Understanding Credit Repair |
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Navigation: Credit Repair | Loan Modification | FHA Loan Program |
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| What is Credit Repair? The current economic crisis is weighing heavily upon everyone’s financial situation. Those with bad credit are in the worst situation, since for them, trying to repair their credit while under the burden of increasing debt is like climbing up a slippery slope. To understand credit repair, one must first have a better grasp of the concept of credit score. Whether it is monthly credit card payments, getting loans, or declaring bankruptcy, each act of borrowing and repaying is recorded in one’s personal credit report. This report in turn determines one’s credit score. Banks and other creditors refer to this score in order to determine whether a person applying for a card or a loan should get higher or lower interest rates. Good credit practices such as paying on time and paying more than the monthly minimum rate create high scores. Conversely, one’s score decreases due to bad financia l activities, such as paying well past the payment deadline or exceeding one’s credit limit. Creditors consider people with low credit score great financial risks, and because of this, think twice before approving their accounts or loans. Lending institutions also issue higher interest rates and lower credit limits to people with bad credit history. Credit repair is an active endeavor to increase one’s credit score. This can be achieved by verifying the accuracy of one’s credit report and disputing erroneous information in the records. Professional financial counseling regarding a person’s spending habits and budget management is also a big part of credit repair. Why do you need it? |
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The United States Consumer Protection Group is a
non-profit group that will help you if you have a bad
credit situation. A person’s credit score can affect
almost every major transaction a person can make so
it is one of the first things you should consider when
you start organizing your financial situation.
The United States Consumer Protection Group can: - Refer you to legitimate groups that can help you increase your credit score - Provide you with information to help validate and clean-up bad records and information in your credit report - Give you tips and strategies in keeping a good credit score - Put you in contact with trusted financial counsel Tackling the problem of bad credit will unburden you in your financial struggle. Good credit opens up more opportunities for you to finally move forward. There really is no reason to suffer any more, give us a call now at 1.888.864.1664 and start solving your problems. |
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years, people have come to rely on credit cards more and more and it has become an
ongoing battle for many to balance a low income, high prices, and loan payments, all the
while being weighed down by high interest rates and bad credit.
Through credit repair, you would be able to have a clean slate on your credit score. With a good credit score, you would: - Get your loans and credit card applications approved - Pay lower interest rates on your home or car loans - Be charged less for your credit debts Do-It-Yourself Tips  Credit reports are automatically processed. All your personal information and financial
records are typically run through a process that is automated and presumed to be exact
and complete. Small mistakes, however, have a tendency to occur. In fact, studies show
that at least one tenth of all credit reports have errors. A small typographical error with the
social security number, current address, or name can result into a domino effect that
drastically lowers your credit.The first step to a do it yourself credit repair is getting a copy of your credit report. There are three major credit reporting agencies you can go to, namely Equifax, TransUnion, and Experian. Remember that you are entitled to one free copy of your credit report once every 12 months. Beyond that, you will have to pay a fee to obtain your report. There are also other circumstances when you can get a free credit report. If you applied for credit, insurance, or a job and your application is denied, whoever denied your application must be able to tell you how you can get your free report within sixty days of getting the rejection note. Contact the central site processing all free annual credit reports from the major credit reporting agencies, or order them through these contact numbers: Equifax 1-800-685-1111, Experian – 888-397-3742, TransUnion – 800-916-8800. You can also choose to contact them through their mailing address. You have the right to file a dispute on each item in your report that you find erroneous. This dispute is also free of charge since the responsibility falls to the agency that gather the information. It is their responsibility to obtain the correct data and process it without error. By law, each dispute should be verified by both the reporting agencies and by the bank or credit entity that sent the information to the reporting agency. If your dispute proves to be valid, you will get a free copy of the new updated report. Doing a credit repair yourself can be daunting if you are not aware of the finer strategies and points of the process. You should therefore research and familiarize yourself on the laws of consumer credit information especially since many new laws are being added at this time of economic instability. |
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US Consumer Protect Group |
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