Most of us are concerned about our credit report but may lack knowledge of how to improve our credit score, or where to access it. A credit report is a report card on your financial state of affairs. It contains information about your past and present loans, credit cards, mortgages and all other debts. It also reports about how you repaid your debts, whether you are regular in paying the debts on time, and whether you have ever been a defaulter. Information about your date of birth, social security number, past and present addresses and any bankruptcy proceedings, are all included.
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When you apply for a loan or any other credit, the prospective lender will call for your credit report to assess your credit worthiness. The lender decides on whether you can be afforded credit, and have the ability to pay back the money, mainly depending on this report. With good credit, you can obtain better terms of repayment and interest rates, whereas even one negative entry may remain in your credit report up to seven years. If you are declared bankrupt just once, it appears in the report for the next ten years.
In order to avoid inaccuracies in your credit report, you should regularly keep a close watch on it by going online, phoning, or by mail. There are three major credit reporting agencies in the country, and you may obtain a credit report from each of them every three months. Go through them carefully and if you find any mistake, bring it to the notice of the agency and get it corrected. The information contained therein will be kept confidential by the issuing agencies.
If you have already fallen on bad days and have a poor credit report, there are ways to repair the damage. You can rebuild your report over a period of time, if you have a good plan to get out of your present debts. Be careful to keep up with your commitments, and do not take on new credit. If you carefully handle your money, you can regain a good credit report, but it takes time.
If you are unable to manage your debts on your present income, and find yourself sinking deeper, it may be better to file for bankruptcy. For this, there are good law firms to rescue you. They all handle cases under Chapter 7 and Chapter 13 of the Bankruptcy Code. With years of experience behind them, they are the right choice for anyone who wishes to get out of debt and rebuild their credit.
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