Eliminate Credit Debt - CRA - Credit Reporting Agencies
If you don’t pay on time then you have to Eliminate Credit Debt. When the month is longer than your income - one fact is obvious - it cannot continue for very long - you have to stop the rot.
CRAs, the credit reporting agencies are a central information base for all credit card companies and they receive millions of reports every day. If you are a few days late, it might remain a secret, but if you go over 30 days, they’ve got you. This info will definitely reach your credit report and your score starts to fall. It can take years to build a good score, but months, or even weeks, to destroy a good one.
Now the closely guarded secret. The info they receive and the info they input isn’t always correct! Yes, you read right - they make mistakes! They are human after all!
And, thank goodness, we have the right to challenge any information we believe is wrong!
You should check your report every so often. You can download easily and even get a free copy when you are denied credit. Check it carefully. If you don’t know how; take it to a trusted friend and ask for help. If there is anything there you don’t agree with - challenge it in writing. Explain your reasons, give the facts and the companies are obliged to reply satisfactorily within 30 days. If they don’t; you have the right to demand the negative (derogatory) info be removed and your demand must be posted in your report so others can see it.
Credit card debt is a growing problem. The economy is heading for recession, so credit card debt is a big issue for John and Jane Doe. When times were good, we could see a way out - now, it’s not so easy.
The good news is that there are people who help with credit debt. It’s important to know that it is possible.
Debt consolidation is one way - but just bundling the bill doesn’t necessarily make it easier to pay. It is vital to cut up your credit cards - and don’t get any more. Debt counselors can often provide lots of suggestions and advice.
Some people have mountains of credit debt and there is no way out - especially in a recession. One solution may appear to be bankruptcy. My personal opinion, not legal advice - just an opinion - bankruptcy can ruin you and your credit score. Get professional advice.
A better way to keep your hard-earned dollars in your hands is to eliminate credit debt. If, by chance, this article got here too late and you’re already in deep water, then let me recommend a service I used while learning the hard way [check it out below].
By the way, don’t consult your friend who’s worse off than you!! - and do check out your local Better Business Bureau to be sure you’re in good hands.
If you found this article useful, pass it onto your friends. Easier to avoid than cure …
*All information contained herein is for informational purposes only and is not to be construed as legal, financial or tax advice.
If you want to fight back and protect your rights, then follow this series, by an author committed to helping you when the world just says, “No way!”
Please visit: http://www.eliminatecreditdebtblog.com
Thank you.
R._Bruce_Neill
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- Debt Consolidation - Bankruptcy - Is it an Option? - March 17th, 2009
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- Debt Help - How You Got Into This Debt Mess and How You Can Get Out of It - January 21st, 2009
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