Having bad credit can have a direct impact on your life. You have to deal with rejection for loans, higher interest rates, and it can even affect you getting a job or a place to live. You often can’t get a new car, and can have huge security deposits required if you try to open an account with a utility company. There are steps you can take to help rebuild your credit, and you will be on the road to a happier, easier life.
The first thing to do is know exactly where you stand and what is on your credit report. There are three nationwide credit reporting companies, Equifax, Experian and TransUnion, and they are required by law to provide you with a free copy of your report every year. You have to ask for it though, so visit annualcreditreport.com. If you find mistakes or inaccuracies, the first thing to do is tell the credit reporting company, in writing, what information you think is inaccurate. You may also fill out ourNY credit application with us if you are looking for a car loan.
Make a list of all your bills and expenses, and your debtors to get into a payment plan. This can seem intimidating, but most companies are more than willing to work with you to get a monthly payment down to something you can afford. You can also get an auto loan from an organization that will work with people who have bad credit, like the LI Credit Center of Suffolk, or get a secured credit card. If you diligently make your payments on time, you will have rebuilt your credit in no time.