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Documentation Key To Credit Repair Success


Posted on November 20, 2010

 

When you are dealing with a lot of creditor debt, it can seem overwhelming to attempt credit repair on your own. But the reality is credit repair can be done by the consumers themselves. It will take time and effort to get the job done but once credit repair has been successfully achieved, your financial future will be more secured and you’ll be offered better financing deals, interest rates, and insurance premiums.

Preparing to go through the process of credit repair on your own requires a lot of focus and organization. It is important to remember that there is one specific element of the organization process that can make or break your success at credit repair.

Why Documentation is Essential

Repairing your credit requires a lot of phone calls and correspondence via written letters. In order to keep information straight about your credit repair goals, you must establish a system for staying on top of information. Without the proper documentation, you can not prove the payment or debt settlement arrangements that where made. A creditor, especially one using tactics that are not above board, can easily say one thing but do another. Your documentation is the best way to keep focused on what is happening with your credit repair efforts.

What to Document

The truth is, you can never document too much information. Primarily, any details discussed between you and your creditors via phone, email or written correspondence should be noted. You need to especially keep detailed notes concerning the following key items:

  • Name/identification number of people you speak with
  • Time and date conversation took place
  • Detailed notes about what was discussed
  • Amount of settlement/payment arrangements agreed upon
  • Amount of total outstanding balance
  • Timeline for payments
  • Consequences of late payments/defaulting on agreement
  • Any other details deemed important

How to Organize

Ideally, you should keep a separate notebook dedicated to credit repair information. Continue using the notebook to record all details related to the credit repair process. You can either organize any written correspondence by taping the documents into the notebook as an ongoing timeline referral source. You can also organize the incoming document correspondence in a separate folder.

Keep copies of all incoming and outgoing information together. Make sure to send all written correspondence to your creditors using delivery confirmation resources from the Post Office. Keep these receipts in the folder. Keep copies of all disputes filed with the credit reporting agencies. You can use your original dispute as a reference for the creditors you need to contact.

Stay on top of all the information concerning your creditors in a timely manner. If you are not following through with the steps necessary to rectify your debts and negative creditors, you will not only need to start all over again, you may lose any negotiating grounds you have with your creditors.

Credit repair is no easy task but it is an essential step towards a healthier financial future. Stay organized and consistent in your efforts for credit repair and you will be able to achieve credit repair success.

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