5 Ways to Take Control of Your Credit
Don’t let your bad credit haunt you! Learn 5 ways to fight back and take control of your credit!
- Face Your Fears: Call your debt collectors or credit card company, check your free credit report and score, and understand how bad…or not so bad…the situation really is.
- Negotiate: Most companies will be happy to work something out with you regarding your debt. Discuss a payment plan or a lump sum settlement that is less than the full balance due. Get the terms in writing!
- Strike Back: Debt collectors can be aggressive, but you can strike back by disputing the debt and requesting verification, which will buy you some time while they are required to investigate and respond. You can make the collectors aware of the expiration of the statute of limitations, if the debt is too old, or you can send a cease contact letter, which requires them to stop contacting you unless they are notifying you of legal action.
- Wait it Out: Negative debt information on your credit will get old over time and have less of an impact on your scores, as long as you are taking positive action and making your current payments on time.
- Use the Ultimate Weapon: Bankruptcy can wipe out debts, stop collections, and encourage negotiations, but it stays on your credit for 7-10 years and should only be used as a very last resort.
*For more details read the article here.