In recent months this headline has become all too familiar.
Job cuts, corporate downsizing, business failures and a myriad of economy - related challenges have affected wage earners ability to pay their obligations all of which can negatively affect your credit rating.
If you've lost your job, your first thoughts may be, "how can I make ends meet".
Money matters are a source of stress and frustration for many people.
If you find that you cannot pay your bills on time, contact your creditors immediately and try to work out a modified payment plan that reduces your payments to a more manageable level.
The Federal Trade Commission publishes free brochures spelling out your rights when it comes to fair debt consolidation.
Recently many creditors have adopted new "hardship" and programs which allow consumers to modify specific provisions of their obligations.
To initiate consideration for hardship programs, most creditors will require supporting documentation supporting the "hardship" which may include paystubs, medical bills, unemployment determination letters or other documents.
Individuals who anticipate requesting "hardship" concessions should keep all supporting documents easily accessible..
Consumers should remember that non-payment and late payments may affect your credit rating and your ability to get credit in the future, secure employment or get preferential rates for insurance.
Although creditors consider a number of factors in deciding whether to grant credit, most creditors rely heavily on your credit history.
and that's why it is important to make sure that your credit report is accurate.
For example, if your credit file shows that your were once late in making payments, but doesn't show that you are no longer delinquent, then the credit report can affect your credit rating and must be corrected.
Job cuts, corporate downsizing, business failures and a myriad of economy - related challenges have affected wage earners ability to pay their obligations all of which can negatively affect your credit rating.
If you've lost your job, your first thoughts may be, "how can I make ends meet".
Money matters are a source of stress and frustration for many people.
If you find that you cannot pay your bills on time, contact your creditors immediately and try to work out a modified payment plan that reduces your payments to a more manageable level.
The Federal Trade Commission publishes free brochures spelling out your rights when it comes to fair debt consolidation.
Recently many creditors have adopted new "hardship" and programs which allow consumers to modify specific provisions of their obligations.
To initiate consideration for hardship programs, most creditors will require supporting documentation supporting the "hardship" which may include paystubs, medical bills, unemployment determination letters or other documents.
Individuals who anticipate requesting "hardship" concessions should keep all supporting documents easily accessible..
Consumers should remember that non-payment and late payments may affect your credit rating and your ability to get credit in the future, secure employment or get preferential rates for insurance.
Although creditors consider a number of factors in deciding whether to grant credit, most creditors rely heavily on your credit history.
and that's why it is important to make sure that your credit report is accurate.
For example, if your credit file shows that your were once late in making payments, but doesn't show that you are no longer delinquent, then the credit report can affect your credit rating and must be corrected.