Myths that surround your credit report

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Myths that surround your credit report

18th November 2010

You can feel frustrated and helpless when you have a tarnished credit report that you want to improve, and you can have a determination to do anything that it would take in order to get the resolve you need. However, you do need to be careful on where you get your advice: this is because there are a number of falsities that are circulating that surround how to boost your rating and get the credit you have been craving. In this article, we are going to look at just some of these.

Sometimes, you can feel like you are stuck between a rock and a hard place when trying to make decisions concerning your financial future. Even though you desperately want to prevent yourself from losing your home or wallowing in debt, you can have equal concerns about how your efforts to save your assets might damage a report that you have been building up for years. There seems to be a consensus that you cannot undergo debt management programs without losing your ability to have your credit report concerned. Even though this might be something which you have to contend with regarding some of the plans which are available to you, there are certain incentives which you can get involved with to get the help you need without damaging anything else. However, these plans might not always be the most suitable for your needs, and so it could be important for you to bite the bullet.

It can be a horrible feeling to have a credit report which means lenders do not trust you, or lenders will only trust you on the condition that you accept ridiculously high interest rates in order to cover their backs. However, when you are seeking professional help to nurse your report back to health, do not opt for schemes which promise to help you if you pay fees to the counsellors that are offering you advice. There are many non-profit charities which have been set up with the sole purpose of providing credit professionals that will do all they can to support you free. After all, the last thing that you need if you have been bombarded with debt problems is a further overhead to contribute to them.

Others think that closing your bank accounts that you might not be using too much could be a great idea – making your report look cleaner in some respects. On the contrary, closing bank accounts, which may represent some of the oldest entries in your document can make you look like an inexperienced borrower who has not been on the market with lenders for too long. The more of your credit history that lenders can see, the likelier it is that you will get what you are looking for. This is why many young people and students have been having a multitude of issues getting their first foot on the credit ladder.

Through getting professional help, you can negotiate the myths and move on in the direction you want.

Posted in Credit rating

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