When it comes to credit reports, there is no magic fix that can erase all past mistakes. Unfortunately, once something is in your credit report, no one can legally remove it. Now, unless you’re interested in a life of crime and credit report hacking, it’s best you consider other options for improving your credit report. One thing you must remember is to keep your chin up. Time has a major impact on credit blemishes and it’s over time (and with good credit behavior) that your past credit indiscretions (namely thousands of dollars of debt) can be overshadowed by your new and improved credit score.
Face Your Debt then Deal With It
Now, to improve your credit report you have to first deal with your debt. Life is unpredictable and after a few curveballs, car repairs and random expenses, you can be looking at a decent amount of debt that has accumulated faster than you thought it would. The problem is not necessarily the debt but it’s how you’re going to deal with it. By establishing a budget for yourself and keeping all of your finances in check – income, bills, monthly expenses – you can begin to tackle your debt.
Make the Call
The idea of calling your creditor is a scary thought but it’s something that must be done when you find yourself in over your head. After you’ve mapped out your finances and you realize you can barely afford to make minimum payments, it’s time to make the call. By contacting creditors early on, you can negotiate a different payment plan that is easier for you to accommodate.
Ask for Help When It’s Needed
Sometimes outside help is needed to tackle your debt and credit counselors are the best people to turn to. With their help, you can plan a detailed payment plan. Credit counselors can also serve as your ally to the credit companies. Consulting with a counselor can lead to a lower monthly payment or even, in some cases, a lower interest rate. Credit counselors can be your best link to the credit world.
How it All Helps You improve Your Credit
Improving your credit report has a lot to do with good credit behavior. By facing your debt, budgeting your finances and making big monthly payments, you can do a lot to improve your credit score. If you’ve looked at both your debt and your finances and you know you can’t make even the minimum payments, taking a proactive approach by seeking help can make a difference. Simply asking for help won’t improve your report but it will keep you from falling behind on payments or being harassed by collectors.
Take advantage of the available options and start working to improve your credit report today.