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We always face a situation when we are unable to pay are loan premiums or credit card bills at time, but there is a way of avoiding a black mark on our credit rating when we have defaulted on our payment .When you know your situations is tight and you will not be able to pay your debts, inform your lender by phone or email, explain your circumstances to him and tell him when he can expect the payment.

Even after asking for a delay try to make the payment within 30 days as then this will not be recorded on your credit report. But if you are late by 2 to 3 months this can show up in your credit report. At any circumstance do not avoid your lender as gives a bad impression of you. Following these few steps can help you maintain a good credit rating so that you have no problem in taking credit in future.

How to repair your credit report?

How long has it been since you have seen your credit report? If it’s been long be ready to find several mistakes and error. But the question is how to fix this?

There are companies whose sole purpose is to fix these mistakes and get rid of the black marks but when searching for such a company beware of scammers, look for a well-known company and do not pay the company before the job is done.

As a reputed company will firstly enquire about you, then go through your credit report and also ask you your current situation after going through all this information they will discuss payment for the job to be done. If the company asks for money first it means they are scammers and best is to avoid them. Also be sure if a company advices you that your credit report can be fixed by making a new identity for yourself and getting a new social security number it’s a red alert. Because they do not actually create a social security no. instead the give you an Employee identification no. used by businesses but this is actually a malpractice if you use the employee no. you are trapped as its illegal. You should always go for a company that tells you methods to help yourself rather than supporting these malpractices.

To know that the company you are about to make a deal with is good you can always check its background with the better business bureau, which will tell you if the company is a scammer or has a history of unhappy customers.

How to fix your damaged credit rating?

A damaged credit can be fixed, though it can take some time. TO fix your credit rating you should stop borrowing for a couple of years and try and pay back all your debts. Try to maintain the same job for at least two years as it gives a good impression to lenders that you have a secure paycheck at the end of the month.

Try not paying your previous debts by taking loans as this will not make the debt disappear. Try saving some money as emergency fund, it will not only help you during hard times but also give the lenders the impression that even after losing your job you can pay them back. Also try to apply for prepaid credit cards, as when you use them you will not spend more than the credit limit and it also improves your credit rating. Check your credit report in a few months, go through if the improvement in your credit rating has been updated if not then contact the credit bureaus. Fixing your damaged credit is a time taking task but it will make your life easier in future if you ever need to borrow.