The fact is that your credit rating takes a hit and suffers every time you are late with any of your loan or credit card payments. This has the unfortunate impact of causing you to pay higher interest rates on future loans or being denied credit altogether. Given how much we rely on borrowing in our daily lives, this can be devastating. It is no wonder that individuals are often left scrambling to find the most efficient way possible to undo any previous damage inflicted to their credit report.

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