Thursday, April 5th, 2012 at 9:53 pm ?
Negative-but-correct information cannot be removed from your credit report, so be wary of promises from unscrupulous companies who promise to remove it from the credit reporting agencies. Negative entries on your record stick around for a term of seven years at a minimum, even if you take care of the debts involved. It is possible to have erroneous information removed from your report, however.
In order to improve your credit, you should be sure to make your credit card payments on time, every month. Any late payments get reported to credit bureaus and it shows up as negative on your report. Consistently making at least your minimum payment shows that you take your financial responsibility seriously.
Bankruptcy should be a last resort. Doing so will reflect upon your credit score and report for 10 years. Though the idea of ridding yourself of debt can sound appealing, the long term consequences just aren?t worth it. It may be hard to get a credit card or a loan if you declare bankruptcy.
Make out a plan or program to pay off past due accounts and collection agencies. When these accounts get paid off, they are still on your credit history, but they are then marked as paid, which is far less damaging to your score.
You may run across credit repayment plans that are simply impossible for you. Look at what you can afford, and be sure you can make whatever payments you agree to. You will hurt your credit more by not following through with deals and it will not be worth your efforts.
If you want to avoid paying a lot, you can pay off debts that have a huge interest rate. There are legal limits set in place to control the amount of interest a creditor is allowed to charge you, plus your original debt is all the credit card company paid when you made the purchase. Although, in reality, you did agree in advance to pay any interest charges incurred. You need to be able to prove the interest rates are too high if you want to sue your lenders.
Although it?s easy to feel like you can never recover from bad credit, it is possible to do so. These suggestions can help you get on track with fixing your credit.
This article posted by Tom Morgan
Tagged with: card ? credit ? credit card ? report
Filed under: Credit Repair Tips
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