The Best Way to Pay Off Past Due Items on My Credit Report

Your credit report says a lot about you. It provides a history of your credit payments, where you've lived and even legal information regarding bankruptcy and other financial hardships. Lenders, insurance agents and possible employers will look at your credit report to get an idea of what type of consumer you are and how responsible you are with credit. Having past due items on your report can lower your credit score and make it difficult for you to obtain future credit. It is important to catch up on your payments and pay them off if possible.

Instructions

1

Contact your lender regarding past due items on your credit report. Many lenders offer financial hardship programs, which may help you catch up on your payments. If your credit card company knows that you are working hard to make your payments, it should be willing to work with you.

2

Negotiate your balances on your credit report by speaking with the collection agency associated with the overdue payments. Find out if they will settle the account for a lower amount. Collection agency representatives have the authority to settle for much less than the balance since they purchase the overdue accounts at pennies on the dollar. This should help you to finally pay off past due items on your credit report.

3

Call a nonprofit consumer credit counseling company for assistance with past due items. They may be able to put you on a debt management program, which can lower your interest rates and help you catch up with your payments.

4

Get in touch with a lawyer to help you file bankruptcy if you are struggling to make ends meet. If you have large amounts of debt and can't make payments, a lawyer can tell you whether or not you qualify for bankruptcy. This should be a last option when you are trying to pay off past due items on your credit report.

5

Make more money to pay off your past due items on your credit report. Get a second job or donate plasma for cash. You can also earn extra money by having a garage sale, selling unwanted items on eBay or even babysitting. Apply the extra money to your bills and eventually you will see an end to your late payments.