PERSONAL FINANCE: HOW DO YOU CLIMB OUT OF SUBPRIME? 1

First, you have to find out where you are: your credit score (is it lower than 600?) and credit risk rating (is it higher than R or I 5?). The commonly used credit bureaus which supply credit information to financial institutions and from which you can get a credit rating report are TransUnion, Experian, and Equifax.

Just like an annual PSA / DRE is advised for men and MRI or mammography for women (and just as important to prevent an unhealthy personal financial condition), it is strongly advised that you obtain (for a small fee) a credit rating report at least once a year. The credit rating report has a section where you can correct wrong or unfair entries. For this purpose, you should keep a file of your credit card billings, the checks you issued in payment, and receipts –to be able to argue your case productively.

Interest costs, especially when your debt service history does not warrant it, are debilitating and can / should be avoided.

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