If you recognize the account but believe the information being reported is not correct, you should reach out directly to the financial institution that reported the information. For example, if you recognize the credit card, but do not recognize the late payment - speak with the credit card company. Often the bank or credit card company can fix the issue and update the credit bureaus directly.
This tip is a valuable financial lesson that many people can implement, and it can completely transform their financial situation. Typically, people tend to wait until the last minute to pay their bills, which results in late payments, late fees, and extended loans. The goal with this is to develop the habit of scheduling your payments to be automatic. IF you have already missed a payment in the past, this tip is even more important for you. By scheduling your payments automatically, you are making the dedication that the money will be in the account by the time the bill needs to come out. This, at the same time, if properly managed, can help direct your entire attention on paying your bills on time, rather than purchasing something out of instant gratification. Also, by showing lenders that you have set up automatic payments, it shows a level of dedication towards fast credit repair.
Taking out a loan to pay off debt is counter-intuitive, right? Especially when taking on a new loan requires hefty fees, rolled into your total balance, or a long repayment period. The InCharge Debt Consolidation Alternative, or debt management plan, is a program that gives you all of the benefits of debt consolidation without having to take out a new loan. With the debt management program, all of your payments are consolidated into one monthly payment that you pay to InCharge. InCharge then pays each of your creditors. InCharge helps you secure lower interest rates on many of the credit cards you do have (with exceptions), meaning that more of your monthly payment will go to pay off the balance, and less to interest. This will help you pay off your debt faster. The InCharge debt management plan is designed to help you get out of debt in 3-5 years, paying less than you would if you continued on your own, or even with traditional debt consolidation with higher interest rates.
Those are some primary areas to focus on for quick credit repair when you need to get a bump up in your credit score. These areas will help move the needle a little, if done effectively. But to make real, substantial changes in your credit score and history will take some time. To get an honest assessment on your current credit health, it might makes sense to start with a credit consultation from a professional credit repair firm.
Otherwise, the advice you have given is great and works well for a quick boost but having the ability to remove lines of information from your credit history is even better because once it is gone, it can no longer affect your score. BTW - don't take my word or anyone elses for that matter, educate yourself! You can find either of the sources I mentioned just by Googling either of them if you want and I promise you, the more information you have, the better!
Veteran journalist/blogger Tom Jackson has worked for newspapers in Washington D.C., Sacramento, Calif., and Tampa, Fla., racking up state and national awards for writing, editing and design along the way. Tom also has been published in assorted sports magazines, and his work has been included in several annual “Best Sports Stories” collections. Most recently, his blogging for various websites on the 2016 election won a pair of top honors from the Florida Press Club. A University of Florida alumnus, St. Louis Cardinals fan and eager-if-haphazard golfer, Tom splits time between Tampa and Cashiers, N.C., with his wife of 40 years, college-age son, and Spencer, a yappy Shetland sheepdog.
We agree that it is very important for individuals to be knowledgeable of their credit standing. When you have a credit-monitoring tool like freecreditscore.com on your side, you get e-mail alerts whenever there’s a change in your credit score–and you can also see your credit score whenever you want. With the free credit report from the government, you only see your report once a year. If you monitor your credit score regularly, it’s easier to catch inaccuracies before it’s too late.
What is it? A 401(k) loan is when you borrow money from your existing 401(k) plan to pay off debts. The amount you can borrow is limited to the lesser of $50,000 or 50% of your vested balance. After you withdraw the money, a repayment plan is created that includes interest charges. You typically have five years to pay off the loan, and if you take out the loan to buy a house, your term may be extended to 10-15 years.
If you own a home, you might also consider a home equity loan or a home equity line of credit, which will provide you with extra cash. Home equity loans come at a fixed rate, while home equity lines of credit have variable interest rates and follow a flexible repayment structure. Borrowing criteria vary by lender, but the amount of equity you have in your home will at least partially factor into the size of the loan you’re able to take out. More equity tends to equate to better terms.
Some lenders might be open to renegotiating terms with you to reduce interest rates, create payment plans that get you caught up, remove fees and maybe even forgive portions of balances. Just remember that if this happens, you may have tax consequences since forgiven and canceled debts may be taxable. Additionally, according to Albaugh, sometimes settling with creditors on your own requires a lump-sum payment, whereas bankruptcy allows for installment payments on a lowered amount.
If you are unable to get a credit card, consider applying for a secured credit card instead. You need to provide a deposit, and you will be given a credit limit that is tied to your deposit amount. A secured credit card is reported to the credit bureau and can help you build your credit score. You can shop for the best secured cards at sites like MagnifyMoney and NerdWallet.
Negative credit information is any action that causes creditors to consider you a riskier borrower. It includes late payments, accounts in collections, foreclosures, bankruptcy, and tax liens. Once negative credit information is introduced into your credit history, you cannot remove it on your own. However, time heals all wounds. The longer it’s been since the negative information was introduced, the less it will affect your credit score. In time, negative information falls off your credit history.

If you’ve missed enough payments that an account was sent to collections, it can be a tricky proposition. Leave it alone, and it will continue to appear as a blemish on your credit report for a long time. But pay it off, and it still might hurt your score in the short term. Luckily, there’s another way to deal with collections that will help—not hurt—your score, and that’s paying for deletion. Just like it sounds, you’ll contact the collections agency (which will love to hear from you!) and make a deal; if you send in full payment, the collections company will erase the negative reporting from your credit. They may even take less than 100 cents on the dollar to do so – as many debts settle for far less than what was originally owed. Just make sure get this arrangement in writing and mail a check to them certified mail with “Cash only when you delete the account from my credit report” written right above the endorsement line.


Consumers can apply for a debt management plan regardless of their credit score. Once they set up an initial consultation with a credit counseling agency, they will go over the details of their debts and their income with their agency who will come up with an action plan on their behalf. If the consumer decides to move forward with a debt management plan, it can take a few hours or a few weeks to get started. “Once the recommendation for a debt management plan is made, it’s up to you to decide how quickly to enroll,” said McClary.
I was actually scammed by The Alternative Loan Machine $4,200. I know them. They are local to me. I paid them for work on my credit that they assured me would be done. It wasn’t done. They promised a refund. It’s been 3 months and the refund never came. Now, no one answers their phone, returns calls, or is on line at their chat “Help Desk” anymore. All the assurances of preventing scams and ensuring work, ended up all being B.S.
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