Fixing bad credit is a possibility and one has a few options to consider before giving up totally. First and foremost, is establishing exactly where you stand with your creditors; and where exactly did you go wrong that has created this current situation.
Bad credit information can occur from simple matters of not paying on time and from more drastic events of not paying at all. Perhaps you have forgotten about an account, or you developed the habit of paying late as these are contributing factors to your bad credit score or information. Now that you have an idea what went wrong, you will have to establish where it went wrong, if you are not fully aware of where you have deemed to have erred, an ideal starting place is by obtaining your credit report. This report will indicate exactly what and where caused this bad credit information. This is now your chance to rectify the situation, by immediately starting negotiations with your creditor or creditors that have entered the negative or adverse comments in your report.
When one approaches the creditors it is recommended that you do it from a point of honesty and openness, this will encourage a better understanding of your current situation and you would likely find the creditor would be fairly accommodating towards your requests. If you do have sufficient money to make a lump sum payment towards the account, request the creditor to review their adverse entries against your name upon payment of the lump sum.
Once you have dealt with your creditor and opened the channels of communication, attempt to remain in control, and on time with your payments to avoid any further future surprises of bad credit information. The repairing of bad credit can be accomplished fairly quickly, or it might take a while all depending upon the actual extent of the arrears accounts. Bad credit can be eliminated by knowing what is going on in your personal affairs and takes a bit of effort on your part, as well as consistent management of your accounts to avoid any bad credit information finding its way onto your credit report.