However, this does not mean it’s impossible to get help. To repair your credit rating, you first need to know what your credit rating is, review whether the data is accurate, carefully assess your current situation and then put a plan in place to get you back on your feet.
Understanding and Repairing Your Credit History
Your credit history is a financial record of every action you take that involves lending or paying back money. Every loan, finance deal, and credit card transaction is recorded in your credit history. This information is used to create your credit score.
Your credit score indicates to future lenders whether you are a low, or high-risk which, in turn, determines whether your finance/loan application is approved and whether you receive favourable terms for future financing deals.
When looking to repair your credit rating, it is a good idea to review your credit history and ensure the data is correct.