Now that the economy has taken a downturn, even more people are struggling to maintain good credit. Repairing your credit will not happen overnight, though here are some tips to get you started.

To take the first step in credit repair, you need to get your credit report. There are many websites that will give you free credit information. If you want to fix bad credit, you need to know your rating.

Starting a conversation with debt collectors is a good idea. Your creditors can help you distinguish between what needs to be taken care of now, and what can be paid later on. Make sure you absorb this knowledge so that you will not face further fees. If some of your creditors are more lenient, it is best to be late on those accounts instead of falling behind on one that is not as flexible.

As you look over your credit report, take note of any negative information for followup. Contact the reporting agency any time you see mistakes in your report. For negative entries that are accurate, having the details handy helps you focus on ways to improve those particular accounts.

Understanding your rights is an important tool to have when dealing with creditors. It is prohibited for collection agencies to threaten you, and you will not go to jail for not settling your debts. You should see what laws apply in your area to determine if a collection agency is acting appropriately. Do not be bullied by collection agencies!

As a general rule of thumb, you should always keep 70 percent or more of your available credit free on your cards. Carrying more than 30 percent in debt hurts you with onerous interest charges and payments that can strain your monthly budget.

There are many ways to work with debt collectors to pay off the debt that you owe. See if you can consolidate your debt into one payment plan. Try to make a deal with the collector as they are generally open to negotiation. If you avoid them, it does nothing to lower your debt, and you may not get another chance to work with them. You should always be truthful with your debtors. Occasionally, creditors will agree to reduce the amount that you owe in return for your cooperation.

You can stay abreast of your credit portfolio by utilizing the aforementioned tips. Here are some things you can do to help increase your credit score.

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