Improve Your Credit Report and Manage Debt at the Same Time

If you have a lot of debt and you want to get rid of the debt by consolidation, you’ll first need to improve your credit score. By improving your credit you will increase your chances of getting approved for a debt consolidation loan to manage your debt. Here are a few of the things you should do to get started.
Enroll in a Credit Monitoring Service
The first thing you want to do is enroll in a credit monitoring service so you can see all you debts that are bringing down your credit score. This service will give you all the information of each debt and who you owe money to. With the monitoring service you can see if balances change, if there are inaccurate negative markings bringing down your score, and how your debt management efforts are paying off.
Settle on Your Own
Call some of the collection companies and businesses that you owe money to and offer to settle the debts that you have. Tell them you have a certain amount, and ask if they would be willing to settle for that amount. Some companies may comply because they want to get paid something, and others may want to do professional negotiations. If you get companies to settle, have them send you a receipt of payment and a letter saying the debt is closed, and send this directly to the credit bureaus.
Pursue Credit Repair Options to Improve Your Credit Score
Enroll in an affordable credit repair program. These programs will work to eliminate old blemishes on your credit reports, and to change the status of different debts you have. With credit repair services you will see your credit score start go up with your credit monitoring program, and you will become a better candidate for a debt consolidation loan.
Find Affordable Consolidation Options
There are debt consolidation loan providers that can assist you with putting all your debts in one place, and minimizing your multiple debt payments to one. Have the consolidation company work to settle the debts that were unable to settle on your own, and then have them give you the loan. Your improved credit score should allow you a better interest rate to get an affordable monthly payment.
As soon as all your debts are paid off with the consolidation loan you are going to see an improvement in your credit score. As you pay the one loan you used to manage the debts on time, the score will continue to get higher. Managing debt and debt reliefer is possible with these suggestions to improve your financial future. Visit Credit Counselling Services of Atlantic Canada for additional resources.

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