Bad Credit History

"Bad Credit History"! Well, how bad is it? How does one get Bad Credit History? Can it be fixed? How do I know what my history is? Could I get Bad history by mistake? Is there a thing like Good Credit History?

Let's answer each in turn.
Bad Credit History can mean denial of loans, credit cards & mortgages. It does not reflect very well on your financial worthiness and could be the dampener on "All those Plans"

You get Bad Credit History if you do not pay your loans, credit card bills or any other repayments within the stipulated time, generally between 30-60 days of being presented with a bill.

Even though you might have payed bills diligently for years, one delayed payment would be enough to get you a bad history and if you are irregular then all these will accumulate to give you a Worse Credit History. Agencies generally record history for a minimum of seven years, so you have to be careful.

There are quiet a few ways of overcoming this problem, if for some genuine reason you might not be able to make a payment in time, then it wouldn't be a bad idea to have the Credit Agency Informed in advance. If the problem is getting out of hand then you could get some counseling from one of many non profit organizations out there. They would try to regiment your expenses and get a control on things. Please don't fall for advertisements of agencies that promise to get your rating fixed; they are just money making scams. In these matters there is no better help than Self Help!

It is quiet easy to get information on you Credit Worthiness. Ask your Credit Agency for a document regarding your Credit Worthiness. They would love to inform you, or you could go to a Public Credit Bureau and have them give information to you, and all this should be free of cost.

Sometimes though rarely, it is possible for one to get a bad credit history due to inaccurate information, or from being scammed. In such cases it should be your prerogative to take up the matter with the concerned authorities of the Credit Agency and if necessary a legal recourse would also be advisable.

Credit Agencies generally share information with each other, so you have to make it a point to have each of those Agencies informed about misinformation that was broadcast about your credit Worthiness.

And finally,
There is definitely something like a Good Credit Rating. Interest earned by companies equates directly with their profits, and if they are fairly confident of your Credit Worthiness, then they will do anything to please you to take a loan and if you are wise enough then you could have much more than "ALL THOSE PLANS".