Money News

Credit report

Why Your Credit Report is Important.

Without a credit report you cannot get credit. What does that mean to you the consumer? A solid credit report will get you that new car. A credit report or credit history is needed for your first major investment in a new home. Many employers will now check your credit report before they hire you for that great job you have been trying to land. What will a bad credit report get you? A bad credit report will get you, quite simply and quickly, rejected.

How Does a Bankruptcy Affect My Credit Report?

A personal bankruptcy can seriously damage your credit report but you can repair your credit report with a little patience and discipline. Typically and depending on what type of bankruptcy you have filed a bankruptcy will be on your credit report for a period of five to seven years.

Does This Mean I Can Never Fix a Bad Credit Report?

Absolutely not? Many companies are willing to show you how to fix your credit report and actually improve your credit rating which will lead to lower interest rates and save you money.

So How Do I Start to Repair My Credit Report?

Many credit card companies offer credit to individuals with less than perfect credit. A small deposit is required up front to secure credit and then the issuer will give you a credit line. Use your credit card sparingly at first so as to allow yourself the means to pay the balance in full each month. Once you establish a credit history your credit line will be extended and your credit report will improve.