Credit Report Repairs – Cleaning up the past

Credit Report Repairs – Cleaning up the past

A few mistakes in the past can set the tone for your financial future. What happens when bad debt happens to good people? What can they do to repair their credit? Right on the Money! meets with Lateefah Torrence, someone who is trying to find the answer to all of these questions, and helps to shed some light on her situation.

Managing Your Freelance IncomeIt’s really incredible what an impact a credit history has — it can stop you in your tracks. A credit report is the very foundation of your financial life.

Every step you take counts and the trail you leave will guide your creditors. Here are some steps you can take to help get off on the right foot.

1. The credit report is really the foundation of your financial life. It’s used by lenders, it’s used by insurance companies to decide what kinds of rates you might pay, it’s even used by employers to decide if you’ll get a job. So you really have to check your credit report and make sure that it’s accurate and up to date.

2. If your credit situation is really bad, turn to a non-profit. We suggest Debt Counselors of America, the Consumer Credit Counseling Service of San Francisco, and for a great source of information on getting out of debt try Nolo.com.

3. Consumers who use cash only spend 25 to 30 percent less than those who use credit cards.