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Credit Repair: How it can help you

 

When it comes to your credit, even the smallest mistake can come back to bite you in the future. To make matters worse, if you’re like most with damaged credit it isn’t due to one late payment. More than likely you’ve taken a slide down the slippery slope and had one late payment lead to another on one card, and a collection account on another, and so on. Debt management can be quite difficult once that first payment is missed, you end up feeling like you’re playing catch up and can’t quite ever catch your breath. Credit repair is the first step to picking yourself back up to stop hiding from collection calls or nasty letters in the mail.

Credit repair can’t erase your credit history. If anyone or company ever tells you that they are able to “make your bad credit disappear”, they are lying or doing something very illegal. The reality is, is that your credit mistakes will always appear on your credit, but what credit repair does is diminish the impact of those negative aspects. There are three essential steps to credit repair:

1. Clean up misreported, fraudulent or inaccurate information

2. Organize your payment schedules and monthly cash flow to work away at your current debt

3. Establish a plan of action to create positive credit history in the future

Your credit is used to help creditors decide how likely you are or are not to repay any sort of loan they extend to you. Pull your free annual credit report, sit down and take a good hard look at it, would you give a loan to you? If you find yourself sneering at the thought it is probably time to begin the credit repair process. Work through steps 1, 2 and 3 and you will undoubtedly be in a better place than you are right now.

Whether you go through a credit counseling company like Praxis Credit Consulting or try it out on your own, taking steps to repair your credit will impact your life positively in a myriad of ways. If you have suffered through poor credit long enough, you know the stress of having your credit pulled over the phone by the cable company or in hopes of refinancing your home. Credit repair may not be a fun undertaking (that’s what we are for!) but the effects will last long into your future (as long as you remember to stay on track) and will leave you breathing easy during the next credit check and paying much lower interest rates.

Next step: Find out which credit repair program is best for you..

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