Poor Credit Rating

A poor credit rating can mean trouble getting lending and charge cards in the future because the possessor of such a rating is seen as a risky borrower. A bad standing doesn't mean the applicant can't qualify for loans or charge cards. There are many lending companies that deal solely with people who have low scores. The individual may have a low score by no fault of their own. There are often errors on a report that lead to a bad score. Even if the applicant has fallen on hard financial times and has a poor financial history, he or she can borrow money. These individuals just need to be prepared to pay a higher interest rate and fees because of their poor credit score. Unfortunately, not having good credit has a high price tag.

People with a bumpy financial past need to start improving their report by getting a copy. Simple errors in the report quickly lead to a low rating. Those who have been turned down for credit can get a free copy from any of the three major financial reporting bureaus. The individual then has the right to dispute any information he or she feels is being reported incorrectly. People don't have to live with a bad score if it is not their fault. Consumers do, though, need to act fast. People are often surprised at how rapidly one can raise a poor credit rating. Consumers don't even have to do the legwork to raise it. If they dispute any information, the credit reporting agency will investigate the claim for them. If the professionals cannot prove the information is correct, it must be removed thereby improving the poor credit score.

Having a bad financial record is not a good testimony. Proverbs 22:1a says "A good name is rather to be chosen than great riches." Those have a poor credit score should make every effort to correct the mistakes that led to it. If they have mishandled money then it's necessary to find a way to change previous spending habits and live on a budget. If the consumer falls on hard financial times through illness, injury, unemployment or any other crisis, he or she still needs to attempt to correct the poor credit rating. Christians want to have the best testimony achievable so they should do their best to improve a poor credit score as soon as possible.

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