Fix Bad Credit
That Can Harm Your Financial Health

To repair bad credit, your objective is to repay old debts as soon as possible. Once these debts are paid in full there can be no further negative reports filed in your credit history for these particular accounts.

I recommend you add some positive reports to your credit history. This can be accomplished by refinancing a home equity loan, allowing you to repay all or the majority of your debts. You could open a new savings account. Another tip is to apply for a credit card, keep the balance low, and pay your monthly bill on time.

Suggestions For Fixing Bad Debt Include:

• Avoid , tax leins, and collections.
• Make all of your payments on time.
• Reduce the number of credit cards in your name.
• Ask a relative or friend to co-sign a small loan to assist you in re-establishing your credit.

You should obtain a copy of your credit history file from time to time to check for errors. Actually, everyone should do this, not just those with bad credit. Did you know that you can view your credit report free as well as your credit score? You can. Apply Now!

Understand that it takes time to fix bad credit. This doesn't happen overnight, but rather can take up to as long as 5 to 7 years, depending upon you unique circumstance.

Consumer Credit Information

Cosigning a Loan Lists your obligations if you decide to cosign on a loan for a friend or relative. At the top of the list: you may have to pay up to the full amount of the debt if the borrower does not pay.

Economic News From NPR

Parishioners Taking A Pass On Collection Plate
As the stock market crisis hits parishioners' pocketbooks, charities and churches across the country are bracing for decreased giving. It's unclear just how big a hit nonprofits are in for, but at least some Sunday collection plates are already feeling lighter.
 
Money Market Managers On Loans To Businesses
One of the reasons the credit market has frozen is that money market mutual funds are not investing in "commercial paper" — that is, they're not making the short-term loans to businesses that those firms need to operate.
 
European Nations Agree To Guarantee Loans
Europe is taking stronger, coordinated action to restore confidence in the continent's banking system. Fifteen euro zone countries have agreed to guarantee future loans among banks through the end of next year, according to French President Nicolas Sarkozy. NPR's Frank Langfitt talks to host Andrea Seabrook about European credit markets, which have seized up as there as they have in the U.S.
 
American Workers Grow Nervous
According to a report by the U.S. Department of Labor, 760,000 jobs have been lost in the past nine months. For some Americans who still have jobs, the pressures they face on a daily basis may be as difficult to bear as job insecurity.
 
IMF And World Bank Convene
The fall meetings of the International Monetary Fund and World Bank resume in Washington Sunday. At the top of the agenda, the financial meltdown that the IMF says could send the world into recession. NPR's John Ydstie has been following the story and has this report.
 
German Business Students Get Crash Course
In Berlin, students at a business management school get an explanation of how the crisis developed, how it might play out, and how it might affect their own careers.
 
Finance Chiefs Meet On Global Economic Crisis
Members of the G-7 have been meeting in Washington this weekend, trying to come up with solutions to the financial crisis. On Friday, they issued a five-point action plan, but it's unlikely to have an immediate effect on the turmoil in the financial markets. They met with President Bush on Saturday morning at the White House.
 
Voters Take Measure Of Candidates' Tax Plans
The tax proposals of John McCain and Barack Obama are markedly different. NPR asked Roberton Williams of the Tax Policy Center to assess how each plan would affect the financial situations of three voters from different income levels.