, so if you have $30,000 in debt are you ready to pay out $15,000 to remove those negative accounts or as I mentioned above, you can view the process as a marathon and not a sprint and get some results instead of no results at all.

Those are your only options in the process of credit repair. Legitimate credit repair companies usually aim to remove most or all of your negative accounts by using the debt validation process so be patient if you are getting some results because the credit repair scammers are not getting you any results at all. And there are more credit repair scammers online then there are legitimate credit repair companies.

Source: http://creditrepairsweep.com