Good credit is a necessity today. Credit is essential if you want to own a car, home or to shop on the internet. Miss some minimum payments on your credit card or let your loan go into default — and youll find yourself in trouble. Creditors will report missed payments to credit reporting agencies and this will blemish your credit history which can be difficult to repair. In most cases it will take seven years for negative credit reports to be removed.
If you have fallen behind in payments be proactive. One of the best things to do is to contact your creditor. Most people do the exact opposite. Because of feelings of embarrassment, they avoid contacting their creditor. This behavior will result in long-term credit problems. As soon as you run into difficulty with debt make it a point to contact your creditor immediately.
The key to credit repair lies with your credit history report which depends on whether or not your creditor reports your nonpayment to credit reporting agencies. In most cases, creditors are open to discussing some alternate payment plan. The creditor wants to work with you, because to push you away means they will not receive a payment at...
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