Your credit rating is the most important part of your financial stability. You rely on credit for every part of your life – cars, credit cards, furniture, student loans, college tuition, and most importantly, the purchase of your home. Any negative credit issues can make a difference in whether you are extended any more credit, and in todays market, that can even affect the cost of your automobile insurance or obtaining the job of your dreams.
Of course, negative credit ratings are the least of your worries if you happen to be one of the many people who have run into credit problems and faced repossession.
Repossession, whether its your home, car, or other type of collateral, can seriously affect your credit rating and score. In reality, its a process that begins as soon as you miss the first payment since the credit grantor will report your payment history to one or more of the major credit reporting agencies. Each time you miss a payment, you will be reported again until the time that the creditor decides to obtain possession of the collateral in order to satisfy your debt.
Of course, lenders are less likely to repossess your home and tend to be...
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