consumer debt consolidation
consumer debt consolidation
consumer debt consolidation
consumer debt consolidation
 
 
 
 
 

Getting Good Credit, with or without Consumer Debt Consolidation

Erase Bad Credit

The ad claims, "Erase bad credit or reduce payment to your creditors!" What’s true and what’s hype?

No matter what the ad states, a poor credit history can’t be erased...but there are some things you can do.

Under the Fair Credit Reporting Act, you can question an item in your credit file and your complaint must be investigated. However, the negative information will be removed only if an investigation determines it’s incorrect. A credit repair or consumer debt consolidation company, no matters what it claims, cannot compel the credit bureau to remove negative information from your file, if that information is accurate.

Some consumer debt consolidation companies claim they will work with your creditors to consolidate your debts, or reduce the size of your monthly payments. Before you pay large sums of money to these companies, call our office for referral to non-profit counseling services that provide free or low-cost help.

Credit Rules

  1. Credit cards are just like a loan-you have to pay what you owe. Don't get yourself into a position where you'll need a consumer debt consolidation loan.
  2. Keep track of how much you spend. Remember that incidental and impulse purchases add up fast.
  3. Save your receipts. Compare them with your monthly bill. Promptly report problems to the company that issued the card.
  4. Never lend your card to anyone.
  5. Owing more than you can repay can damage your credit rating. That can make it hard to finance a car, rent an apartment, get insurance-even get a job.
  6. Pay your bill on time, and in full when possible. If you don't, you'll have to pay finance charges on the unpaid balance-and it takes forever to get caught up if you just pay the minimum.