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How Repairing Your Credit Can Save You Money

Over 220 million Americans have a bad credit rating – and it costs them thousands of dollars each year in the form of higher interest rates on everything from loans to credit cards.

Credit reports have become the gold standard for determining a person’s financial worth. In some instances, employers even use credit reports and credit scores during the hiring process.

There are several ways in which a poor credit history and low credit score can affect finances.

  • Higher Interest Rates. Persons with poor credit reports and low credit scores (between 300 and 500) are subject to higher interest rates for loans. Because consumers with a bad credit history are a higher risk to lenders, an attempt to recoup as much money up front usually is reflected through a higher interest rate. Of course, it’s also possible that loans from various creditors will be denied entirely. When that happens, consumers are left with little recourse.
  • Credit Cards. Approval for new credit cards will be difficult if not impossible with a poor credit rating. Consumers who are lucky enough to get a new card will find themselves saddled with a higher-than-average interest rate, as well as a low spending limit.
  • Vehicle Insurance. Vehicle insurance companies have jumped on the bandwagon of reviewing potential clients’ credit histories prior to agreeing to insure them. Roughly 92 percent of all insurance companies research a customer’s credit history prior to insuring them. Consumers with poor payment histories or a dismal credit score can expect to pay higher premiums. Data indicates that persons with poor credit are more likely to file claims and are therefore a higher risk for insurers. Conversely, those with excellent credit histories and credit scores generally have fewer accidents and tend to pay premiums in a timely fashion.
  • Employment. With 69 percent of all U.S. employers admitting to checking credit reports as part of the hiring process, those with a bad credit history can be left out in the cold when it comes to landing a new job. Under the Fair Credit Reporting Act, employers must first seek permission prior to requesting a potential employee’s credit report. Those who suffer from bad credit or a dismal credit score can find themselves being passed over for new jobs as well as promotions with an existing employer.

Having poor credit is not the end of the world. With a little time and a lot of hard work, a bad credit history can be turned into a positive credit history.

The first step one should take toward repairing a bad credit history is to review copies of your own credit report. Reports can be requested through the three major credit reporting agencies: Equifax, Experian and TransUnion. The Fair Credit Reporting Act mandates that all consumers are to receive one free annual credit report from each of the three agencies.

Consumers with poor credit histories also should consult with a consumer credit counseling service, which can help start the process of repairing credit. These services work by helping consumers to consolidate loans and other debt into monthly payments the consumer can afford. There are many such agencies on the market today, but consumers should be careful when selecting one, as not all are created equal.

Is a credit repair company friend or foe

Americans across the U.S. struggle with bad credit. When searching for a solution, credit repair companies seem like a great idea. For a fee, these companies offer advice or assistance to improve your credit score. However, there is really nothing a credit ...

Published:  Wed, 10 Jan 2018 10:37:00 GMT



10 Simple Ways to Repair Your Credit

Ending up with bad credit can happen to anyone. Even if you're careful, certain mistakes can be made that can send your numbers spiraling. Don't give up hope if that happens, though. Fortunately, there are many different ways you can start working on ...

Published:  Fri, 12 Jan 2018 08:57:00 GMT



Florida considers ending fee to freeze credit as Equifax leads gripes

In any case, credit reporting and repair companies represented the top category of CFPB complaints from Florida, according to lendedu.com, which calls itself a marketplace for finance products including student loans, personal loans and credit cards.

Published:  Sun, 21 Jan 2018 21:09:00 GMT



Planning to borrow for your kid's college Time to clean up your credit

No matter what college path, polishing your credit score will give you flexibility as you move deeper into college bills and second or third children. Steps to repair credit. For a good credit score and access to low interest rates, paying bills on time is ...

Published:  Sat, 13 Jan 2018 22:04:00 GMT



Don't Put American Express Stock on Your Credit Card

The firm made sure that you know that the quarterly dividend will not be touched, but it has to repair itself after this hit. One big buyer removed from price discovery in the secondary market. Get it Am I afraid of American Express No. That said ...

Published:  Fri, 19 Jan 2018 09:33:00 GMT



Roof repair permits not a bad idea

It is important to note that, to the credit of the City, this does not seem to be a top ... Nationwide, though, many jurisdictions require roofing repair permits, Flanagan said. Minot requires permits for new construction or roof replacement only, not ...

Published:  Mon, 15 Jan 2018 22:10:00 GMT



Can Credit Repair Companies Really Improve My Credit Report

The answer is maybe -- but they can't do anything that you couldn't do yourself, for free. Anything on your report that's bringing down your credit score is going to stay on, if it's accurate information. So if a credit repair company promises to remove ...

Published:  Thu, 14 Feb 2013 16:00:00 GMT



The Rules of Credit Repair

There are no shortcuts to building great credit: Everyone starts with nothing, and if your credit score tumbles at some point, it takes time, patience and planning to recover. That doesn't mean you have to figure it out by yourself, though you certainly can.

Published:  Wed, 02 Apr 2014 02:22:44 GMT



$2-million settlement ends accusations that L.A. credit-repair firms misled consumers

Credit-repair services promise to help consumers fix their credit scores, but there's only so much they can do. They can help clear up inaccurate or outdated information on a consumer's credit report, but they can't erase legitimate dings. But the ...

Published:  Tue, 27 Jun 2017 16:36:27 GMT



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