When someone goes through a rough patch financially it can affect their credit rating, and even though they may have been unavoidable circumstances, you might find yourself with a low credit score.  Unfortunately when some people see that they have a low credit score, they just give up and think that there is no way out.  To be successful in life and to be able to reach your goals it is important to have a good credit score so at no point should you give up and accept a low score.  

If you have a low credit score you can't get loans, or if you do they will be with a high interest rate, your insurance rates are affected, you may be refused rent on a home or you may even be turned down for a job.  So it is important to have a good credit sore in life and there are credit repair methods that can help you achieve a good score again.

Depending on how bad your credit rating is will determine how long it takes to repair it.  It could take up to six months or more if your credit score is really low.  If your score is only slightly low then you should be able to repair it much faster.  It does take dedication though so be prepared to put in the effort to get your credit score back up to a good level.

The first thing you want to do to repair your credit is to request a copy of your credit report from each of the three credit bureaus.  Sometimes they may have inaccurate information that can be hurting your score so you want to look through the report to make sure there are no mistakes.  If you do find a mistake in any of your reports you need to contact that credit bureau immediate, in writing, to get it fixed.

Once you have contacted the credit bureau they will investigate the claim which usually takes around 30 days.  Once you know that your credit report is accurate, even if it is low, then you can start taking steps to increase your score.  Firstly you need to begin paying off your debts.  When you are working at paying off your debts you can't neglect all your current bills, you need to pay those also.  Start with the debts that have the highest interest rate and work at paying those off first.

If you are struggling financially to make the minimum payments you might benefit from contacting a credit counseling service that will help you to get a better deal on your debts and also help set up payment arrangements.  You should avoid taking out a new loan to pay your debts as this only increases your debts and possibly the long term payment amount.  If you are struggling then you will have to find a way to either make more money or cut back on your spending.

Start making a big effort to pay all your bills on time.  Bill payments are a big factor in determining a credit score so paying them on time, every time, will help your credit score improve.  It will make things worse if you spend all your money paying off your old debt but neglecting your current bills, so always make sure your current bills are paid on time.

Many creditors will work with you to help you by reducing penalties and even lowering your interest rate.  Many lenders think that it is better to get some payment than none at all so will be happy to make some arrangement with you, particularly in this bad economy.  It never hurts to talk to your creditors and see if they will work with you.

The important point to remember is that even when it's really tough and you can't see the light at the end of the tunnel, don't give up.  It is possible to get back on your feet and get your credit score back up to a reasonable level.  Hopefully these credit repair tips can help you achieve that.