|
Author: Dan Farrell Article source: http://www.bestcreditsolutions.com/. Used with author's permission.
If you have a bad credit rating, then you might find that
your ability to get financing, loans, and even some jobs is
greatly diminished.
Once you have a bad credit rating, it might seem like
there's nothing that you can do about it… but you don't
have to believe that. It's not as difficult as you might
think to get by with a bad credit rating; with a little
work and time you can even repair it! Of course, before you
do that it's important to realize exactly what a credit
rating is.
Every time a lender or other creditor makes a report
concerning your payment history to them, this report
affects your credit score.
Your credit score is a numerical indication of the positive
and negative reports that you've received from creditors
and lenders; if the number is high then you have a good
credit rating, and if it's low then you have a bad credit
rating.
Basic credit repair
Get organized! Make a folder for all your correspondence
offline and online. You will have to do some snail mailing
but in most cases you can work your repair online.
In the U.S. a 630 rating will qualify you for a mortgage.
You can still get credit with a lower score but not at a
premium interest rate.
In fact, even a chapter 11 bankruptcy (erases all negative credit)
is not as bad as many think. I am not advocating filing for
bankruptcy (the laws have changed so you might have to
set up a re-payment schedule if your income allows) but for
those caught between a rock and hard place, unemployment,
medical crisis, divorce...many good reasons for finding yourself
unable to pay your bills, filing for bankruptcy is a god-send.
Many times, you will find creditors very eager to extend credit because
you don't have any debts! It is the irony of the debt-income picture...
if you have a steady income, you will have no problem getting credit
cards, auto loans and even a mortgage.
So, don't despair, your situation is not as bad as you think! You will
find a way to less worry, more sleep and better relationships.
To begin correcting your credit, the important thing to do is obtain
your credit report and study it. Mark all the negative items.
Most unsecured credit, mostly credit cards, can stay on
your report for 7 years. If you find any over that, write
to the credit bureau and ask them to remove it. They are
required by law to research and report back within 30 days.
If they don't, you can threaten them with a letter to the
Better Business Bureau or Federal Trade Commission.
Find any other negative items and determine if they are
correct. If not, write the bureau and tell them its not
your debt.
Even if you aren't sure, ask the credit bureaus to
investigate. Many times, they will not be able to verify
the debt because the credit card company, auto loan company,
or other creditor won't get back them within 30 days
(required by Fair Credit Act).
For the contact information on credit bureaus as well as
samples of letters to send to them, go to:
http://www.repair-credit-right.com
You may freely reprint this article provided the following
author's biography (including the live URL link) remains
intact: Dan Farrell is the owner of Repair Your Credit...The Right Way and this article on credit repair and others on credit can be found by going to:
Credit Repair
The Importance Of Cash Flow In A Network Marketing Business
Learn how the concept of cash flow can help you in your network marketing home business today.
Waiora Top Recruiters Using Conversational Recruiting
In interviews with top MLM recruiters nationwide we've discovered 7 critical themes that keep recurring...
When Google PR Tool Bar is Down!
How do you deal with it and what does it mean to you?
Empower Your Trainees
One of the most memorable quotes that I heard from a trainer came from a man I knew named Rizal:
Thank You To Our Soldiers And A Tribute To Old Glory And A Prayer For Peace
"Thank you" to our soldiers and a tribute to old glory and a prayer for peace...
How To Choose The Perfect Necklace - One that Makes You Look Your Sexiest
That perfect necklace transforms a plain jane look into a stunning look instantly. Here's how you can find what is perfect for you.
New Product Launch Checklist
Launching a new product or service is an exciting time and it is possible to overlook something in the rush to get that product or service to market. I develope...
Then and Now.
A comparison of our society's attitudes toward grief and sex and how those traditions have changed over the past hundred years.
Conquering Bad Habits
The majority of your behavior is determined by your habits. Where you are in your life, at this moment in time is largely a result of your habits. If you want t...
What to Include in Your Marketing Plan Write-Up
For those new to marketing plans, the thought of writing a marketing plan from start to finish may feel daunting. It need not. Article explains content to inclu...
Laughter is Good for You
Can laughter improve your health? Yes! Medical studies have shown that laughter utilizes muscles throughout the body. For instance, laughter exercises the lungs...
Top 5 Search Engine Optimization Mistakes
There are a lot of ways to promote your website and, unfortunately, a lot of these methods are mistakes. Here is a list of some of the more common mistakes (oft...
Do It Anyway
The best way to get ahead may be not to try to get ahead at all. Instead, concentrate on just doing it and getting it out there.
Gain An Advantage Over Your Competition By Controlling The Cost Of Your Health Insurance
Employers that are able to get a handle on their group medical coverage will allow them to have a distinct advantage over their competition. If necessary, cons...
Writing HI-LO Material (High Interest, Low Ability) for Slow Readers
If you can write interesting, well-paced material for adults or children who are slow readers, you will have an ever-hungry market. Here are some simple guideli...
Fireplace Terms Dont Need to Confuse You
This simple glossary of fireplace terms will help in your search for the perfect fireplace. Knowing the terminology before you begin shopping will improve your...
5 Tips For A Better Website
Having an eye catching website is great, but are you optimizing your website to allow the best performance possible? I receive several emails a day from clients...
What Message Are You Sending Out?
So much of what we can and cannot do has a lot more to do with our belief systems and our attitudes than by our financial or life's challenges around us.
Fundraising For Your Preschool Or Daycare Center
Most daycares operate within a tight budget that just covers the costs of operating a quality center. One way to offset the cost of extra curriculum, supplies o...
Giving Importance
How much importance do we give to our lives? How do we justify our existence and do our lives have purpose? Who determines that purpose? All of life happens at ...
Management by Osmosis
Sales Managers are a critical part of any sales organization and by extension, the entire enterprise.
Leadership Like Water-Water Canoeing
Despite the fact that globalization has forced leaders to transform the way they do business, many of them are nonetheless engaged in outmoded methods of leader...
Do You Have Diabetes? Symptoms Of Diabetes And How To Address Them
Diabetes usually runs in the family, so it's best to know early on if you have it. The common symptoms experienced by someone who has diabetes include...
Financial Freedom In 5 Steps
You want to achieve financial freedom? Follow these five steps and you'll be there before you know it.
|
Print this page