Bad Credit History - Why You Must Check Your Credit Report

If you are having a hard time getting credit you might want to look for resources

that can help you get rid of your bad credit history and rebuild your report. Your credit report contains information about you, your job, and your habit of repaying debts.

When you apply for a loan or credit, lenders rely on the information on your report. Depending upon your record, you will be granted the loan or denied, as the case may be.

Your credit rating will also affect the rate of interest that is calculated on your loan amount. The better the rating, the better chances for you to get a lower interest rate. If you have a bad or poor rating then chances are you would be charged a higher interest rate if you get a loan.

Mistakes occur at the credit reporting agencies. It's not unheard of for files to be mixed up, especially for people who have common names. Information belonging to a different person can be mixed with your information. If the information is negative, this will affect your credit worthinness.

Therefore, it is always advisable to review your report occasionally for accuracy. In case you find any errors you should contact the credit reporting agency and report the inaccuracy immediately.

Credit bureaus are required to delete items that are not 100% accurate or cannot be verified within a reasonable period of time. Also, outdated information must be deleted.

The credit reporting agency must reinvestigate the items in question and inform you of the results of the investigation.

If you do not agree with the results of the investigation, you can dispute directly with the creditor. If you do owe money, negotiate a settlement with the creditor. You can negotiate to get your creditors to agree to accept considerably less than you owe as full settlement of your debts.

After you have finished eliminating negative items, it's time to add positive information to your file. One way to add positive information to your file is to obtain a secured credit card. You will be required to open and maintain a security account at the bank that issues the card.

Another method to add positive account to your file is to use a co-signer. Find someone who already has a good credit record and is willing to co-sign on a loan for you. Gas station and department store credit cards can also be used to rebuild your report. Always make payments on time.

The process of credit repair is not hard if you have the right plan to follow. Do it the right way and you can be on the road to good credit rating. Do it the wrong way though, and you run the risk of failing or damaging your report further. If you want to follow the proper steps to repairing your report, then you should get a proven credit repair guide to help show you the right way.

by: Conleth Onu

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