Your credit information is usually used by lenders and others, along with additional finance factors to make decisions about the risks they face in lending to you. If you have negative information on your credit report, it is usually there for up to 10 years. This will make lenders and others get a better picture of your credit history and they may decide to help you or not, depending on their satisfaction of your credit status. You may not be able to change information from the past, however, you can demonstrate that you are effectively managing your credit and you are making efforts to move it forward by paying your bills as at when due. As you build a positive credit history, over time, your credit scores will likely improve.
Negative but accurate information (such as late payments and delinquencies) will remain on the report for your for up to 10 years. Therefore, there is no way to fix your credit as fast you would probably love to. However, there are steps you may take to which would help you to build a more positive credit history. Your credit scores would be improved over time.
Firstly, you may need to employ the services of a reputable credit counseling service, especially if your debt has accrued overtime. Many of the Counseling services charge little or no fees for their services. Credit counselors can help you come up with a Debt Management Plan and can negotiate the reduction of your monthly payments. Most of the time, you will only have to make one monthly payment to the credit counseling service, which will give out funds to all of the accounts you are indebted to. Making use of a Debt Management Plan may not affect your credit history negatively when you keep making payments when they are due as would be taking place under the new terms.
You may also consider consolidating your debt via a personal loan or balance transfer credit card. Sometimes, debt consolidation loans provides lower interest rates and reduced monthly payments, provided that you stick to the terms agreed upon.
If you have made payments and your credit report is not updated to reflect that immediately, it is nothing to worry about. Sometimes, it may take up to 30 days or more for the status of your account to be updated. It depends on the time in the month your creditor reports their payment.