Credit Reports

How Can I Establish-or Rebuild-Good Credit?
How To Dispute Credit Report Inaccuracies
Ignoring Debt Compounds Credit Problems
How To Rebuild Your Credit

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Ignoring Overwhelming Debt Compounds the Problem

If you’re having trouble making your monthly payments, don’t just let the bills stack up in the corner. It’s best to contact your creditors early and let them know you are finding it difficult to pay your accounts on time. Sometimes creditors will be willing to work out payment plans with you. Otherwise, your creditors may have no other choice but to assume that you either forgot or just did not care to make the payments. If you simply pay less than the minimum payments, your creditors will still consider your account past due, and most likely impose penalties that will make it even harder for you to keep up.

A personal or consolidation loan may help lower your overall payment each month, however make sure you don’t keep using your credit cards if you go this route. Concentrate on making your monthly loan payment and paying cash for most other necessities, otherwise you’ll end up with double the debt.

You can also try to head off future credit problems by contacting the National Foundation for Credit Counseling (www.nfcc.org). The NFCC provides low-cost debt counseling, financial education, and budgeting assistance. It also offers what are called Debt Management Plans, which can help you pay down outstanding debt in serious situations. You pay the NFCC a predetermined amount and they, in turn, pay your creditors. Often, the credit counselors can negotiate for lower rates or fees, to help you get out of debt faster.

The positive side of a debt management program is your bills will eventually be paid down and you will have little contact with your creditors. However, be aware that such a plan often means that you will not be paying your debts as originally agreed with the lenders. Credit grantors are likely to report such accounts differently than accounts paid as agreed, which can damage your credit standing. It's better than a slew of delinquencies and charge-offs or, worse, a bankruptcy, but it isn't an easy way out, either. You will need to discuss the pros and cons with a credit counselor.

Get started on rebuilding your credit history today by getting your 3 Bureau Online Credit Report. See your complete credit history from all three credit bureaus instantly. Plus, all three files are merged into one easy-to-read report, so you can compare information quickly. So, begin drafting your plan of action and get your 3 Bureau Online Credit Report with iCreditReports.com now!


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