Credit repair comes in when your finances go awry. It often takes more than three months to set things right once your financial problems are reflected in your credit report.

The most common question that credit repair agencies have to answer is "Can you fix my credit score quickly?" Here "quickly" is a relative term. While you, as the client, feel that one month can qualify the word, the credit repair agencies will often try to convince their clients that this term would apply to about a 3-6 months period.

1. Help The Agency Help You

You want them to address your credit score problem quickly. Be sure you give them all the ammunition they need. Put together all the information pertaining to your regularly-paid accounts and those on which you defaulted.

Give them the complete documentation that supports your claims – receipts, letters, communications, correspondence, and so on. You will also need to be completely truthful with the agency, or they will not be able to speedily address your problems.

2. Stay Focused

The worst enemy of speed when repairing credit is the tendency to approach the problem in a haphazard manner. Use the services of the credit repair agency to draw up a plan and stick to it completely, until your credit score reaches the highest possible scoring.

Prioritize the tasks so you will eliminate and limit any financial drain such as high interest loans, penalties, late payment fines, and the like. Unless you stay completely focused on the task and give it all you've got, it's unlikely that you can speed up the credit repair process.

3. Budget Expenses

It doesn't sound like much when you think of budgeting. This is, however, one of the most critical aspects in credit repair. You need to know exactly how much money is coming in and how much money needs to be spent every month.

Only then you will be able to curb frivolous expenses and use the money saved in this manner to repay your existing liabilities faster. Budgeting will also ensure that you are using your money optimally.

4. Earn More

This is another very simple advice, yet one that is very seldom applied. There are two ways to create surplus with anything –

(1) use less of the commodity, and
(2) increase the income of the commodity.

In order to repair your credit fast, you need to cut down on all expenses other than those that are most basic such as food, shelter, clothing, education and health, for as long as it takes to complete all the repayment schedules. On the other hand, you could also create surplus by increasing your earnings. Take stock of your talents and look for avenues that will enhance your income.

5. Savings Are Essential

Look closely at your spending patterns and identify what caused the present condition. Even when the sudden paucity in funds is caused by a mishap, there is a lesson to be learned. You should not only limit your total expenses to 3/4th of your income, but also ensure that you put something aside for "rainy days." Savings are essential, no matter how much you earn!

Debts! This is something that everyone will experience at one time or other. What do you do when you reach the point when you cannot struggle any longer? Most people will say look up credit repair agencies and if that fails, file for bankruptcy.

Did you know that bankruptcy will haunt you for at least seven years? Did you know that with a bankruptcy stamp on your credit report, your life will become immensely difficult because your creditors will consider you a “high risk” investment?

Government Grants to the Rescue

Before you throw in the towel, consider going for a government grant to pay your debts. The first thing people say when they hear "government grant" is – "this is impossible." Most people harbor the misconception that it's very difficult if not impossible to find and get a government grant.

Wrong! It's not difficult to get a government grant. In fact, it's no more troublesome than obtaining any regular loan you would apply for with any bank or financial institution.

The Benefits of Government Grant vs. a Loan

When you are indebted, you credit score will show it and at such times it will be extremely difficult to get good terms or low interest rate loans. Why chase loans when government grants can solve your problems better?

1. No need to repay it – the meaning of "grant" is "no repayment." This will be of immense help to you when your finances will be at the lowest rung. You can use the money from the grant to pay your bills without worrying about its repayment. This can give you enough leverage to regain your financial balance and carve yourself a way out of the crisis.

2. No collateral – most creditors will demand collateral from you when your credit score is down. In the case of a grant, there is no need for collateral, because there is no need to repay the grant. Hence, no worries on this front.

3. No need for a good credit score – your credit score is not important when you apply for a grant; and when you have a low score this will perhaps help in your eligibility rather than harm it. This is because the grant need not be repaid and hence, no one will need to know your capacity for repayment.

4. No trouble – it's a myth that grants are difficult to obtain. If you are eligible and can provide all the documentation needed, this won't take any longer than processing a bank loan. With the government it's important that all the documentation is done correctly and as per the rules. As long as the documentation is done correctly, there is absolutely no trouble in obtaining grants to clear your debts.

5. Start afresh – a grant will give you a chance to start afresh, while loans or bankruptcy declarations will compound your problems. Look up the government websites for the eligibility criteria for grants and apply your efforts in obtaining one. You will find it well worth the effort.