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The current global economic crisis has bought in its wake a large amount of suffering to a wide swathe or people. In such a situation, a lot of people are losing their hard earned savings and investments in no time. And this is resulting in people going for loans in order to sail through the crisis. And when this happens, the credit score will automatically suffer due to inability to repay on those loans.
You might think that a small loan will help you tide through the crisis without affecting your future. But no one can say for sure when the economic crisis will end conclusively. The United States of America seems to be in no hurry to get out of the mess that we have gotten into. And other global behemoths like china and India have their own internal problems which will take decades to solve before they rise up to be truly developed nations. The future does seem bleak for the world at present.
The important thing to do right now is to maintain your current credit score without adversely affecting it in any way. Try getting credit reports frequently in order to keep a tab on your credit score. If there are any anomalies, report it immediately to the credit bureaus and try to get it sorted out. And after reporting the fault to the bureau, you must contact the merchant who has recorded the fraudulent transaction. You need to check up whether the fault is on the side of the merchant or the credit bureau. It is only when you do this that you can know for sure who is responsible for the situation that you are in.
But if you have genuinely done something to mess up your credit score rating, you must take measures that will repair the fault. If you have failed to make a repayment on a loan, the first thing you must do is to try and repay whatever it is that you have borrowed immediately. Try taking another loan or conduct a balance transfer from your old credit account to a new one in order to give you more time to make the repayment. If your friends or family are willing to help you out, you can go for a credit consolidation or renegotiation with the bank. Most banks would be willing to accept your terms if you are willing to make a repayment in whole.