How Prison Can Destroy Your Credit Score and What To Do About It

Your credit score is clearly important when it comes to turning your life around after prison. However, how do you deal with your finances while after being in prison?  My friends at Selflender wrote this article to give inmates and formerly incarcerated some ideas and options on how to fix and maintain your credit score.

Staying On Top Of Your Finances After Incarceration

The level of stigmatization that exists in the job market towards those who have previously been incarcerated is still a significant problem. Those who have a criminal record are far less likely to be scheduled for a callback than those who don’t, as revealed by The Council of State Governments Justice Center. The research also found that those who lived on welfare were less likely to make the cut, which amplifies the need for equipping the formerly incarcerated a little better.

Stay On Top Of Court Imposed Fines And Fees

One of the first arrangements to make is that of repaying their court-imposed fines and fees as soon as possible. This is to ensure that they don’t end up landing in hot water again as summonses are issued for these funds. Those who struggle with the repayments should request the most lenient terms available and resolve this before taking on any other financial responsibilities.

Finding A Job That Pays Well

Some practical financial advice is not to wait for the perfect job to roll around. Sometimes the lower jobs form a stepping stone onto something bigger and better. This is because one of the things potential employers look at is whether the applicant has done a lot of job hopping. One of the best ways to find gainful employment after incarceration is by joining job training groups and initiatives. These not only provide the necessary training to pursue a new career but may also provide helpful insight into potential job leads.

Manage Or Restore Credit History

Thankfully, a prison record is not linked to a credit history, therefore, if the payments are maintained the credit history will still be intact. This will not only make it easier to secure a loan, but also to rent an apartment or take out a phone contract. If these payments weren’t maintained, there are several ways to rebuild the credit score. One of the fastest ways to get this done is by using the services of a legitimate credit repair company. There are also specialized credit facilities designed to help people build their credit scores again.

While finances are at the heart of rehabilitation, it shouldn’t be a stumbling block for those that want to rebuild their lives.