Every year, people in and around Victoria wake up to find a significant drop in their credit scores. This can occur due to unforeseen events, such as medical issues, loss of employment, divorce, or even going through a reduction in hours or a drop in pay at a job.
Unfortunately, what many individuals in Victoria do after having financial problems and debt does not help rebuild their credit score. What they read online or hear from friends may actually make their score drop even more. Working with a 4 Pillars debt consultant is a simple way to avoid these pitfalls and to start repairing the damage.
Avoiding the Use of All Credit
It is important to prove to creditors and the credit bureaus that you can manage credit. Avoiding the use of all credit does not rebuild your score as there is no record of successful financial management.
Consider using low amounts of credit for specific types of purchases and ensuring the balance is paid off every month. This is a safe, effective way to rebuild your credit score over time.
Check Your Scores and Report
One of the first things your 4 Pillars debt consultant will talk to you about is regularly checking your credit reports from the two credit bureaus. This allows you to catch and correct mistakes and errors, which can impact your credit score.
There are other tips and strategies your 4 Pillars debt consultant will recommend based on your specific financial situation. It is possible to rebuild your credit score, but it may take time and focused effort.
