Find Your Way Out Of Credit Card Debt With Credit Restoration

  • Added:
    May 13, 2013
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    984
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Having good credit is important for many reasons in the financial and social climate of today. Not only is it critical for securing credit to purchase large ticket items such as cars and homes, you even need a good credit rating to rent an apartment and to be hired for some jobs. Having a lot of credit card debt can work to your detriment if you are struggling to make the minimum payments and get your debt situation under control. Many times, people with an excessive amount of credit card debt get into a situation that repeats itself by using credit to purchase necessities such as groceries and gas because they are paying so much out in credit card debt every month.

When your debt to income ratio is too high, when you miss or are late with monthly payments or when you have had accounts go to collection, these things can all reflect negatively on your credit score. There are three major credit reporting bureaus that companies report to. They have a formula that determines your credit worthiness by giving you a score, which they report to anyone making an authorized inquiry on your behalf. Credit scores range from 300 being the lowest to 850 being the highest with scores falling about 680 being rated as good. To keep your score in the good range, it’s necessary to monitor your score as well as manage your credit card debt in the most responsible way possible. 

You have the right to a free copy of your credit report from each of the three major reporters once a year. It is prudent to check your score periodically to make sure that there are not any errors on there that could result in you having a lower score. Companies make mistakes quite often that lead to people having negative reporting on their credit that they don’t even know about. When you find something in error, you should take immediate steps to fix the error to assure your report is accurate. Credit card debt errors in particular are common and should be addressed as soon as possible to make sure you are getting the score you deserve. You can contact the company that has reported in error to dispute any item you have found on your report and they legally have to respond to your request for review within thirty days.

If you are having difficulty getting a credit reporting agency to respond to your requests for investigation, there are companies that will work with you to get your credit repaired. Not only will they contact agencies on your behalf to get negative items removed, they can review what credit card debt you have and work with you to devise a plan to pay down the debt to a manageable size. They can also negotiate your credit card debt with companies on your behalf to remove some penalties or interest charges to make your payback more feasible in a shorter period of time. 
 

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