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Need
Help? Don’t
Despair
Just because you have a poor credit report doesn’t mean you won’t be
able to get credit. Creditors set their own credit-granting standards
and not all of them look at your credit history the same way. Some may
look only at more recent years to evaluate you for credit, and they may
grant credit if your bill-paying history has improved. It may be
worthwhile to contact creditors informally to discuss their credit
standards.
If you can’t resolve
your credit problems yourself or you need additional help, you may want
to contact a credit counseling service. There are non-profit
organizations in every state that counsel consumers in debt. Counselors
try to arrange repayment plans that are acceptable to you and your
creditors. They also can help you set up a realistic budget. These
counseling services are offered at little or no cost to consumers. You
can find the office nearest you by checking the white pages of your
telephone directory.
In addition, nonprofit
counseling programs sometimes are operated by universities, military
bases, credit unions, and housing authorities. They’re also likely to
charge little or nothing for their services. Or, you can check with your
local bank or consumer protection office to see if it has a list of
reputable, low-cost financial counseling services.
Do-It-Yourself
Check-Up
Even if you don’t have a poor credit history, it’s a good idea to
conduct your own credit check-up, especially if you’re planning a
major purchase, such as a home or car. Checking in advance on the
accuracy of the information in your credit report could speed the
credit-granting process.
You’re entitled to one
free report a year if you can prove that:
- you’re unemployed
and plan to look for a job with 60 days;
- you’re on welfare;
or
- your report is
inaccurate because of fraud.
Otherwise, a credit
bureau may charge you up to $8 for a copy of your report.
Credit bureaus usually
are listed in the yellow pages of your telephone book under "credit
reporting agencies." Three large national credit bureaus supply
most credit reports: TRW, Equifax, and Trans Union. You may want to
contact each of them for a copy of your report.
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