By having a credit, you are using someone elses money as payment for your purchases. In addition, it also indicates that you are swearing to repay the money to the agency or person that loaned you the amount.
If you are applying for a loan, credit card or mortgage, it is normal for the agency to check your credit worthiness. This is essentially based on the assessment of your credit history, thus helping them determine the possible risks of the deal and decide the terms of the loan. Positive assessment means good financial background, which increases your chances of applying a credit.
The Credit Repair
The process wherein consumers with poor credit histories try to reestablish their worthiness is called the credit repair. It involves procuring the credit report from agencies and taking careful and appropriate steps in addressing apparent issues, including omissions, misreporting, misinterpretation or other inaccuracies.
If there are any discrepancies found in the credit report, the consumer is entitled to dispute the errors that unjustly harm their financial healthiness and credit worthiness. There are several laws and regulations that are designed...
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