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How Fast Can Your Credit Be Repaired?

How Repairing Your Credit Can Save You Money

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The Basics of Credit Repair

What is a Credit Score and Why is it Important?

What is Credit History and Why is it Important?

Why Good Credit Is Important

 

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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

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.

Clients Find Debt Relief with Quality Credit Repair

Philadelphia, PA -- (SBWIRE) -- 09/18/2017 -- Quality Credit Repair is a company that fully comprehends the significance of a credit score and is dedicated to assisting those who have a bad score. For more than 20 years, they have been repairing their ...

Published:  Mon, 18 Sep 2017 14:28:00 GMT



Man indicted in alleged Macon credit repair scam, theft

Bibb County grand jurors indicted a 56-year-old man Tuesday on allegations he pocketed a woman's money, saying he'd repair her daughter's credit although he was only pretending to be affiliated with a credit repair company. Kenneth Alan Inboden is ...

Published:  Tue, 19 Sep 2017 13:40:00 GMT



'Credit repair' agencies charge through the nose for what you can do yourself

Hi Nicole, I'm not sure why but I was just turned down for a car loan. I have a steady $80,000-a-year income. I don't have much in savings but have started putting away $200 a fortnight. I suspect there might be something dodgy on my credit record back ...

Published:  Sat, 09 Sep 2017 11:28:00 GMT



Bestcreditrepair.Co Use Expert Ratings to Compare the Best Credit Repair Companies

Using this information, you will be able to ignore the marketing tactics of these companies and instead use genuine, helpful information to fix your credit once and for all. On the site, you can find in depth expert ratings and customer reviews to make the ...

Published:  Tue, 12 Sep 2017 16:06:00 GMT



'Credit repair' agencies charging a fortune for something you can do yourself

No Mike if this is not a scam, it's darn close to it. So-called credit repair agencies have the same ability to rescue your record as you do yourself. Many will also try and migrate you onto other products - everything from a "budget management" program ...

Published:  Tue, 12 Sep 2017 16:17:00 GMT



Editorial: Historic churches worthy of tax money to repair, maintain

Since its inception, the Act has been used to shore up historic religious structures. Here are a few such projects in our area: In Northfield, CPA money helped repair the foundation and preserve stained glass windows in First Parish Church, built in 1879.

Published:  Mon, 18 Sep 2017 08:00:00 GMT



Do the Best Credit Repair Services Really Work

You've seen the ads claiming to be able to fix your bad credit, but do credit repair products really work Honestly, many of the companies are a scam. But the best credit repair reviews of services that have been around for a couple decades show that these ...

Published:  Mon, 28 Oct 2013 02:20:00 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



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