The Art Of Credit Repair

Do it yourself credit repair is a big thing nowadays and sure most people can do it at home and there are many do it yourself credit repair kits but not everyone should use them. Most do it yourself credit repair kits let you do the same thing dispute negative or bad account on you report. But if the only report you have ever analyzed is your own how do you know which ones are negative and which ones are positive? Answer you don’t.

What they don’t tell you is that some accounts that may appear to be negative and you seek to remove my actually have an adverse affect on your score when removed. They probably tell you how to read a credit report but unless you have seen and analyzed several you do not know how to read a credit report.

Besides knowing which accounts to dispute and which not to touch there are several techniques about credit repair that they don’t tell you about.

All do it yourself kits come with the contact information for the credit repositories (info that you can easily get online or out of the yellow pages) But they don’t tell you that it is a greater chance that you will have to call the creditors direct and not the repositories, and dealing with creditors can be a little tricky so here are a few tips you can use when dealing with creditors.

1. The creditor is not your friend but he is not your enemy either.
I know it is obvious to most people that the creditor is not your friend but he is not your enemy either most people in the credit repair industry want to paint that picture for you.

Keep in mind that the creditors run a business (a very unpopular and at most times shady using questionable business tactics but a business no less. They are in the business of collecting debts.

When speaking to creditors the main thing to remember that they are in a business and try to be as professional as possible when dealing with creditors and structuring settlements.

2. The creditors are not the boogieman, the big bad wolf the predator, Freddy Kruger or ______________ (fill in your worst nightmare here.)

Creditors do not have special powers; they cannot appear under beds, in your closet or read your minds. But as far as the evil powers of garnishing your check and freezing your accounts, some have those powers, but only if you give it to them.

When speaking with creditors do not volunteer information that they do not have, IE new accounts, job changes etc. and just because they ask does not mean that you have to give it to them. Don’t give them additional ammo to use against you.

3. Make sure that whatever settlement you get them to agree to you can honor. Nothing is tougher then trying to re-negotiate a settlement with a creditor for good terms after not making good on a previous agreement.

This usually means the creditor got burned twice. So if you can come up with good settlement terms then by all means see it through. I wouldn’t even suggest starting negotiations until you are sure you can hold up your end of the bargain.

Of course if you don’t have the stomach for any of this, you can always hire a professional.