Free Debt Management & Bankruptcy Articles

Professional Authors - Professional Articles

Debt Management Tips - How to Clean Up and Fix Your Credit Reports!

If you have been through a debt crisis and want to demonstrate that you now have your debt under control then you will want to have it properly shown on your credit reports. You need to show that you have taken care of your debt or are faithfully taking care of it now. It is important to get hold of copies of your credit reports so that you can make sure that everything reflected on them is accurate and true. So here is what you need to do in order to undertake that process.

You need to go and order your reports from Experian, TransUnion and Equifax. Understand that Experian is the main report so always make sure to have that one and make sure it's correct because you need to start with them as your main line of defense when you are trying to defend your good credit.

There are two ways in which you can order your credit reports. One, is that by law, you must be allowed to get one free report each year. Do this through the credit bureaus and not through a third party because they are going to try and charge you something, or at least try to. Also make sure they are sent to you via email or just right from their sites and not through a wireless connection or a public computer. You are just asking for trouble there.

Make sure that you do your best to clean up any bad debt that you might find on your reports. Find out how much you owe on the bad debt and if it's been written off then you have a shot at settling with them for one third to one fifth of what you originally owed. When clearing up bad debt do your best to not get a third party to do it for you. You can do it yourself and these companies charge you money and sometimes they make matters even worse for you.

Make sure that whatever you do get any deals relating to your credit in writing! No matter how unimportant it might seem to someone else, it's important to you. Make sure to over emphasize everything when it comes to all the terms and conditions of any settlement you might make with a creditor. Debt collectors will take whatever steps they can to get payment from you for their clients, including lying & cheating if they have to. They will tell you anything to get you to pay up and they don't care about your credit report nor will they bother to fix the report even though by law they are required to do so.

You need to get your settlement in a contract first. A collector is going to tell you anything to get you to pay your bill. Do not do it unless you are sent an agreement in writing! It must be in writing and refuse to pay until you get it! No faxing and no email - by law a contract or agreement must be what is called a “hard copy” and let them know that you know this! They will tell you different but in court if it's not a “hard copy” you don't stand a chance.

The debt collector must be told that once you have cleared up the debt that they must and I repeat they must delete it from your credit report. They will try to tell you that it's OK to say updated. And that means your credit will be OK. This is not true and will disadvantage you down the track! The bad debt entry when paid off must be deleted. Even if they tell you by law they can't be strong and confident in your own knowledge that this isn’t true and demand they delete it!

Don't be afraid to go to war with them. These collectors are ruthless and if you don't like the way they are treating you hang up on them. Then the next time you try to talk to someone, refuse to talk to them, they are usually not trained well anyway and demand that you talk to a supervisor, and refuse to negotiate any other way. You can play just as much hard ball as they can, plain and simple.

Make sure that the company actually owns your debt. If a debt you owe has been a debt collectors hands for a time the debt may have been passed down to other companies in the past. One thing they do is keep all the different debt companies on your report making it look like you owe all of these people. This is illegal but they do it anyway and of course this worsens your credit. You need to find out who really owns the debt, only work with them and get all of the duplicates off your report making sure that you let them know you know this is an illegal action and they need to correct it immediately. Of course understand they will always use the excuse that it was an oversight or error on someone's part. Whatever the excuse they must clear it!

Note: When you are cleaning up your credit report understand it's not going to be easy, most debt collectors are not much better than the common criminal on the street so have patience and fight for your rights as a consumer. Don't be in a hurry to take care of the problems, make sure you have all the facts and you know what your rights are. If you have to, contact a lawyer for help.

Home Security Systems commented on 23-May-2018 09:10 AM
I've been investigating this issue for around 3 weeks now and this is really the very first page that truly is sensible. How come it's really hard to locate reasonable information about security and safety today? Absolutely appreciate the effort you spent placing your ideas in to words so rookies just like myself may take a step. Could there be a part 2 for your blog? Thanks again!

Post a Comment

Captcha Image

help with debt flat broke great budget home equity credit accounts debt consolidation low interest deb consolidation loss of income secured loan interest cancer back support software receipt pay off debt teaching children finance debt relief debt collectors credit classify bills child support debt domestic support lending companies school jobs initial research new job charitable organisation medical bill monthly payment control spending debt solution hospital debt free credit cards social services your rights debt management tips loan amount spend money piling debts monthly payments credit card traps savings groceries doctors repay loans become free past bad debt visualization debt management credit bureaus budget government assistance checks telephone bills paycheck info discounts budget ideas rent payments good credit rating debt credit checks debt management advice save money pay off bill credit rating deals in writing finances savings account loans building debts reduce debts payday loan companies credit report short sale original creditor unemployed consumer lawyer own money credit company cash rebuild good credit full details down payment lending company debt settlement stop harassment child spending handling money good credit loan overspending assets injury younger children paying bills trusted friends prioritizing live your life debt programs installment plans unreasonable expectations losing a job bank accounts debit card credit history monthly bill debts paying out debt creditors credit card utility payments home equity loans money account interest interest payments great budget ideas common debt medical bills credit card debt common debt traps more income invest money professional monthly budget good budget filing bankruptcy live within means gambling debts buying a house lose your job household items credit repair home debts credit companies bad debt management making payments ill health internet specific budget categories good credit record credit card help sickness credit line mortgages extra money payment behavior credit score regain control implement a budget financial education cable bill allowance installment plan car loan payment frequency credit card company taking responsibility saving money worksheet bank credit scores bankruptcy family assistance loan companies cash card mortgage payments debt collection agency repay overcharging house loan child support emergency savings account saving order report education managing debt purchases salary financial security fly-by-night bad debt job loss budget sheet take control of debt whole family modified payment plan court appearance tracking money management tips comfortable living second job insurance tax info help bad financial decisions account fees phone calls good debt debt collector help purchase protection credit reports honesty Chapter 13 family budget checking account debt consolidation loans asset info need money debt company credit limit account charges loan agents investing negotiation borrow money losing your job personal finance part time job less money paycheck credit card companies interest rate budget categories unsecured loan high interest rate borrower seperate accounts debt relief agency income expenses children saving repayment plans check card debt consolidation medical debt spending budgeting loan harassment understanding unexpected expenses debt management mistakes negotiate security introductory offers debt problems liability debt payment period extra payments illness borrowing learning experience hobbies management advice candidate debt traps payday loan Consolidation Company chapter 7 legal action careful handling ongoing bills children budget interest rates insurances overbearing bills understanding home equity personal finances gambling problem get out of debt bills total balance restrict spending management program

Copyright 2016 - Free Info Site Enterprises
Privacy Policy  |  Copyright Policy  |  Website Use Policy  |  Non Endorsement Policy  |  Contact Us  

Finance Blogs
best blogs