The Benefits of Credit Repair

The Benefits of Credit Repair

Why should you Consider Credit Repair? Discover the Basic Reasons!

Do you look at your credit report and think about nothing but credit repair? If yes, then perhaps it’s high time to get your credit repair process started. Anyone with poor credit scores will definitely know what a low credit score can cost you. Wonder how severe the consequences are?

Well, high interest rates can seriously damage your finances, period. Imagine the payments you would have to make if your interest rate increases from 5% to 15%. All in all, your poor credit score can make you pay thousands of dollars additionally per year. This is the primary reason why it is critical to look at your credit report and repair your credit score. After all, it will not only lower your interest rate, but will also help you get loans.

Credit Repair – Is it Really Helpful?

When it comes to credit scores, a single mistake can cause you serious trouble. A recent research suggests that almost 79 percent of all Americans have some type of inaccuracy, miscalculations, and negative accounts in their credit reports. A majority of these errors can hurt their credit scores badly. In these situations, credit repair is the ultimate option they can get to bring their finances back on track. The process of credit repairing is used to identify mistakes, correct the relevant information, remove negative reporting and monitor the creditors to ensure that your credit report is as accurate as possible and corrected accordingly.

Better Insurance Policies

The policies most insurance companies offer are based on the clients’ credit reports. For instance, you will not get a reasonably priced insurance policy if your report suggests that you are late with paying other accounts. Thus, credit repair can clean up your credit rating and help you get substantial savings over the duration of your policy.

Better Job Options

Nowadays, many employers check an applicant’s credit history as an essential step of the employment screening process. Wonder why? Well, credit reports usually disclose what resumes may never tell. Employers check credit reports to determine if an applicant has unpaid child or spouse support, has a verdict against him or her, or pays bills promptly. In instances like these, you can get a fresh start by opting for credit repair.

Better Loan or Mortgage Facilities

A low credit score can have a negative impact on your ability to get different loans. You may not get the desired loan amount or may have to make greater interest payments on the lifetime of your loans. If lenders find a poor credit score on your report, they can lower your credit limit, thus making the loan even more expensive for you. If dealerships turn you down for loans or offer very high interest rates, you have to consider going for credit repair. This will increase your chances to get your desired vehicle or own your dream home.

Since credit scores and credit reports can affect you and your loved ones in a number of ways, it is important to keep your credit score in superb condition. Credit repair doesn’t only benefit individuals with a low credit score, but can do wonders for people with average credit by getting negative items off of the reports, disputing late payment information and correcting any inaccuracies on your report.

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2 Comments

Filed under Before Buying a House, Credit Cards, Credit Scores, Dallas Real Estate, Dallas Texas REALTOR, Flower Mound, Flower Mound Homes For Sale, Grapevine, Grapevine Texas REALTOR, Highland Village, Interest Rates, Lakeside DFW, Mortgages, Real Estate, Southlake Texas Homes For Sale, Texas, Texas Homes For Sale, Texas Real Estate

2 responses to “The Benefits of Credit Repair

  1. Nice article and blog, have a quick question.
    After a foreclosure, how long does it take to repair the credit score?
    Also found the following site quite helpful.
    Thanks in advance.

    • As far as your credit scores go, foreclosures and short sales are both equally damaging so realistically, it’s going to take some time to recover and improve your scores.

      To put things into perspective, credit scores place more emphasis on the most recent 24 months so with your short sale being so recent, it’s important to keep expectations in check and understand that it’s going to hurt for a while.

      The best thing you can do is to continue doing what you’re doing — paying your credit cards and other accounts on time, and paying down your credit card balances — 10% or less of the credit limit will earn you the most points in that category of your score. Other than that, it’s going to take some time — at least 24 months of positive credit patterns – before you’ll begin seeing any significant improvement and even then, it’ll be gradual.

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