You may have overlooked improving your credit record due to other more pressing concerns. But, if you’re experiencing financial troubles, building a better credit record is vital for accessing new credit with appealing terms.
Building a better credit record is quite simple:
The negative information on your credit record will slowly disappear, as most harmful credit information remains on your record for a maximum of 7 years and 6 months. Over time, the positive information on your credit record will overtake the negative. Of course, this will only happen if you manage your debts responsibly.
Possible effects of a negative credit record:
You may be denied particular kinds of professional licenses or security clearances.