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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Credit > Fixing Bad Credit
Solving Your Credit Problems
Your credit report influences your purchasing power, as well as your chances to get a job, rent or buy an apartment or a house, and buy insurance. A history of timely credit payments helps you get additional credit. Accurate negative information can stay on your report for seven years. A bankruptcy can stay on your report for 10 years. If you are having problems paying your bills, contact your creditors at once. Try to work out a modified payment plan with them that reduces your payments to a more manageable level. Don't wait until your account has been turned over to a debt collector.
Here are some additional tips for solving credit problems:
• If you want to contest a credit report, bill or credit denial, contact the appropriate company in writing and send it "return receipt requested."
• When you contest a billing error, include your name, account number, the dollar amount in question, and the reason you believe the bill is wrong.
• If in doubt, request written verification of a debt.
• Keep all your original documents, especially receipts, sales slips, and billing statements. You will need them if you dispute a credit bill or report. Send copies only. It may take more than one letter to correct problems.
• Be skeptical of businesses that offer instant solutions to credit problems.
• Be persistent. Resolving credit problems can take time and effort.
• There is nothing that a credit repair company can do for you — for a fee — that you cannot do for yourself for little or no cost.
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Credit > Fixing Bad Credit Archive
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