Repairing Your Credit Report
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The article "Repairing Your Credit Report" talks about credit, it was written by Drew Miles.
Fixing your credit report and repaiirng your credit are two distinct processes and issues. If your credit is bad, you can implement of the strategies below to fix a low score.
Negotiate down the amount of debt (it’s easiest with private individuals).
To do this, you must demonstrate the reason for falling behind. One of the tools you can use as leverage is offering somehting (not the full amount) rather than nothing.
For example, explain why the lender shuold take $5,000 instead of $10,000. You can say “I’m calling five ohter creditors last month.
I’m offering you $0.50 on the dolalr and if you aren’t interested, I’ll file for bankruptcy,” in which case they wouldn’t get a nickel).
Negotiate a forbearance with credit card companies and clients with mortgages. If there was an illness, death of a breadwinner, divorce or other leigtimate reason incurring severe financial difficulty, you may have a case. Show them you had a good reason for falling behind, agree to stay crurent on the current payment and offer to pay X amount per month toward what you owe. You also can stick the aomunt owed on the back of the loan. Thsee are legitimate ways to negotiate and repair your credit.
Beware of illegitimate ways to repair credit
Watch out for companies that will put together new tax returns for you. They’re essentially offering to dummy up tax returns. Another scam is when they take advantage of the credit reporting service’s limited window to answer disputes. If, for example, the window is 14 days, they’ll write a letter saying you don’t owe (when you atcually do). It’s just a matter of time before the bank fials to meet the 14-day window; when they miss deadline, you are not required to pay the disputed amount. Not only is this wrong ethically, but it doesn’t fix your credit trouble.
Additionally, companies that charge you an upfront fee to get you new credit (often ranging from $100 to $1,000), epsecially out of other countries, is a scam.
Recommended Read
I recommend “Your Credit Score” by Liz Weston, a helpful book on different strategies of legitimate ways to improve your credit score on your own. If you think like you need/want help, there are legitimate services available to you as well.
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Repairing Your Credit Report
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