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How to rebuild your credit score after a payment default
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Tuesday, 12 December 2023
If you miss a loan payment, it's not the end of the world. Lenders usually give you a delinquency period to catch up on payments before a payment default occurs. Defaulting on a loan has serious consequences, including lowering your credit score and potentially leading to the sale of your pledged assets. To rebuild your credit score, focus on maintaining a clean payment history, a low credit utilization ratio, and a diversified credit mix. Regularly check your credit report for errors and avoid settling debts for less than the total owed.
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Tuesday, 12 December 2023
