THE NEGOTIATION METHOD
The last few weeks we have covered the dispute method and the substitute method, but wait, there is more! Let’s chat about the negotiation method of restoring your credit. It is a powerful tool which relies heavily on good communication between yourself and the creditor. Some consider it to be the most ethical and even effective. Make sure you have a clear and concise conversation with the correct creditor.
A credit negotiation is exactly what it sounds like in everyday life. A conversation with somebody in charge to try and achieve a goal or outcome. (in this case, the outcome is improving your credit scores!) Be sure you are talking with the creditor that put credit information in your file. It is important to note that you might have these conversations more than once, documentation and different forms of interaction are common, and other people may be brought in by either you or the creditor.
The whole point is so that both parties can be satisfied with the outcome. Few things have extremely strict fixed terms, almost everything is negotiable! The price of your home, car, appliances, and more can be negotiated when you think about how business works. There are four skills to learn when it comes to learning to become a master negotiator.
Any time you are trying to change the outcome, you are negotiating for something
You need to be specific when it comes to negotiating to raise your credit scores
You can predict many phrases and words that may come from the person you are communicating with, be prepared.
There are four critical components to a negotiation: people, power, information, and time.
A negotiation is all about getting rid of the fear of rejection and obtaining the mindset that no matter what you owe, something will improve for you. A good outcome will happen if you just start the conversation, but nothing will ever improve if you never ASK.
Information pulled from:
Notley, S. Credit solutions: Proven strategies to establish and re-establish your credit. The Manning Group
If you ever have questions, contact us - your expert consultants.
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Solutions Team
