DebtSolutions.com Explores the Lifespan of a Poor Credit Report

A strong credit report is a hotter commodity now than ever, as more and more consumers fall into debt so far they don't know how-or if-they'll be able to get out. But according to Debtsolutions.com, a weak credit report doesn't follow a person around forever, but it does take some work on the part of the consumer to get their credit to be stronger than ever.

According to the Debtsolutions.com article, "Understanding Your Poor Credit Report" a good credit report is useful, but until you get your credit back up to snuff, you don't have to spend that time (and it could take a few years) being financially handcuffed.

"In today's economic times, there are lenders that don't care about your credit report as much as they do about your job stability or assets," the Debtsolutions.com article reports. "Your poor credit report will eventually disappear, but… a credit counselor or debt management company might be just what you need until then."

The Federal Trade Commission (FTC) says preventing bad credit is much easier than trying to fix bad credit. They recommend reviewing your credit report regularly. Why? Because your credit report and history is a defining factor is whether or not you can get a loan or insurance. It also helps determine how much it'll cost you. You should also regularly check your credit report to make sure all the information is accurate and up-to-date, and to detect and prevent identity theft and credit fraud.

But for consumer situations where prevention isn't really an option anymore and for consumers who need to fix their credit soon, credit counseling may be the order of the day.

"A debt counselor or debt management company may have services that you can benefit from," reported the Debtsolutions.com article. "It's a good idea to contact either one and make an appointment to discuss your financial problems and perhaps begin to rebuild your poor credit score. They can also help you decide whether bankruptcy is your only option."

staff contribution: Meha Ahmad