What happens to my Credit Rating?

Without getting too technical, your credit rating is a record of your bill paying history. If you have been late or missed monthly payments on your credit cards or unsecured loans, it has been reflected on your credit report. Because creditors are going to give you relief on the monthly payment and monthly interest charges, they report this to the “credit bureaus” who adjust your credit rating accordingly. Visit What is a Credit Score? to learn more.