Bad Credit

Is “no” a word you hear often in reference to credit financing?  Do you have bad credit?  Are you sick of your bad credit causing you trouble in getting a loan or a credit card?  Maybe it’s time to take a look at your bad credit and begin repairing the damage that’s been done so that “no” is not the first word out a lender’s mouth.

Bad credit can be a serious problem.  Whether it is the result of late or non-payments, or you were the victim of circumstance, the negative marks on your credit will remain on your report for seven years.  That is a considerable amount of time to pay a penalty for past mistakes.  The first step to rebuilding your credit is to know what bad credit you have and be aware of your credit score.  All Americans are now entitled to one free credit report per year, so start by ordering a credit report and scouring it to find the damage.

Start by bringing all current accounts up to date, and, if necessary, settling old accounts so that they report a better standing to the credit bureau agencies.  If there are any blemishes on your credit report that are more than seven years old, request that these accounts be removed (by law, anything over seven years old should be removed from the credit history).

Also be sure to check for mistakes.  If there is any incorrect information on your credit report, this could affect you negatively.  All corrections to your credit report should be made within 30 days of receipt of the complaint, and unless the company that originally provided the information can prove it accurate, the faulty information cannot be placed back on the report.