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What Medication helps your credit report ! By Author Michael Malloy

 Time is the best Medication to heal !

” Just like when you break your arm or leg and they put a cast on it,it takes time to heal,the cast protects that arm or leg while its in the healing process,time becomes the best medication.When you have major breaks in your life,do what you can,and let the clock do the rest. “ 

Many people believe that simply paying off debts will improve their credit score. Unfortunately, this is not true. If you have experienced a bankruptcy, have been reported to a collection agency, or have had charge-offs, the record will remain on your credit report – even after you have repaid your debts and resolved the problem. In fact, major problems such as a bankruptcy will remain on your credit report for seven or ten years and this will affect your credit score. Even if your credit problems stem from simply not paying bills on time, it will take some time for the mark to fade from your credit report and for your credit score to reflect your improved payment schedule.

Paying off your debts and resolving problems will help your credit score (since overdue accounts will be marked as “paid” on your credit report), but you still have to give it time to heal before the red flags are removed completely. You’ll also have to be patient until your credit is good enough to make major purchases. This means that if you have faced a significant setback such as a bankruptcy, you may have to wait in order to get the best interest rates on larger purchases. The good news is that the further away you are from a major financial problem, the less dire it appears. For example, if you have declared bankruptcy, you can expect it to have a huge impact on your credit score for the first two years. You will most likely have a hard time getting any credit during this period. However, after two or three years of paying your bills on time, the bankruptcy will matter less because you have been rebuilding your credit. Your credit will still suffer but you will slowly work your way out of the problem. Persistence and good financial habits will get you there.

Therefore, if you plan on making a major purchase such as a house or car that may require a loan, you should start working on improving your credit well in advance of your actual purchase. You simply will not have enough time to radically alter your credit score in time if you wait too long. Even if your credit score is already fairly good, you may need to give yourself several months of time to boost your credit rating and get the best loan rates.

Start working on getting your credit report restored!

The Credit Physician has seen many credit success stories over the years, and the worst thing anyone can do to hurt their credit is to do nothing at all. Take some time and thoroughly review your credit report. Get a good game plan in place and don’t wait until everything is perfect because it will never be if you don’t take action. The steps you take today will determine the path of your financial future so let time work with you and let the restoration begin!

Financial problems are also emotional burdens. Plenty of debtors feel so terrible about their financial issues and uncertain about their money that they go into deep denial, refusing to think or work on their situations. This will only make things worse. Everyone suffers from financial difficulties at some point, and every professional in the field of finance knows this. However, lenders and banks want your business and are willing to work with you to help you solve these problems.

If you have had a financial problem, or feel like you’re headed towards one, start working on repairing the situation right away. If your credit is suffering because you have not paid some bills, don’t make it worse by waiting until you are reported to a collection agency because by this time your credit rating will have taken an even worse hit. Instead, work on paying off your bills or arranging a payment schedule right away.

About the Author

Author: Michael Malloy ( The Credit Physician ) This author has been researching the anatomy of the credit report for years,giveing readers the information to empower them to take control of there credit reports. www.creditphysician.net  md@creditphysician.net

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