Credit Reports & Debt Management

Learn how to evaluate your credit file for debt management.

You can easily have access to your file, as well as information on how to read and evaluate your reports in general terms. Review the bureau coding to make sure you understand your credit, no one should know your credit better than you do!

Your reports will have personal information as well as credit history from banks, credit cards, furniture stores, car dealers, and others. Bounced checks, late payments, utility bills left unpaid may also come back to haunt you on your credit report. The reports also provide details of each account, stating if you have ever been late with payments, or delinquent, and lists the current status of each account, and the current balance.

Evaluating Your Reports For Debt Management

You will look at just a couple things in order to use your credit reports for debt management.

Who is reporting on you
Who has reported negative information

Who Is Reporting On You

By knowing who is reporting on you to the credit bureaus, you can prioritize some of your debt repayment plan if needed. Depending on the debt relief option you choose, you may opt to place priority repayments to these creditors in order to minimize negative impact on your report.

Who Has Reported Negative Information

For creditors that have already reported negatively to the credit bureaus, you may opt to make these creditors top priority in your repayment plan. By getting them paid up or paid off, you can usually reverse the negative impact on your credit reports relatively quickly.

How Often You Need To Review Your Credit File

Under normal circumstances, twice a year is usually sufficient to view your credit reports. However, during money management debt relief, you should apply for credit monitoring so you will have unlimited access to your reports and any updates that creditors may submit. Monthly reports could cost you in excess of $130 a year, but with credit monitoring , you get unlimited access, and frequent updates for a lot less. Definitely the way to go.

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Getting The Answers You Need

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