A bad credit history can severely reduce your options to not only borrow further, but may affect phone, utility company and tenancy contracts. Mortgages and even employment prospects may also be affected, as some employers are now checking prospective employees credit ratings!
CCJs,(County Court Judgements), late and defaulted payments as well as bankruptcy orders, will all show up on your credit history and will cause difficulty securing further credit. Also, any missed credit card payments, direct debits for utility bills, or similar obligations, could add another ‘black mark’ against your name on your credit file, that is very likely to cause you problems for you in the future. Here at Discharge Debt Class, we understand what it feels like to be in debt and have a poor credit history, because everyone who contributes to the site has been in debt at one time or another and has successfully overcome the situation, using the information contained on this site.
Will I ever have Good credit again?
Yes, is the short answer. There are basically two ways to repair your credit. On the practical level you can have an A-rated credit report within a year or so of even bankruptcy. Why? Because lenders are much more interested in your present circumstances than what happened to you 3 to 10 years ago. Rebuilding your credit can be done rather quickly through a systematic plan, and a little perseverance. Keep in mind that positive credit information stays on your credit report forever and negative information for six years, at the most.
Rebuilding your Credit History
You can challenge your credit rating on a number of areas. You can show them our letters that the debt was never verified, if you used our Administrative Process on your creditor.
Challenging your credit file entries can be effective because the credit agencies are often too busy to re-verify the item you challenged within the time limit and therefore will remove it. Also, because of human error, correct information can be inadvertently deleted.