My Credit went from Solid Gold to Put on Hold
This section is for those people whose credit has been destroyed, by whatever means.
No matter why the credit rating went sour, whether from personal action or a real case of identity fraud, you are going to find yourself in a very difficult and unpleasant situation. While there may be some debt relief available, it will still be necessary to pay a vast amount of money to get everything cleaned up and back the way it should be.
This section is for those poor and unfortunate souls whose credit has been destroyed, by whatever means. Filing bankruptcy is always an option and it will be considered by many people in this boat. However, bankruptcy will be a lasting mark on you, your credit and on any hopes you have for a good future.
While bankruptcy protection is a little bit better option, it will still have a negative impact on your credit rating and will hinder you in the overall management and proper utilization of your debts. Simply paying off all of your bills, albeit a bit late, will still have a negative affect on your credit; but this impact will not be nearly as long lasting or as bad once your reports have all been updated, your bills have been paid and you begin rebuilding your credit and learning how to manage “good debt” that you will need to incur to succeed in life.
In many instances of identity theft, the bills are not all going to be exclusively credit card bills. Many will be from small companies which have no other recourse than to go after the person they most likely suspect of defrauding them. That means in many instances, collection agencies and billing departments from many different sources may all be coming after you all at once.
Once again, how you choose to deal with the situation is going to be reflected on your credit report. Debt is actually an important part of the economy in today’s world. How you manage your personal debts is going to reflect on how well you are able to do in your life and ultimately, how good a life you will be able to have, afford and maintain. It is impossible to live a debt-free life in the world today.
The most important thing is going to be paying off all of the bills. You may as well get used to that idea before you even start trying to climb out of the hole. Whether you are directly responsible for incurring the debt or not, it will be and is your responsibility to pay them off. No matter how fair or unfair it may be, it is the reality of the situation.
