Tuesday, July 01, 2008

Rebuilding your Credit Rating

Rebuilding your credit rating is simply taking the necessary actions to pay your creditors off in full, it's that simple! Not to imply this will be easy for you, just informing you that only you can accomplish this task. Please don't sign up with some company that offers to fix your credit rating, this will only waste more of your money and time. It's up to you and only you.....

Learn to manage your finances responsibly by setting goals for a family budget, cutting back on all spending. Always remember to pay your bills on time and by all means stop using your credit cards until you have your finances under control.

You may be interested in contacting the big three credit card reporting agencies to take a view of your credit rating or score. They are Trans Union, Experian and Equifax . You are entitled to one free credit report per year at your request, go here to request your free annual credit report or you can visit each individual agency listed above.

If you have found yourself way over your head in credit card debt and are looking for some financial help than maybe it is time for you to visit the Consumer Credit Counseling Service. This is a non-profit organization that offers free or low-cost financial counseling to families needing to solve financial problems. They can help you analyze your situation and work with you to develop solutions.

Your credit rating or score will play a very important role in your life, think of it as your reputation because it is! A lender will use this information to help determine whether you are eligible for a particular credit card, loan or service. Someday you will want to make a large purchase for a home, refinance a mortgage or purchase a vehicle and it would be nice if you could qualify for a low interest rate loan instead of being qualified as a high credit risk, therefore paying extraordinary high interest rates.

The stress created by such matters of being in debt can tear the family unit apart so the sooner you tackle the challenges of paying off your outstanding debt, the happier you and your family will be.

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