If you are trying to build a credit history, suffer from bad credit, or even if your credit is great, there are government resources available that will help you maintain credit, repair credit, and/or build a credit history.
The Federal Government recently reported that there are new resources available to make it easy for families and individuals to repair their credit and get back on their feet again. Today private lenders and the government are also teaming up to make our economy more productive by helping those in need, including those in need of credit repair.
Government loans are available for business start-ups, home purchases, assistance for single parents, education and so on. The government offers these loans to eligible individuals and they often come with 0% interest or rates much lower than the current interest rate.
If you have bad credit you must at least apply for two loans and be turned down before the government will consider giving you a loan. Your credit report is not what is important here but rather the loan “declines” are the focus and defining criteria.
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The government also offers grants to assist people in getting back on their feet again. You do not have to repay the government, but you must use the money for what was indicated in the grant application.
Other resources are available to help those that are re-entering the employment market, as well as helping those who are unemployed and/or unable to work. There are funds available for those with low or high-risk credit scores. If you need a loan for a home, debt consolidation, car, or just funds to start up your own business, the government and private agencies are waiting to help you along.
Reduced loans and free programs are available that will benefit millions in the economy that are suffering with bad credit and “blemished” credit histories. Legal Aid is one source that can help with credit repair, as well as many other resources and these resources are free of charge in most cases.
If you are paying high fees to rent an apartment you might want to fill out an application with HUD (US Department of Housing and Urban Development). HUD pays a certain amount toward your monthly rent each month and you are required to pay the remaining balance. HUD also has a solution for first time homebuyers with bad credit.
The Homebuyer’s Bill of Rights allows you the right to purchase a home despite having bad credit. Government resources and private institutions have lowered their Interest Rates to around 5% for homebuyers and extend up to $500,000 for first time buyers to help them buy a home. These government and private institutions also offer debt consolidation loans, assistance with late payments, business start-up funding, and home improvement loans.
The Fair Credit Reporting Act (FCRA) offers credit report protection. It includes laws that provide privacy protection and require reporting fairness and accuracy by the credit reporting agencies.
If you are searching for a way to get out of debt, create a career, or just seeking employment, you might want to consider starting up your own business. The government has programs specifically geared for small business start-ups and entrepreneurs. These programs help business owners finance their business and guarantees loans to those that are creating a plan to support themselves (as well as paying their taxes to the government). This is a wonderful solution for getting back on your feet again and getting those creditors off your back. To find out more about small business loans check with your local bank or Small Business Association.
It is often very difficult having bad credit and not knowing where to start to repair your finances is even more frustrating. Bad credit can be misery, but it does not have to be a force that destroys your life forever. Look to your local, state and federal government for assistance. You may be surprised by what you find!
For further information contact your local or state agencies.
For US Federal Government information visit: http://www.firstgov.gov
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