First of all, one short-term solution that can be done for those of you who have arrears is to pay off all arrears so that your credit score can change in the following month. This can be done by customers who are on Credit under Special Supervision. So, start disciplined to pay your bills to improve your credit score. Apart from that, if you wish to set a clear goal in repairing your credit score, you can check out the highest credit score.
Then, if your credit score is ranked 3rd, namely Noncurrent Credit, you should immediately pay off your debt. Paying off a can be done by negotiating the payment term with creditors, such as a bank or financial institution. This is of course different if your credit score is ranked 4th (Doubtful Credit) or ranked 5th (Bad Credit). So, you should pay off your debt immediately. By paying off your within 3 months, your credit score can move up to rank 3 (Non-Current Credit). However, if paying off the is beyond your ability, then you should consult with a bank or financial institution to provide the best solution according to your financial situation.
The solutions commonly offered by banks or financial institutions include:
1. Pay some of the arrears until it is in the safe category.
2. Pay off the by getting interested and penalty relief.
3. Selling guarantees voluntarily or through auction.
4. Provide restructuring.
Finally, it cannot be denied that there are customers who cannot pay off their because they are victims of fraud or are affected by a disaster. Restructuring can be provided for customers experiencing these conditions. If you have trouble paying off your because of the causes previously mentioned, then contact the credit officer of the bank or institution where you took. By restructuring, creditors can create a new payment scheme that suits your current financial condition. After your restructuring process is complete, then all you have to do is pay the obligations according to the latest payment schedule. Avoid delinquent payments until you fall into the “Special Supervision Credit” category as the process will be more complicated. Just don’t forget that each bank or financial institution has different policies.