Some Useful Information To Help You Repair Your Credit Now

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Author: Jon Ochs

For over a decade Jon Ochs has been a solid source for information and guidance on how to repair credit and settle your own debt. As the founder of myCreditRepairUniversity.com, he is teaching ordinary folks to take charge and effectively delete bad credit using techniques previously only known by the pros.

Credit repair is a common need, whether you have experienced financial hardship, identity theft, or are the victim of an honest mistake. With these tips, you can find advice if your credit situation needs adjustments or even a major overhaul.

First, you need to get a hold of your report. You are entitled to one free credit report every year. Do not pay for one unless you want a credit monitoring service. You can repair your credit better by taking a good look at your credit report.

Contact your creditors as soon as possible to negotiate more manageable payments, or an installment plan. Save money by paying the bills that come with late charges first. Pay off the accounts that assess penalties first, and then work on the more forgiving accounts.

Examine your credit report for any errors. Credit reports often contain errors. These errors can have a profound negative effect on your credit score. This is why it is important to make sure you obtain a copy of your credit report. Make sure that if this is the case you contact the companies where the negative information came from.

Know your legal rights before you try to deal with the collection agencies. Unlike what some agencies may tell you, you cannot go to jail for unpaid debts. Agencies that tell you this are breaking the law. Most states, with some exceptions, provide legal protection against such verbal abuse and threats from collection agencies. When you know the laws and what rights you have, you cannot be taken advantage of by creditors.

Keeping your balance below thirty percent is a good goal to have when you are trying to handle your credit cards. You will have more disposable income and easier to manage payments. When the balance becomes higher than this, the payments may be harder to manage and the interest will keep adding up.

Avoiding the collection agencies that are making an attempt to collect a debt that you owe will not help the matter. Communicate with them to see if you can work out a payment plan that will work for you and them. Generally, if you admit that you are having difficultly making all your payments, collection agencies will be willing to reduce your payments or bill and consolidate your debt. If you start making payments on your debt, no additional fees will be added.

You can start improving your credit with these tips. You can start using them today to start rebuilding a good credit history.

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