| If you have bad credit, you may be
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| | At the same time, reviving an old debt
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| finding it increasingly difficult to get
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| | that is no longer collectible can
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| vital loans. While this is generally a
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| | actually do additional damage to one's
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| sign that you should try to avoid further
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| | credit reputation. It is best to be aware
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| borrowing, there are certain
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| | of the circumstances regarding the debts
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| circumstances in which it is just vital
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| | collect-ability, statute of limitations,
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| that you get credit. This may include
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| | and legal and illegal collection
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| paying rent, especially if you have young
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| | practices, before contacting a creditor
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| children, paying school fees or paying
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| | on a very old debt.
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| for medical treatment. A bad credit
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| | FACT
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| rating can also hinder your attempts to
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| | In December 2003, Congress passed the
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| get insurance, rent a home and sometimes
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| | Fair and Accurate Credit Transactions Act
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| get a job.
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| | (FACT Act), which included the right to a
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| Repair Your Credit
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| | free annual credit report on request and
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| If you are facing problems such as these,
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| | a number of provisions designed to
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| you should consider trying to repair your
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| | improve the accuracy of credit reports.
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| credit rating. Credit repair is a general
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| | On June 4, the Federal Trade Commission
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| term often applied to the controversial
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| | finalized its rule for implementing the
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| practice of improving or rehabilitating
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| | new consumer right to a free credit
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| one's financial reputation
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| | report, rolling it out over a nine-month
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| (creditworthiness) among creditors. To
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| | period, beginning on the west coast in
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| improve a credit rating damaged by poor
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| | December 2004 and finishing on the east
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| credit habits, in the long run only one
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| | coast in September 2005.
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| thing will work: changing those habits.
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| | From 1994 to 2004, the state PIRGs and
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| Making arrangements with the creditors to
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| | other consumer organizations have issued
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| repay them is often one of the steps in
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| | numerous reports showing that sloppy
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| improving one's credit habits. Creditors
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| | credit reporting agency practices are at
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| may accept slow payment schedules, as an
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| | fault for errors in consumer credit
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| alternative to writing off the debt. In
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| | reports.
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| some cases, creditors may accept a
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| | Inaccurate credit reports could damage 1
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| less-than-full repayment (pennies on the
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| | in 4 consumer's ability to buy a home,
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| dollar). The key here is contact with the
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| | rent an apartment, obtain credit, open a
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| creditor and taking action to retire the
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| | bank account, or even get a job.
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| debt.
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