Credit Management Plan

Credit Management Plan

How to Establish a Credit Management Plan

Creating a credit management plan can be simple if you use a credit management system. Look at the steps below to see what you need to do to setup a plan.

Step 1: Collect all your debts.

The last billed statement will do.

Step 2: Know who it is you owe.

You need to know who it is you owe as well as

how much you owe them.

Step 3: Setup a credit management system.

A simple worksheet will do.

Here's a sample credit management worksheet.

Go ahead and print this worksheet. If you don't

have a printer you can make your own worksheet

and use the sample worksheet as a sample.

Put the following heading on the worksheet.

Creditors

Account Number

Creditor Addresses

Creditor Contact Number

Amount you owe

Monthly Note

Credit Limit

Due Date

Past Due Amount

Past Date You Made A Payment

How many days late

Step 4: Setup a bill paying tracking system to make sure you are paying all creditors on time.

There are many to choose from.

Here's a list of bill paying tracking systems

Envelop system.

Computer Software

Paper System (your own paper system)

Step 5: Keep a check on all three of your credit reports.

Check them often for errors.

Step 6: Dispute any errors you find on credit reports

Step 7: Start Using Credit Wisely

Now continue to do this as long as you have credit and you will be able to keep your credit under control and you will always know when you need to add credit to your financial life.

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