Repair Your Credit History And Protect Your Credit Rating

Understanding the effect that your credit history has on your current credit rating

is an important part of fully understanding your overall financial situation. All too often, consumers take an ostrich-like approach to their credit standings, preferring to simply not know just how bad their credit report might look to potential lenders. Unfortunately, ignoring bad credit will not make it go away and the situation can be worsened by those who continue to apply for financing or credit without acknowledging the possibility of negative information holding them back from receiving the funding they need.

When consumers continue to seek out mortgages or credit cards, bad credit will stand in their way, as they rack up enquiries that will also negatively influence their chance of obtaining a loan or line of credit. In Australia, only negative information is reported on your credit history, and enquiries are noted on your file, along with defaults, judgments, bankruptcies and late payments. This information may remain on your personal credit file for up to seven years, continuing to affect your credit rating, even if paid off and marked as so.

This is of particular concern in an economic climate where it is becoming increasingly difficult to qualify for loans and credit cards, bad credit notwithstanding. Because of this, the number of people seeking assistance with credit repair in Australia is on the rise. If you are concerned about your credit rating or believe your credit history could potentially contain negative information, you may want to consider contacting a company specialising in credit repair, which can assist you in providing the information In removing disputable, inaccurate or unfair negative marks on your credit report. If your report does contain contestable negative information, a consultant specialising in assisting consumers in fixing their credit may be able to help you repair your credit and get back on track for a positive financial future.

When applying for a mortgage, personal loan or credit cards, bad credit will be a determining factor in whether or not you qualify. Do not allow unfair negative marks to continue holding you back. To find out more information call Malouf Group Enterprises and speak to a credit repair expert.

by: mgonline

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