Why is Credit Repair so Important

Your credit score is what banks and other establishments use to check whether they should approve your purchase, loan or job application. Naturally, this could mean the difference between an approval or a denial and why your credit repair is important should you be denied.

Credit repair is necessary when your credit score is 600 or below. To give you an idea how this is calculated, everyone starts out with a good score but the moment you are late on a payment or a mortgage, this has an affect on your credit score.

Does this always mean you will not be able to get a loan? In some cases no but you will probably get rates which are much higher compared to someone who has a good credit score.

The only way to fix that is by paying off old debts and making sure that it does not happen again.

If you think this can be done overnight, think again because the amount of money you owe might be too big and most people who have had this problem are only able to complete paying it after several months or even years.

Should bankruptcy even be an option? Never because your record will be kept on file for 10 years and you can’t escape it.

You can’t repair your credit similar to your car unless you know what is wrong. To do that, you need to get a copy of your credit report by obtaining this from one of the three credit agencies namely Equifax, Experian, and Trans Union.

When the credit report is in your hands, review what is on it. If you know for a fact that a certain issue has already been resolved, send a letter to that credit agency together with the supporting documents so your credit report can be corrected.

For those who have outstanding balance, the case is different because you need to pay for it before you can get a settlement letter which should also be given to the credit agency for filing.

Until that happens, you have to find some way to pay for it. You can get better terms by getting a debt consolidation package which is designed to buy you some time at lower interest rates.

Surprisingly, credit repair may be as simple as borrowing money since your credit score may not improve unless you apply for a loan. You don’t have to borrow a lot since a small amount like $500 is enough to get the ball rolling. Again, just make sure this is paid in the agreed upon time and in full.

After reading this, you already have a clear picture as to why credit repair is needed. Could it have been avoided? The answer is yes but it is too late to think about that when the important thing to do is focus on the situation.

Credit repair may be simple or complex and if you can’t do it alone don’t be afraid to ask help from a credit counselor. It won’t be long when you will once again be in good standing and you will once again be given a line of credit.

So you don’t need credit repair again, monitor your expenses and do not spend beyond your means.


Why is My Credit Report Important

Your credit report is important because it is a snapshot of everything you have ever done in your life that has involved your use of credit. It is very important that you monitor your credit report regularly to make sure there are no inconsistencies or mistakes that could adversely affect your future applications for credit.

There are three credit bureaus that compile your credit information into one easy to read report. Not all credit reporting companies report to all three bureaus and they are not required to report to any of them. However, you will find that many companies will go ahead and report credit transactions to at least one of the three credit bureaus.

The three credit bureaus are: Experian, Equifax, and TransUnion. No one company is any “better” than the other. They all have different ways of making credit reports, but they all generally operate in the same way. You can find them easily on the web at: www.experian.com, www.equifax.com, and www.transunion.com.

The FACT Act (Fair and Accurate Credit Transactions) was passed in 1997 and provides one free credit report each year for anyone who requests one. You can get your yearly free credit report by going to AnnualCreditReport.com

To get all 3 credit reports for free go to http://MyCreditReportAudit.com . You will have to enter your personal information, and then your credit report will appear directly on your computer. You can then print it out and check it for accuracy.

We can’t stress enough that you should check your credit report on a regular basis. Often, mistakes can be made and you can take steps to remove that information so you won’t be denied credit solely because of an error. The credit reporting companies (or bureaus) are often eager to work with you to repair mistakes. You will need to contact them with proof of the inaccuracy and it will be removed. Since the decision to offer you credit (whether for a credit card, a home loan, or a car loan) is made solely from the information contained in your credit report, you should strive to keep your credit record clean and free from errors.

Why is credit important

Why is my Credit Report Important? It’s the gateway to your financial future.

Your credit score is determined by the information in your credit report, and you want your credit score to be as high as it can possibly be so you can get loans for what you need or want. The consequence of getting into trouble with your credit can affect you negatively for years, because your credit report won’t appear good to a potential lender. The lower your score, the more you are considered a risk to the lender of defaulting on a loan. Just DONT get into trouble with credit if you can possibly prevent it!

For professional help with raising your credit score visit Seattle Credit Repair


Why is Credit Repair so Important

Your credit score is what banks and other establishments use to check whether they should approve your purchase, loan or job application. Naturally, this could mean the difference between an approval or a denial and why your credit repair is important should you be denied. Credit repair is necessary when your credit score is 600 or below. To give you an idea how this is calculated, everyone starts out with a good score but the moment you are late on a payment or a mortgage, this has an affect on your credit score.

Does this always mean you will not be able to get a loan? In some cases no but you will probably get rates which are much higher compared to someone who has a good credit score. The only way to fix that is by paying off old debts and making sure that it does not happen again. If you think this can be done overnight, think again because the amount of money you owe might be too big and most people who have had this problem are only able to complete paying it after several months or even years.

Should bankruptcy even be an option? Never because your record will be kept on file for 10 years and you can’t escape it. You can’t repair your credit similar to your car unless you know what is wrong. To do that, you need to get a copy of your credit report by obtaining this from one of the three credit agencies namely Equifax, Experian, and Trans Union. When the credit report is in your hands, review what is on it. If you know for a fact that a certain issue has already been resolved, send a letter to that credit agency together with the supporting documents so your credit report can be corrected.

For those who have outstanding balance, the case is different because you need to pay for it before you can get a settlement letter which should also be given to the credit agency for filing. Until that happens, you have to find some way to pay for it. You can get better terms by getting a debt consolidation package which is designed to buy you some time at lower interest rates. Surprisingly, credit repair may be as simple as borrowing money since your credit score may not improve unless you apply for a loan. You don’t have to borrow a lot since a small amount like $500 is enough to get the ball rolling. Again, just make sure this is paid in the agreed upon time and in full.

After reading this, you already have a clear picture as to why credit repair is needed. Could it have been avoided? The answer is yes but it is too late to think about that when the important thing to do is focus on the situation. Credit repair may be simple or complex and if you can’t do it alone don’t be afraid to ask help from a credit counselor. It won’t be long when you will once again be in good standing and you will once again be given a line of credit.

So you don’t need credit repair again, monitor your expenses and do not spend beyond your means.