Is there an easy way to fix bad credit? The answer is a resounding no. Whether you choose to fix your bad credit yourself, or hire a company offering credit repair services, it will not be easy. There is one sure thing about credit repair, it will be stressful and will take time.
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Some people believe that credit repair services are the best way to fix bad credit. That’s why these companies do such good business. It is also possible to fix bad credit yourself, but it is not easy. However even dealing with credit repair companies is not necessarily easy or stress free either.
The absolute first step to fixing your bad credit is to identify the need to fix it. As long as you say well it’s not great, but it’s not that bad, you’re not going to fix it. The next logical step is, a lot of people have a hard time with this one, get rid of your credit cards. Some people really struggle with this step. Unless you have superhuman self control, which admit it if you did you wouldn’t be needing to fix your bad credit. It is imperative to the healthy rebuilding of your credit.
Let’s face it all those monthly minimum’s will never get you where you want to go. Stop paying them. Think about it, if you put those payments in a bank account until you have a portion of what you owe, usually a minimum of one third. Then you’ll be able to negotiate a lump sum payment to eliminate that debt. Otherwise you’ll just keep chipping away at the interest forever.
It must be noted that this method must be followed up with contacting your creditor, usually once you have about one third of your debt to that creditor, and offering lump sum payment. Sometimes companies take your offer right away, sometimes you have to negotiate for a while. Either way it still takes time, determination and hard work to repair credit.
Once you assess your credit standing, you will know where you are now, and you should have a good idea of where you want to go. Then it is a simple matter of mapping out your route to get from where you are to where you want to be. It is important to decide whether a few missed payments now, in exchange for having the debt eliminated later is worth it. You don’t want to make your credit worse.
A lot of people have found sources of hope, support and good information on credit repair forums. Some people working for companies offering credit repair services are on these forums as well. It can be a great place to get free advice and to read about others who have dealt with situations similar to what you’re dealing with.
Please remember this, if you remember nothing else. Research. That’s right Research. It is extremely important to research your alternatives as well as your legal rights and responsibilities.
I must caution you at this point, that if you have never before repaired bad credit, you must read everything. This is really important as you don’t want to inadvertently make your credit worse. You must read everything before just jumping in.
Another saying I’ve heard that applies to this, plan your work and work your plan. That goes hand in hand with, if you fail to plan you plan to fail.
You must remember two things when deciding what to do. As much as there are laws that determine what you are allowed to do and not do, there are also laws that dictate what credit reporting agencies may do or may not do. It is also in the creditors best interest to get this account paid, that’s why they often settle for lump sum payments at pennies on the dollar.