Fixing your credit report and repairing your credit are two distinct processes and problems. If your credit is bad, you can implement some of the strategies below to fix a low score.
Negotiate down the amount of debt (its easiest with private individuals). To do this, you must demonstrate the reason for falling behind. One of the tools you can use as leverage is offering something (not the full amount) rather than nothing. For example, explain why the lender should take $5,000 instead of $10,000. You can say Im calling five other creditors today. Im offering you $0.50 on the dollar and if you arent interested, Ill file for bankruptcy, in which case they wouldnt get a nickel).
Negotiate a forbearance with credit card companies and clients with mortgages. If there was an illness, death of a breadwinner, divorce or some other legitimate reason incurring severe financial difficulty, you may have a case. Show them you had a good reason for falling behind, agree to stay current on the current payment and offer to pay X amount per month toward what you owe. You also can stick the amount owed on the back of the loan. These are legitimate ways to negotiate and repair your...
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