Is Instant Credit Repair Possible?
Is Instant Credit Repair Possible?
Although instant credit repair is really not possible, there are a few different ‘instant credit repair' methods that you can use to help restore your credit as quickly as possible. You want to be wary of any scams or marketers who claim that you can instantly restore your credit, because such a thing takes time and there is always going to be steps involved when it comes to making any sort of a positive difference in your credit rating.
Credit Repair Through a Collection Agent
If you are looking to get as instant credit repair as possible, then going through a collection agent may be one of your best bets here. After all, credit ratings are based on your credit report, and so when banks and other financial institutions or companies loan money to you, they also report to an agency in terms of your status, meaning how well you are doing with paying the money back.
The agency that they refer to then stores this information in a database, and it is complied onto your credit report, where it stays for up to seven years. When you owe money to a creditor but are not able to pay it back, once they have tried several times to get the money from you they will usually end up giving the loan to a collection agency, at a heavy discount.
Basically what happens here is that the creditor has decided that ultimately their chances of recovering the loan are small enough that they are willing to lose a chunk of the money owed just to get it off their backs. This is why collection agencies are often so aggressive at making sure that you pay the loan back, and why they hit your credit rating so hard.
The way to get instant credit repair through a collection agency then is to make the first step and contact them yourself, and try to come to an agreement in terms of you paying the monies owed back. Also remember that the agency ‘bought' your debt at a fraction of the actual price, so even if you offer them half or less of what you owe, they may be willing to accept.
Another way of achieving as instant credit repair as possible is by always at least trying to pay your creditor first rather than the collection agency. This is not only to keep on good terms with the creditor and keep them from sending your debt to a collection agency, but as well because even if they already have sent it to a collection agency, they may be willing to erase the notice of this from your credit report if you pay them the full amount owing.
The best way to get good credit is by making good financial choices in life and by making sure that you pay all your debts back as quickly as you possibly can. This can often seem impossible, but doing simple things such as keeping a budget and sticking by it can really make a tremendous difference here.