We need to maintain “GOOD” credit always. If you have experienced a recent denial of credit, are appalled by bank balances, credit card balances, are having cash flow issues, then it is time for a thorough investigation of your personal financial situation. You need credit repair.
You are the only one that can fix the current situation. So, put aside any fear of seeing your financial history in black and white, be proactive and arrange to secure your credit report(s). There is no magic cure, but it can be done.
Everyone understands that their ability to get a loan, a mortgage, credit card depends on a good credit rating. Our “Credit Score” is most affected by our total debt and credit cards. You also need to know that there are other negative effects of poor credit that you may not know about.
Negative effects of poor credit:
a. Denied car loan b. Denied employment c. Denied health, life, homeowner’s insurance d. Denial of /or high interest rates for credit cards and loans e. Denial of a cell phone contract f. Being unable to start your own business
Credit is the basis of our financial world, so we need credit. None of us want financial disaster but we are responsible for ourselves. Therefore, if you are having serious cash flow problems, struggling to meet payment schedules, and have defaulted (or are close to it), you need credit repair now.
There are 3 major credit reporting bureaus and you can research the way to secure your report(s). It is possible for you to fix your credit. Compare your reports, and dispute any errors that you find. The Fair Credit Act will be a helpful document for you. It addresses consumer rights.
Contact your current creditors, explain the situation. If your creditors realize that you want to pay your debts, they will be much more likely to work with you. Regaining good credit is work and only you know whether you will be able to do the repair yourself. There is a lot of information to help you.
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