Debt settlement- can you recover from it?

Steps to take to recover from debt settlement.

There are several steps you can take to start recovering from the settlement.

1. Pay on time. Payment history plays a big role in your credit report. Paying your bills on time is critical as it accounts for 35% of your report. If you have a hard time remembering your due dates, better set up automatic payments or reminders and you’ll never miss a payment again.
2. Be aware of your credit report. Regularly checking your credit report is a must. You need to ensure that it is up to date and accurate. If there are errors, submit a letter of dispute to the credit reporting agencies immediately. Correcting errors will help improve your credit score.
3. Open and maintain a small loan or credit card. You may think that being loan-free or credit-free is going to be beneficial for you. It is not. It would be best to maintain a small amount in your credit card or loan so that it will be reflected that you have a low credit utilization rate.

It would also help if you can stop getting into new debts while recovering from your debt settlement. Continue paying on time, and be responsible in monitoring your credit report and you will recover from your debt settlement in no time.