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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.

The Ultimate Guide to Starting to a Profitable Credit Repair Business at Home

If you want to start your credit repair business from the comfort of your home, here is a guide that will help you to get started. Why Should You Start This Type of Business Starting a credit repair business is quite easy and this is the best time to do ...

Published:  Fri, 10 Nov 2017 03:11:00 GMT



Quality Credit Repair Helps Clients Practice Smart Spending

Philadelphia, PA -- (SBWIRE) -- 11/08/2017 -- With the holiday season soon approaching, Quality Credit Repair, one of the elite credit counseling agencies serving Bucks County, PA and the surrounding areas, urges everyone to practice intelligent spending ...

Published:  Wed, 08 Nov 2017 05:06:00 GMT



Quick Tips to Repair Damaged Credit

Once your credit score falls, it can feel a bit disheartening and many people do not know where to start to fix it. Begin the process by getting your scores from a reputable website, such as freecreditreport. Once you have a starting point it will be ...

Published:  Mon, 13 Nov 2017 12:47:00 GMT



Jimarcus Blandin releases new financial literacy book, "GOOD CREDIT IS COOL, GREAT CREDIT IS SEXY"

GREAT CREDIT IS SEXY" where he teaches the art of financial literacy and credit repair Jimarcus Blandinis the CEO of a couple of companies with the list including FYI Business and Financial Solutions Inc, J. Blandin Enterprises, and Conversion Real ...

Published:  Fri, 17 Nov 2017 07:44:00 GMT



Why Having Good Credit Is Important If You Want to Invest

Not only do they engage credit repair services to eliminate negative trade lines and improve their credit scores, they're also interested in building investments for retirement, becoming homeowners, and balancing their debt to income ratios. If you are ...

Published:  Tue, 14 Nov 2017 06:59:00 GMT



Credit Repair: The Ultimate Guide to Increase Your Credit Score, Decrease Your Debt, and Manage Your Finances

Is your credit score and debt making you life difficult Improving your credit will improve your quality of life allowing you to get the things that you have always want. A bad credit score can stop you from buying a house for your family, buying your ...

Published:  Sun, 19 Nov 2017 08:16:00 GMT



How Poor Credit Could Affect Your Business

A credit repair company can give you tailored advice on what to do to improve your credit rating, and the best way to start is by paying off as much debt as you can.

Published:  Sun, 12 Nov 2017 02:40:00 GMT



Bad Credit Report Repair - Doing it Yourself

Bad credit report repair may not be high on your list of priorities, but there will come a time that you will want to borrow money and you will wish you had taken the time to clean up your credit. It is smart to take the time to do this while it is not ...

Published:  Mon, 06 Nov 2017 00:30:00 GMT



Complaint Review: Ascent Rent to Own / Inversion Credit

This is the best way to manage and repair your business reputation. Hiding negative complaints is only a Band-Aid. Consumers want to see how a business took care of business. All business will get complaints. How those businesses take care of those ...

Published:  Tue, 14 Nov 2017 14:25:00 GMT



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