Credit Records – The Good And The Bad

Your credit record may be more important than you think. Information about your history regarding credit, debt, and repayment is being updated all the time and could have a big impact on you.

Bad credit ratings happen to people in all walks of life. Missing a few payments on the house, car, power or phone bills can stop you moving ahead financially. A bad credit record can not only affect your ability to borrow money again, it can even make it hard to sign up for phone or power services.

A credit reporting agency is allowed to disclose your credit report to debt collection agencies, people involved in court proceedings against you, and certain government agencies, without requiring your consent.

The good news is that there are ways to recover from a rough financial patch. Bad credit cannot be undone but with comprehensive credit reporting, borrowers can see if you’re on top of your commitments again even if you’ve been through some difficulties in the past.