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Bad Credit Debt Help

Maintaining a financially healthy credit rating is important to your normal life.  When you have a good credit score, you will be better able to purchase high price items like a home or a car.  When you are making these large purchases, it is more beneficial to you to have a good credit score.  To even qualify for a loan or mortgage, you have to have a minimum credit score in some cases.  Without this, the lender may not even begin to consider you as an applicant because of a lack of perceived creditworthiness.  Your creditworthiness is most often linked to your credit score.  A low credit score can indicate that you are a risk or irresponsible with your finances.  A high credit score usually signals that you are responsible when it comes to your money.

Many people get into trouble with their credit because of certain circumstances.  If your financial situation is disrupted in anyway, this can cause your credit rating to plummet.  Disruptions may include losing your source of income, becoming unemployed or treating a health issue without the help of insurance.  These situations may cause your credit score to take a dive because you are unable to manage your credit accounts responsibly.  If you start to make credit card or mortgage payments later than the agreed upon time, this can be noted in your credit report.  If you don’t pay a creditor for more than 180 days, the creditor may consider your debt to be a loss, making it a charge-off on your credit report.  This means that you failed to pay the money you owe and therefore the company was forced to count it as a loss.  You are still responsible for paying the debt however.  All of these problems can lead you to develop a low credit rating or score, limiting your chances of making large purchases in the near future.

If you have bad credit debt, you need to seek help.  You can start by trying to help yourself.  After all, no one is going to know as much about your credit as you.  Knowing more about your credit is the first step.  To become more knowledgeable about your credit history and rating, you need to request a credit report from one or all of the major credit reporting agencies.  These agencies are Equifax, TransUnion and Experian.  These companies are each entitled to producing you with a free copy of your credit history.  They are required to give you this upon request, once per year.  The next step involves looking at the details of the report.  If you find any mistakes or inaccuracies, you need to make a note of it and report these errors to the credit reporting agencies.  An error could be a remark that is more than seven years old or credit activity that was initiated by an identity thief.  Other options for improving your bad credit debt are to pay off your debt as soon as possible, limit the amount of credit that you use and get more responsible with your money.

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