Good credit is becoming more and more important in Kentucky for a variety of reasons. It’s certainly essential when borrowing money or financing a purchase. Not only can credit help one qualify for a better rate, but it often determines approval or disapproval. Landlords regularly check credit standing, prospective employers may ask and even utility companies now want to find out a potential customer’s bill-paying history. Repairing bad credit makes sense, and the sooner the better.

As financial experts caution, there is no such thing as a quick fix for bad credit. While negative information can appear seemingly instantaneously on a credit report, removal takes time. How long particular negative items remain on a credit report is based on the three credit bureaus’ criteria. There are some things that can be done immediately to right the ship and begin the lengthy process of credit restoration.

It may seem obvious, but the first order of business is to stay current, don’t overspend and whittle away at outstanding balances. Next, it’s a good idea to request a report from each of the credit bureaus. If mistakes are found on a report, it’s possible to formally point them out in writing. As for debt payments, consider paying twice or more per month. This allows for every spare dollar to pay down the balance and also saves on interest charges. Depending on the circumstances, it may be time to consider negotiating a reduction in balance with the credit card companies that hold the debt.

Credit card debt can be a stranglehold that seems impossible to get free of. However, bankruptcy can provide a viable solution. A bankruptcy lawyer can explain the procedure and types of debt forgiveness available.