Ways You Could Solve The Problem Of Your Bad Credit Rating

Ways You Could Solve The Problem Of Your Bad Credit Rating

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It is not uncommon for someone to go through a bad patch in their life. This could be due to being extremely ill, or have lost their job through no fault of their own. In these situations, people find it very difficult to keep up with any loan payments they may have. Unfortunately there are three major credit bureaus who do not see any harm in telling everybody about your difficulties. However, they only say that you have defaulted on your payments, but do not explain any mitigating circumstances. This ends up with you having a bad credit rating, which in itself makes life very difficult.

There are solutions to this problem, but they take some effort and some time. Whatever you may read in some advertisements, it is impossible to improve your score overnight, if it was, wouldn’t we all do it. Any company that does manage to do this are working outside of the law, and the agencies will see what’s happened, and your rating will probably sink lower than it was before.

There is a way to improve your credit score, so that it is acceptable to loan companies, which is completely legal. This process will take a little time, but it will be worth it. Once completed your record will stay clean, as long as you continue to pay your creditors in an orderly manner in future.

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The first thing you must do is to get a prepaid credit card. These are issued by MasterCard and Visa, though they are slightly different to normal cards they issue. Your spending limit is determined by how much you have prepaid onto the card. If you have deposited $200 on the card, your limit at that time will be $200. How much you have on the card is insignificant, but you must use the card. It will show on the records that you never reach your limit and that your payments are always on time.

The more of these cards you can get hold of, and use sensibly, the quicker your credit rating will improve. Make sure that the company you are dealing with reports to one of the three major credit bureaus, it would be better if they report to all three of them. By doing this you are ensuring that you are getting a very positive report going on to your file every month.

Another way you can use to help you solve your problem is to get hold of your credit report from each of the agencies. When you have them, go through them thoroughly and find any mistakes. You must have a report from each of the agencies, as these can differ tremendously. They do not communicate with each other, or even base their results on the same data.

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It is generally accepted that you are going to find quite a few inaccuracies. You must itemize these and then contact the credit bureau and get them corrected. It is their responsibility to verify that the information is accurate, otherwise they must change it accordingly, or delete it completely. By doing this, you will be improving your rating, just by making sure it does not look worse than it really need to.

Improving a Toronto bad credit car loan score will take some time so you must be patient. It will take as long as it needs to, but it will work. Once you have got your credit score on an even footing, it is time to put into practice what you have learned during the bad times. You will then feel that you have rejoined society.

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