You are here: >> Homepage >> Bad Credit
Repair
Bad Credit Repair
Have your loan applications been declined by lenders due to your
credit history? Remember, that Credit Repair takes time.
The first step towards Bad Credit Repair is to obtain a copy of
your own credit report. You need to see the problem before you can
work towards resolution.
It is possible to challenge any listing that appears on your
credit report if you believe that it is inaccurate. If the comments
on your credit report are found to be false then they can be removed
from your record. Listings on your credit report that cannot be
substantiated must be removed.
If information appearing on your credit report is factual, only
in time will you see this information removed. Listings will
fall-off your credit report when they expire. For example, details
of bankruptcy will be removed 7 years from the date of your
discharge.
It is important that you avoid any activity that will adversely
affect your credit history. This includes:
- Bankruptcy
- Home Loan Arrears
- Credit Card and Loan Defaults
- Late Utility Bill Payments
- Court Judgments
In the long run these actions can seriously damage your ability
to qualify for credit. Once an undesirable entry makes it’s way on
your credit report, all you can do is wait.
Remember that a paid default will still affect your ability to
borrow – hence timely payment of all bills is essential.
Some simple tips for developing healthy financial practices
are:
- Budget to determine what you can afford
- Spend less than you earn
- Minimise the use of Credit Cards
- Switch your expensive debt into cheaper credit facilities
- Pay off existing debts as soon as possible.
|
Bad
Credit Repair
