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Tuesday, November 18, 2008

In the world of credit repair, there are no shortcuts

By Ricardo Mendiola

Since over half of the population has a credit score that teeters below the good line, with many people settling in at the "fair" line, or even worse, it's no wonder that there are so many Internet scams for credit repair aimed at taking these people's money. You do not want that person to be you, especially if you are one of these people, you really cannot afford to spend money on a scam that will not hurt you.

Why? Because credit can affect your entire life, and if you are already doing well and avoiding the need for credit repair, chances are good that with a few tips you can stay on the up side of the coin. Having good credit is not as simple as winning a coin toss, so you need to take the few skills you have been utilizing that is keeping you financially stable and sharpen these skills so that you continue to stay that way.

If you are trying to avoid ever needing credit repair, a great way to do this is by learning how and why the other half of the society is trying to fix its credit. This will help you avoid making any of the same errors that they did to land them in this situation. We are often told to learn from our mistakes, but if you want to prevent that scenario, it may just be best to learn from the mistakes of others.

You may also find people who tempt you with the idea of "completing" your credit repair by creating a new credit record for yourself. Sure, you can get credit and loans using that method but, it is also illegal and once you get caught you will be paying for your mistake, in prison, as credit fraud is a federal offense. To make matters worse, whatever internet scam gave you this advice had probably carefully laid their legwork so they are not traceable, so it will just be you in front of an unforgiving judge.

Therefore, you have to make sure that when you teeter on the edge of credit repair, you fall to the more promising side. People often do not realize the need of paying their bills on time, but in the eyes of the creditors or service providers you use this is an essential, which is why they will turn you over to credit service scorers if you continually fall short. No, it's not big business looking to keep you down, think of it this way, if your boss promised to pay you every week, and every month skipped at least once promising he will catch up, would you be very happy?

Therefore, even as a consideration, it's a really bad idea to think that this will work as a credit repair option. If you really want to get yourself back on track you need to first figure out what it was that got you in this situation to start. Chances are, you go to where you are because you have outstanding debt and that it is making you late on payments as the money simply does not exist.

Keeping yourself out of the land of credit repair is pretty simple if you just pay your bills on time and limit your purchases and loans to items you have the cash for. Living outside your means is never a good idea, just because someone will give you a loan does not mean you have to take it. Save your debt for the key purchases: home, school education, and vehicle and as long as you pay your bills, you should be fine.

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