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Are you deep in debt and sinking fast? Unfortunately, many people are in that situation but there are alternatives. It takes a committed effort. Aside from bankruptcy, there is only one way to get out of debt; pay it off. And there are only two ways to pay it off; bring more money into your household and use that extra cash to pay down debt, or reduce spending and use the savings to pay down debt. These are your only alternatives.

In addition to getting a part time job, there are other ways to bring in extra money. Have a garage sale. Clean out that junk in the garage and get it on the curb. You would be surprised at the stuff people will buy. This can be particularly profitable if your town participates in a yard sale day.

Another way to make some extra money is through Ebay. This is like an online garage sale. Gather up your old unwanted stuff, take a few digital pictures and your in business. In fact, many people do make a business out of selling used items on Ebay. After you’ve cleaned out the attic and garage, visit your neighbors garage sale and sell their junk on Ebay! Just make sure that you commit all of your profits to reducing your debt.

In addition to bringing in extra money, you should cut back on your expenses. Eating out is an area where you can save lots of money. Do you bring a lunch to work or eat out every day> Do you give your kids lunch money or pack their lunch. The average family spends over $2400 a year on food outside the home. By packing lunches, you can easily save $150 a month. Make sure you reduce your debt with this savings. No fair cheating.

Another way to save money is to leave your credit cards at home. For most of us, it’s all too easy to pull out the plastic if we don’t have the cash available for an impulse purchase. If you don’t carry the cards with you, you won’t be tempted. Although this won’t put any extra money in your pocket, it will prevent you from making your debt problem even worse.

Check out my newest ebook for the details on how to slash expenses and put money in your pocket to reduce debt!

You’ve seen commercials asking this question, and for some people, the television might get muted or the channel could change. It’s a fact of life, if you’ve got credit, then you’ve got a credit score. It might be high or it might be in the middle, it might be low and in need of attention or repair. The good thing about your credit report score is that it can be monitored and adjusted, it’s up to you and your financial payment history.

A credit report score is based on your credit history. If you open a department store credit card or even a major credit card such as Visa, MasterCard, or Discover and use them to obtain purchases, then your payment history determines your credit history. If you don’t pay the minimum payment or default on the credit card it will affect your ability to obtain other credit. This score is also known as the FICO, Fair Isaac Corporation. Some lenders require a higher credit report score than others so not being able to obtain credit at one retailer might not be necessarily true at another.

If you spend any amount of time on the internet then you’ve probably seen the flashing banners that ask you in a non-threatening way via colors and animation what your credit report score might be. You can tell that it’s an important topic because when you try to obtain credit and your score is below what a lender accepts, you won’t be able to get credit. A good credit score is in the high 700’s, an average score sets in the middle 600’s and a bad credit report score is 500 or lower.

If you have a lower credit score and need or want to raise it you can do a few things. It will take time but these suggestions will help you. First you need to find out what your credit score is, and by being denied credit you’ll know that a problem exists. Still, it’s important to know what your credit report score is. You can contact one or all three of the major credit companies, Experian, TransUnion and Equifax. Review your credit history and see where a red flag has been placed. If you are able to eliminate a problem, then do so. To raise your credit score, you might need to obtain a secured credit card. You will generally have to pay a fee to have this credit card and you must never miss a payment. It will help build back your credit standing.

Remember, your credit score reflects many things, but one of the most important things is how you pay back your financial obligations. If you always pay on time and pay at least the minimum amount due, you will generally see your credit score rise. But again, this is a history, so one or two months of on-time payments are probably not going to change it much.

If you are applying for a position with a potential employer, you are often asked to submit to a background check. This allows the company you’re seeking employment with to check your arrest record, your previous employers and now, your credit history. If you don’t meet their criteria, you might be denied employment. A lot of people don’t check their credit report history until there’s a problem. You owe it to yourself to obtain your credit report, it’s free and you can obtain a copy from each credit reporting agency once a year. They may report different information on each report. I suggest obtaining your credit report once every three months and rotating which agency you use. It could mean the difference between obtaining credit and what interest rate you’ll pay on a loan.

Would FREE copies your credit report be of interest? If you are committed to repairing your credit or simply want to know what is on your credit report, I have good news for you. A free copy of your credit report is available to every consumer annually. This article discusses the free report as well as repairing your credit report once you have your credit file on hand.

Colorado, Georgia, Maine, Massachusetts, Maryland, New Jersey and Vermont always had a right to one free report per bureau each year. But now this same benefit is available in every state - one FREE credit report from each of the three major national credit bureaus every 12 months.

Additionally, consumers may be entitled to a free report under certain other conditions, such as having been denied credit, insurance or a job within the past 60 days. You’re also entitled to a free report if you think your report is inaccurate due to fraud.

But under the new law, Equifax, Experian and TransUnion have an online site where you can get a free report at Annual Credit Report. There is also a toll-free phone number: 877-322-8228. Finally you can write to P.O. Box 105281, Atlanta, GA 30348-5281. Yahoo News suggests: “If you do use the postal address, it’s best to print and mail in a completed online request form. You can’t get your report unless you answer questions on the form.” There is also information available through Federal Trade Commission.

You can purchase additional reports and/or a credit score by contacting one of the consumer credit reporting companies.

Equifax

Experian

TransUnion

You can also purchase a credit score when you request your free annual credit report through Annual Credit Report (referenced above.)

You might want to note that each bureau offers credit ID fraud called safeguard services, but for fees. For example TransUnion offers “ID Fraud Watch”. For $10.95 each quarter, you get a credit report every three months and $25,000 of identity theft insurance.

Once you have your report, what do you look for?

Here are some basic things you should check on your report. Go through your entire report entry by entry. Have the credit agency legend by your side in order to verify coding compliance. Have also a paper and pencil to annotate any item you find in error. Go slowly.

Don’t assume your personal information is correct. You could be viewing information from someone else’s report with just a simple error such as: first name misspelled, missing Jr./Sr., erroneous address, bad zip code, wrong employer, or any other incorrect personal data.

Insure marital information is correct. Are accounts listed as “joint” really joint?

Is the report in compliance with court settlements? Outdated information is normally considered to be any item older than 7 years except for bankruptcy, which is usually 10 years.

Closed accounts should not be listed as open. Accounts you closed should reflect, “Closed by consumer”. Otherwise it can be assumed that it was closed by the creditor– not good.

Accounts should not appear twice even in different sections.

Incorrect histories such as late payments, a credit entry you do not recognize, a pre-marital debt of your current spouse, or other such items need your attention.

Are there missing reports that would be beneficial to show a good history, and are profiles, credit limits, and balances correct?

A former correction to your credit file that has since disappeared should be brought to the agency’s attention.

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Final Comments: I am often asked if a collection company sells your account to another collection agency, can you get the first one deleted from your report or will it just show as a zero balance

Reporting depends on who owns the account there are several directions this can take:

If the original creditor still owns the account but assigns the debt to a collection company then both get to report on that account listing.

If the original creditor retracts the collection and re-assigns it to a new collection agency then both original creditor and the 2nd collection agency can report but the first one must remove their listing off of the credit report.

If the original creditor sells the debt to a collection agency then the creditor will report zero balance / sold to another lender, and the collection agency will report.

If that collection agency assigns a debt to another collection agency then it is allowable for both to report the account listing, but if they take back that account then that assigned collection agency must remove their reporting.

Now if that collection agency sells the debt to another collection agency they get to keep their reporting on the report since they owned the account at one time, and the new collection agency picks up on the reporting.

Therefore, the difference is if your account is “assigned” or “sold”.

Readers will probably be interested to know Mike, the author of this article, also offers a free debt elimination mini-course via e-mail. You can enroll at Debt Free In 7.5 Years.