Credit Concerns

Sometimes, bad credit happens to good people. We all do things we wish we could take back or have had things happen to us that were beyond our control. Most of us feel regret over missing a credit card payment, lingering debts or deferred loans. I mean, we’re human, right? The problem with these very human mistakes is: They all show up in your credit report.

There are varying degrees of bad credit. For example, your credit is not going to be seriously tarnished over one or two 30 day late payments. However, if you do not make payments for several months, your credit rating will be affected and this could hurt you in the future.

Bad Credit Can Be Improved or Fixed Over Time

Don’t run away from your creditors. Keep the lines of communication open as soon as you realize you are not going to be able to make a payment and discuss your options. At the end of the day, creditors want their money. Therefore they will appreciate this communication thus, they might be more willing to talk about a repayment plan that works for you than you think. Sure, your credit rating might drop a little bit, but it won’t plummet as low as if you ignore the situation.

If the situation looks like it may get out of hand and be too difficult to manage, you may want to consider getting some help from your local credit counseling services. They might be able to help you work out a plan and a budget. There are also plenty of non-profit groups that offer such services too. In addition, you can touch base with your bank, credit union or housing authority to take advantage of free credit counseling programs.

Learn your rights under the Fair Credit Reporting Act. These rights can help you better understand how to proceed in fixing your credit.

You are entitled to a free copy of your credit history if you have been denied credit, insurance, a lease or unemployment. But you have to ask for it within 60 days of that denial. You can also get a copy if:

• You're unemployed
• You're on welfare
• You're a victim of identity theft or fraud

Facts that will better help you understand how credit works.

• 105 A bankruptcy can stay on your credit report for up to 10 years
• 106 Lawsuits can stay on your credit report for 7 years or until the statute of limitations runs out
• 107 There is no limit on information reported on a credit report
• 108 Applying for a lot of credit at once, can hurt your credit rating

The bottom line: Taking the steps to protect, repair and rebuild your credit is the best way to ensure you can enjoy your financial life to its fullest.

Learn more about how to get a free credit report.

Bad Credit and Equipment Leasing Concerns

When it comes to bad credit and small business, how much does one's personal credit history play a role in the lender's decision? There is no question that your credit history impacts many decisions. Therefore, when it comes to bad credit and equipment leasing, keep the following in mind:

• 109 If you do have bad credit, be prepared to explain your situation.
• 110 Make sure your business can support debts, expenses and is profitable.
• 111 Does your company have capital?
• 112 Can you offer your lender collateral? Meaning, do you have enough value to secure the loan?
• 113 Keep in mind the condition of the current marketplace, industry trends, etc., anything that might impact your business.
• 114 How committed are you to the cause?

If you have bad credit and are a small business, we are open to working with you as long as you are flexible and receptive to the information we need. Contact us to learn more about our financing services for commercial equipment and products. We can accommodate you with an effective and affordable financing program to suit your company's needs.