The Campus CONNECTION Issue 13 March 2015
Now You Know Current Staff Openings
Alumni Relations Coordinator
Director of Communications
Director of Financial Aid and Veteran Services
Police Officer
Credit Education Month: Re-establish Good Consumer Credit & Raise Your Credit Score
In this issue Credit Education Month P.1 Now You Know P.1 Employee Corner P.2 Reminders & Updates P.3 Employee Enhancement P.4 Supervisor Corner P.5
While there are a lot of websites and Internet ads that promise to “repair” or “fix” your credit report & credit score (for a fee, of course), the truth is that there is no quick fix to reestablishing good credit. There’s also no reason to pay someone to help you, as all of the necessary steps to repairing bad credit can be done with little to no money. If you are willing to work hard, and be patient, you can mend your credit. The first step is to review your financials to determine how much you can afford to pay for each of your bills. Working with a nonprofit consumer credit counseling agency, or on your own, you should establish a working personal budget to use, taking into account all of your bills, your minimum payments, & incoming salary. Remember that you may need to cut back in some areas, but it’s important that you are able to make some payment for every one of your bills, each month. Next, contact your creditors & discuss your situation with them. Using your personal budget, explain that you are unable to make the full payments. Commit to making a smaller, ongoing payment. In this situation, communicating with your creditors can help if you are dedicated to making regular payments. It’s important that you contact your creditors before your accounts are turned over to a collection agency. You may consider consolidating debt to lower interest accounts — this isn’t for everyone, so make sure you fully understand how debt consolidation works. Finally, you’ll have to wait. Accurate negative information can only be removed with time. Don’t be discouraged however; as you make payments & add positive information to your credit report, your creditworthiness can improve. Current information is generally weighted more heavily than older information. In the meantime, opening a savings and/or checking account, as well as a secured credit card, can help you reestablish good credit.