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Have A Problem With Credit? |
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Having good credit is like being smartly
dressed and intelligent, which attracts all those who come in contact with
you. Good credit also attracts lenders, employers, insurance agents and
landlords who will be only too glad to offer you the best deals on credit,
jobs, insurance premiums and rents. However, sometimes certain adverse circumstances like a temporary loss of income, an illness, or
even a computer error can cause problem with credit, which can make it difficult to take advantage of the above benefits. Having problems with credit need not be an ordeal; you can solve it with time and patience. In order to solve your problem with credit, you should beware of ads that offer quick-fix solutions. You should first see what the law says, as you have the right to learn what your credit report says per the provisions of the Fair Credit Reporting Act. Moreover, the creditor must provide you with the name and address of the credit bureau it contacted if you have been denied credit based on a report from a credit bureau. There is no charge for this service if you contact the bureau within 30 days. To help you solve your problem with credit, the Federal Trade Commission (FTC) enforces credit laws that protect your right to obtain, use, and maintain credit, and businesses are required to give all consumers a fair and equal opportunity to receive credit and to resolve disputes over credit errors. You cannot always avoid inaccuracies and misunderstandings creeping into your credit report and causing problems with credit. In such a case, you should write letters to the creditor explaining a sudden loss of a job, a layoff, or a long-term illness. The lender might appreciate your problems and change their views regarding your credit report. You should also provide any documentation proving your reason for failing to pay your debts. By law, these letters and documentation need to be included in your credit report. A problem with credit usually stays on your record for a period of 7 years and a bankruptcy can stay on your report for 10 years. If you are having problems paying your monthly bills, you should contact your creditor and try to work out a modified payment plan to reduce your payments to a level that you can conveniently fulfill. It is important to keep your credit report in good shape because it influences your purchasing power and your chances to get a job, rent or buy an apartment or a house, and buy insurance. For solving problems with credit, if you want to contest a credit report, bill or credit denial or billing error, write to the appropriate company, send it return receipt requested, and include your name, account number, the dollar amount in question, and the reason you believe the bill is wrong. You should only send photocopies of all your original documents, especially receipts, sales slips, and billing statements and keep the original documents. Be careful of companies that offer instant solutions and be persistent, because resolving problems with credit can take time and effort. You can do for yourself for little or no cost what a credit repair company can do for you for a fee. If you feel that you will not be able to solve your problem with credit on your own, contact a credit counseling service, available in every state to counsel consumers in debt. They operate by negotiating with creditors and arranging repayment plans that are acceptable to you and your creditors. You can also set up a realistic budget with their help. These services do not cost much and are also offered by universities, military bases, credit unions, and housing authorities. It is essential to be patient and if the negative marks on your credit report cannot be removed, their impact will reduce with time, if you continue tackling your problem with credit by taking proper steps to build up your credit rating. |
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