The Best Ways to Deal with Creditors When Unemployed
Unemployment is on the rise - and with that, job cuts, failures, lay-offs and corporate restructures happen a lot more than in the past. If you are a result of such problem, or in other words lost your job recently - making your ends meet is definitely on the top of your mind.
How will I maintain my credit history? How will I make ends meet and pay off my credit?
Yes, these are common questions people ask when it comes to debt collection and credit reporting. So, what to do in times like these?
Fair Debt Collection
In the event that you literally cannot 'make ends meet' and cannot pay your bills on time, you should immediately contact your creditors and work out a modified payment plan. This way, you will be able to manage your financial balance in a better way and still be treated fairly by the debt and credit collectors.
There are many Fair Debt Collection acts and practices - and it's up to you to find them and take advantage of them in your scenario.
Fair Credit Reporting
Your late and non-payments are not the only problematic issues when trying to make ends meet. The credit rating and ability to get credit are vital aspects of your legal profile. Therefore, you should always make sure that your credit report is accurate, and make sure that your credit reporting agency carefully reports every payment. You should always focus on this - because if a credit report turns out late, your status may not be delinquent and turn to inaccurate.
In the end, you should always look up to The Fair Credit Reporting Act as the best way to evaluate your credit, job or insurance applications.