Debt Settlement; Raise Your Credit Score By 20-80 Points In 48 Hours Guaranteed!
Many people are finding they are barely hanging on financially and are looking for ways to resolve their credit problems. One method is through debt settlement. Although settling your debts can have a short-term impact on your credit score, it provides you with the opportunity to resolve your credit card problems and the ability to begin to improve your credit quickly.
What is Debt Settlement?
Often, consumers only pay the minimum payment due on credit cards and other financial obligations. Unfortunately, it can be easy to find yourself mired in far too many payments and not have enough money to pay your debts. Debt settlement is a method to resolve some of these issues.
Credit card settlement is often the best approach to reducing the balance owed to your credit card companies without bankruptcy. If you are current on your payments and have not been missing or making late payments, you may find that your credit card companies are not interested in talking to you about a debt settlement agreement. However, if you have been accumulating late payment fees and are missing payments, settlement may be the answer for you.
A settlement agreement is one in which a credit card company agrees to a payment arrangement to resolve your debt obligation. The agreement may take the form of a single one-time payment, several small payments or elimination of accumulated fees. Additionally, some credit card companies will also agree to suspend or eliminate interest charges for a period of time.
Can I Reach a Debt Settlement on My Own?
It can be possible to talk to your creditors on your own and reach a settlement agreement. However, most credit card companies do not relish the idea of talking directly to customers about reducing their credit obligations. Many consumers find it a frustrating process that takes a great deal of time and patience. Often, front-line customer service representatives do not have the authority to grant debt settlement agreements. As a result, it often takes numerous telephone calls and letters to reach a person who has the authority and inclination to provide any real assistance.
A better option is to use the services of a consumer credit organization that specializes in resolving debt problems. Consumer credit counselors are specially trained to talk to credit card companies and negotiate a debt settlement agreement on your behalf. While they are working hard for you to reduce your credit obligations, you can begin to work on a debt consolidation plan.
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Raise Your Credit Score By 20-80 Points In 48 Hours Guaranteed
As I built up my reputation in the credit repair industry, I eventually began to learn different kinds of tricks. Writing dispute letters had become second nature to me, as had following up and using the law to my own advantage to force the credit bureaus to remove negative information they were unable to document from my report. Even with all this experience though, I would still stumble upon single techniques so powerful from time to time, that it’s hard to believe they exist. Rapid Re-scoring is one of these procedures, and if you’ve ever wondered how to raise your credit score, it could be something for you.
So what is rapid re-scoring? Well, it originated in the mortgage lending business. In times past, it used to be common practice for your home lender to actually update account information for your credit report in just a few days in order to boost your scores. Sometimes this service is still offered in the mortgage business in a more limited form. Also, since there have been a lot of regulation changes, not all lenders still choose to offer these services. If your lender doesn’t offer them though, you aren’t out of luck. What you will need to do instead is to call all your creditors and ask them for a letter stating what needs to be updated. The technical term for this is requesting a “balance letter”. You should also call any collection accounts you had and ask them for a “deletion letter”. The last part of the document package you need to assemble are “payment history letters” in order to remove late payment information from your report. Next, you take all this to a company who offers the rapid re-score service, and for a small fee they will perform the re-scoring service for you. If you’ve ever wondered how to raise your credit score, this is one of the most efficient ways to do so that I’ve ever seen.
Within a few days, the information should be updated with all 3 credit bureaus, which can increase your score by more than you might think. It’s incredibly easy to gain at least 20-80 points, and gains of 100-200 are not entirely out of the question. This is because of what the rapid re-score procedure affects. You see, the information that is updated includes your payment history (up to 35% of your FICO score), and your revolving credit balance (up to 30% of your FICO score). These scoring components are affected because of the types of accounts that can be rapidly re-scored. They are credit card balances, collection accounts, and inactive accounts. For the most part they are self-explanatory, but in general you want to make sure to keep your total debt percentage low, under 30% of your total limit. You also want to receive deletion letters in return for reconciling with collection companies, which can have a huge impact on your FICO as well. Finally, make sure to activate (or remove) any accounts reporting as inactive, by using them for a quick purchase prior to your re-scoring. If you’ve ever wanted to know one of the absolute best techniques for how to raise your credit score, this is it!
If you want to get the best credit ever, get approved for your dream home, car and stop collectors from harassing you on a daily basis, then it’s time for you to take action. The question is How to fix my credit Click Here for your Free Credit Repair E-Course http://www.hiddencreditrepairsecrets.com When you Sign Up you get to two Free Gifts: Special Report on how to Stop Debt Collectors and The First Chapter of the Audio Book, Hidden Credit Repair Secrets. So Sign Up Today. Mark Clayborne is Amazon’s best-selling author of “Hidden Credit Repair Secrets” and Radio host of the show “Who Else Wants Better Credit” on blog talk radio every Tuesday at 730PM-PST.
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