How hard is it to rebuild your credit report if you default on a credit account?

What time scale?

and can you get credit again in the future?

How hard is it to rebuild your credit report if you default on a credit account?

Time and a current record of payments made both on time and above the minimum will rebuild your score.

Try and pay off the defaulted account, it won%26#039;t raise your score but it will no longer be listed as a derogatory entry in your credit report.

Here are some links to help you with this.

http://www.ftc.gov/bcp/edu/pubs/consumer...

Building a better credit report.

http://www.ftc.gov/gettingcredit/

What you need to know about your credit.

http://pueblo.gsa.gov/cic_text/money/cre...

All about FICO scoring.

How hard is it to rebuild your credit report if you default on a credit account?

it can take up to 6 years to get your credit score back to some kind of good standing. however sometimes you can still get credit it depends on how many defaults and the timescales.... you will be able to get credit in future but it may take time

How hard is it to rebuild your credit report if you default on a credit account?

I have heard that you can apply again in 3 months, but if you get knocked back it looks worse and takes longer. You will have to build up new good credit gradually in different ways for it to get back to what it was.

How hard is it to rebuild your credit report if you default on a credit account?

Your credit rating is most adversely affected if you default on payments but if you catch up and continue to pay on time you will regain a good credit history. Not having a perfect credit rating will not affect your ability to get credit (having a really bad one will) so the odd missed or late payment isn%26#039;t that bad. If you do get credit with a less than perfect credit rating the interest rates tend to be a lot higher.

How hard is it to rebuild your credit report if you default on a credit account?

To build your credit worthiness in the first place takes some time, so in your position, I should think it will take a while, in today%26#039;s world of finance, peoples financial status is necessary to be known.

Good Luck!

How hard is it to rebuild your credit report if you default on a credit account?

It typically takes at least 24 months of CONSISTENT, PERFECT payment on time to creditors to %26quot;rehabilitate%26quot; your credit.

That means at least 2 years. It may take longer if you pay-off your default accounts slowly or if you are emerging from bankruptcy.