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Numerous credit consumers have to face rejection from financial institutions owing to credit errors which were not caused by them. It is therefore important to repair your credit report and improve your score as soon as possible.

Alison had a credit card with a credit institution. Although Alison had been very regular with her payments, owing to a system error, her payments were not recorded and were being credited to another account. Her account showed defaults for over two and half months. Alison was completely unaware of this, till she applied for a mortgage. Her application was rejected owing to her repayment history.

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Having a low credit rating and credit score can have a devastating effect on your chances of being successful when you apply for credit. Your credit rating is what a lender will take into account whenever you apply for credit and if you don’t score high enough then your application will simply be rejected. However luckily there are ways that you can repair a bad credit rating and build your credit rating back up, which in turn puts you back into the good books with the lenders.

Tip number one is to take your credit cards and hide them or better yet take a big pair of scissors and cut them up to avoid being tempted. One of the very worst things that you can possibly do if you have a low credit score is to keep adding to the debt that you have already accumulated, if you have very little self-control then don’t keep temptation around you destroy them or hide them. [...]

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Damaging your credit rating is far easier to do than it is to repair and recover from a poor rating. Your credit rating can be affected by several factors some of which might not even be your fault such as theft of your wallet or identity theft, identity theft is on the increase as many have found and have also found that even despite their rating being poor through no fault of their own, it can take months if not years to re-establish a credit rating.

Your credit rating can be compared to taking a test, before the lender will give you a loan, credit card, mortgage or any other form of credit you have to pass this test. This is to ensure that you will be able to pay back the loan and thus reduces the risk that the lender is taking on you, the higher your rating is then the less risk you will be seen as and as such are more likely to get approved for a loan. If your credit score is low then your chances of getting approved will be very slim if any. [...]

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Some people when faced with desperation can make themselves easy targets to those with very few principles, who prey on the problems of others in order to make personal gain for themselves. When it comes to credit then almost all of us have to rely on it at some time or another. However if for some reasons our credit rating falls short then being able to get credit is impossible or you are charged expensive rates of interest for the luxury of being giving credit which leads to even more debt. This is where the “scammers” begin to rear their ugly heads with promises of fixing your bad credit rating and they have an arsenal of scams in their supply all of which you should avoid. Here are some of the main ones to watch out for and to be aware of. [...]

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Although the two terms are often thought to be related they are in fact two entirely different parts of a person’s credit history. However they are both very similar in their ways when it comes to the fact of your financial future and how likely you are to be approved for a loan. When it comes to dealing with matters relating to your credit rating and repairing a bad credit rating, then it is essential that you understand the differences between the two.
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Your credit score is an essential number when it comes down to the fact of you applying for and being accepted for credit, it is classed as being as important as your social security number and it is essential that you understand it and what it does.
Your credit score will consist of a three digit number which shows a lender a quick and accurate guide as to how big a risk you are seen to be. This of course determines from the onset how likely you are to be turned down or accepted for any form of credit, it is always the first factor that is taken into account by a lender and in the majority of cases it is the only factor and especially so if you have a low credit score. [...]

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