Are you kept awake thinking about your credit report? The information and advice found here can set you straight and on the road to the credit report you wish you had.
An imperfect credit rating can make financing a home even more difficult than normal. Look into alternative financing options like FHA loans. FHA loans are a good option regardless of your down payment amount or funds available for closing costs.
Lower Interest
Your interest rate will be lower if you have a good credit score. Lower interest rates make paying bills easier, and prevents you from incurring debt. Paying your outstanding balances on time is the best way to keep your credit in check, and to obtain lower interest rates.
If your debt includes large amounts for interest charges contact the debt collector and see whether you can pay the original debt and avoid some of the additional interest charges. If you are being charged a distressingly high interest rate, you may be able to talk to your creditor. Remember you agreed to pay any interest that accrued over the life of the account. It is likely you can have exorbitant interest rates reduced if you sue the creditor.
Any company or credit counselor that claims they can erase all negative reports from your credit history should be viewed with some skepticism. 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. However, information that is not correct can be removed.
Never hire a credit counseling company without doing some research, so as to ensure they are a reputable organization. Although some can be quite legitimate, others have motives that are less than kind. There are a lot of people out there that are trying to take advantage of those who are down on their luck. Wise consumers always verify that credit counselors are legitimate before dealing with them.
If an action can result in imprisonment, draw the line. There are less than honest entities that will show you how to make a brand new credit file. Of course, this highly illegal, and it will cause you even more problems, because it will not go unnoticed. The legal consequences are expensive, and you might be sentenced to jail.
If you are doing hardcore credit improvement, you need to scrutinize your report for negative entries. You could find mistakes in dates and other factors which can cause the whole item to be removed from the report.
If you wheel and deal and get a new payment plan, be certain to have it on paper. If the creditor tries to change the agreement or if it the company is sold to someone else, you will have documentation to support your case. Once you make the final payment, get a statement that verifies that the debt has been satisfied and send it to the various credit reporting agencies.
You need to read and understand the credit card statements you receive in the mail. You want to double check that all the charges are accurate, and that you are not paying for something you did not purchase. You are the only person that is responsible for making sure the statements are error free.
Collection Agencies
One of the most stressful aspects of handling bad credit is dealing with debt collection agencies. You have the option of sending a cease and desist letter to agencies to stop them from calling, but that doesn’t mean that your debt vanishes. This will stop the calls from collection agencies, but that doesn’t mean consumers can keep ignoring the debt.
As you have seen, no longer does your credit does not have to be something that keeps you up at night. There are ways to fix your credit. If you follow the tips we have shared, you will end up with a credit report that many only dream of.
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