Fixing your bad credit is possible. Here are 10 simple ways to pay off collections, improve your credit rating, and move on with your life. Last year when my friend Wilson called me about his credit, this is what I told him. There are ways to improve credit. But skip a step and you'll probably find that collection back in your life within a couple of years.
Repairing a bad credit history doesn't have to be hard. Isn't it worth your time to take a few moments and learn how to repair yours, once and for all?
Starting right now, pay your regular bills on time even if you only pay the minimum payment.
Don't stick your head in the sand. Open your mail. Daily!
Stop making excuses. Acknowledge that you are fixing bad credit because you have not paid back money you borrowed.
Set up a system for repayment to avoid getting overwhelmed. One method is to pay the collections with the smallest balances first.
Create a log, adding the name of each collection agency and phone number as you call. Use it to keep track of who says what.
Request that each creditor calculates your final amount owed. Sometimes they will offer a deal if you pay in full by a certain date.
Get in writing the final amount owed before you pay. This becomes your receipt of payment in full, just in case they do not report it to the credit bureaus.
The receipt must include your name, the account number, the amount owed and PAID IN FULL if paid by a certain date.
Request and retain a copy of the payment whether you pay by money order, personal check, certified bank check or wire the money. Get copies of both the front and back sides.
Protect your credit by monitoring it. Find out how at Wilson Discovers Credit Report Monitoring!
Wilson also learned the secret to maintaining good credit. Last year, paying old collections improved Wilson's credit score ratings. This year, credit report monitoring helps keep Wilson's credit score ratings strong and healthy.
When it comes to peace of mind and security, you should be taking care of your credit too! Ask Kate how.
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