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Worried about your credit rating?

Times have been tough.  The bills haven't all been paid.  Your credit rating is dropping rapidly.

What happens when you get back on two feet and want to borrow money?

This article from Stuff gives you some tips.

Having a good credit rating is important if you want to borrow money.

A good credit rating allows you to make use of a range of financial options such as taking out a mortgage or loan, and owning your own credit card. Conversely, a poor credit rating can limit your options.

Defaults will remain on your credit record for five years, while missed payments will remain for two years. You may also be affected overseas if you have a bad credit rating in New Zealand.

Fortunately, you're not stuck with a bad credit rating and there are a number of practical steps you can take in order to improve it. Rather than simply ignoring your debts, the key is to re-establish a good credit history. The first step is to request a copy of your credit report from a credit bureau.

Credit reporters are required to provide individuals free access to their own credit information. The specific steps to credit repair depends on what's actually on your current credit report. Reviewing your report will highlight where the negative information is coming from, and indicate where your attention should be directed.
Digging your way out of a bad credit rating
 

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