Credit reports are kept on almost everyone, in almost every country in the world.
It is a record that is kept on individuals and most companies.
This report has information that is vital to a person's credit status, and can determine whether or not you can do things such as finance a car, buy a Flat screen T.
V.
, or buy a house.
It is necessary to rebuild your bad credit.
A credit report contains information, such as when a person borrowed money, how much money they borrowed in the past, and when they paid it back.
Bad credit stays on your record for up to 7 years and bankruptcy for 10 years.
It provides details like a bankruptcy, or a late payment history.
Once a creditor puts a delinquent payment on your report it is extremely hard, if not impossible, to get it taken of before the 7-10 years.
Poor credit will make it very hard to get a loan, or even rent a place to live.
Reading through a bad credit report is a good way to learn how to fix these problems.
One way to make sure that your credit doesn't end up in the toilet, is to never spend more money than your make.
You can do this by developing a family budget.
Doing this will help you keep track of all your bills and your income, so that you will know where your income is going, and that your bills are being paid on time, and not getting overlooked.
Doing this should allow you to have extra money to pay some of the bills that have been paid late.
Start paying your bills on time, so that you do not get a bad report about late payments.
That also hurts your credit rating.
There are a few ways to fix your credit.
One is to write a letter of dispute to the company who has reported your bad debt.
You will need to check with each company and get some information, like their address and who to send the letter to.
Most companies will reconcile the dispute within fifteen or so days.
Another way is to call your credit bureau and request a copy of your report: 1.
If you have outstanding dept on your report because of non-payment, make sure to start paying them off, the one with the highest interest rates first.
2.
If the debt you have is too much to handle, call a non-profit organization to help you with a plan to get the debt paid down.
A counsellor will call your creditors and get the finance charges dropped or reduced.
By doing this, it can result in a 40% decrease in your monthly payments.
3.
Don't get involved with anyone who wants to give you a quick fix or a loan 4.
Get rid of your credit cards.
Cut them up!!! 5.
Work with your counsellor to make sure all your debts get paid, make sure that payments such as your rent, mortgage, car payments, etc.
are paid on time from now on.
6.
Now that your payments are being made on time, apply for a new credit card.
If you don't qualify for a credit card, apply for a secured card.
7.
Make sure to pay off the balance when it is due...
lets make sure we keep our record clean These few ideas will definitely help you improve your credit score, and, with good credit, you will be able get things like auto financing and lender financing.