Repair Your Credit Profile

Most everyone has some kind of debt. Having debt is fine, as long as you can keep up with the payments. However, if you canít keep up and miss several payments in a row, youíre credit score is going to be effected. Having a low credit score means that you are a high risk for banks and credit card companies. This means that you may or may not qualify for credit. If you did qualify, you would pay higher interest rates and be subject to stricter payback guidelines.

Improve Your Credit Rating with Credit Repair Debt Management

There is help available for those people who find themselves buried under a mountain of credit card debt. Accept that you made a mistake, figure out how to fix it, and keep moving forward. You can bring yourself out of the high risk category by following these four steps to credit repair debt consolidation. Rapidly raising your credit score should be your immediate goal. A rapid raising of your score would mean one year — an achievable goal if you abide by the credit repair debt consolidation plan outlined below.

Step 1: Get a Free Credit Report

There are three credit reporting agencies ñ Equifax, Experian, and Transunion. You can get a free credit report from each once a year. You can monitor your credit for free throughout the year by requesting a free copy from one of the agencies every four months.

Examine your credit report meticulously, line by line. If something on your report looks incorrect, make sure you challenge it in writing. If the creditor you are challenging doesnít respond within 30 days, the record in question will be removed from your report, which will increase your credit score. This is a crucial first step in your debt consolidation and credit repair process.

Second ñ Prioritize Your Debts

Youíre pursuing a credit repair debt consolidation in order to pay off your debts. So, now list out all of your debts with the ones that give you the biggest headaches first. For example, most loans charge you 18% interest per annum, while your credit cards typically charge you 3% compounded interest per month. If you are missing credit card payments, youíll want to make them your priority, because they are impacting your credit score. Make sure youíre still paying the minimum amounts due on your loans, paying any extra to the highest interest ones first.

Third ñ Make Monthly Payments Early

Keeping a high credit score means you have to make your monthly payments on time. If youíve been missing credit card payments, regular on time payments will need to be made for an entire year before youíll be seen as a safe lending possibility.

Fourth ñ Use a Secured Credit Card

Getting a secured credit card will raise your credit rating and expedite your credit repair debt consolidation efforts as well.

Commit yourself to these fours straightforward, simple steps and before you know it, you will be living free of bad debt again. That liberty is yours if you truly have the desire for it.

We often recommend hiring a debt settlement professional to people who come seeking our advice. For those with little time or energy to devote to cleaning up their debt this can be a great idea. An even better idea (and quick way out of debt) is to do it yourself. If you’re interested in that you must check out Zipdebt. With this one guide I’ve seen amazing results with my clients!

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