BBB Tips to Repair Your Credit and Manage Debt | Granite City News

Credit repair, debt consolidation, debt relief, and credit counseling are all options to put the ship back on track when you find yourself bogged down in debt. Some options are better suited to your situation than others. A Better Business Bureau investigator says you should do some research to find out which one is right for you.

Although medical debt is not supposed to be reported to the three credit bureaus, sometimes the debt is sold to a collection agency and then reported. BBB investigator Don O’Brien:

Of the other solutions, credit advice is the most comprehensive. Debt relief or settlement companies offer help by renegotiating the debt so the person doesn’t owe as much. Debt consolidation companies offer loans to pay off all your debts at once.

And credit repair firms promise to clean up credit reports for a fee, but chances are they can do something account holders couldn’t do themselves. You have the right to correct inaccurate information on your record, but no one can remove accurate negative information. Only time and diligent payments will actually fix the credit report.

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