Do You Have a Credit Problem? Credit Repair Companies are Here to Help You
According to a report by the Huffington Post, Jeffery Beaubien, 47, reviews his credit score every year on his birthday. You might find it strange, but he does it in order to be sure that his credit report is accurate. In 2012, he found that the three reputed credit bureaus made a mistake on his credit reports. They had reported that he was liable to pay a whopping $77,000 more against his son's educational loans. The consequences of this mistake was that he was denied a home loan and had to pay 17% interest for the car loan that he had taken.
There are many instances where people have found inaccuracies by the credit bureau. Such errors can have a significant negative impact on your credit score. If you are facing a similar situation, then the first step that you should take is hire a credit repair agency. The credit repair strategies followed by the companies include disputing the inaccurate information by following the state and federal laws. These laws have been formulated to protect consumers from inaccuracies in their credit reports.
Myths About Credit Scores
Most people don't give much importance to their credit score unless they need to make an important financial investment. Here are some of the common myths that most consumers have about credit scores:
Closing a credit card erases its history: If you are of the opinion that closing a credit card will erase its history, then think twice. In reality, late payments and any other black marks remain on your credit history for a period of 7-10 years, even if you close your credit card. In fact, by closing your credit card, you may be lowering your credit score as credit utilization ratio is used for calculating your credit score.
Personal details: A common misconception about credit scores is that they consider your personal details. In reality, your age, gender, race, nationality or marital status are not considered while determining your credit score.
Significance of credit score: People are of the opinion that only credit card companies and financial institutions are interested in their credit score. However, they are not the only people who are interested in your credit score. Employers, industries that are planning to do business with you, landlords, child support enforcement agencies and even cell phone companies check your credit score.
A credit repair agency will help in debunking these myths. They will also take the necessary steps to clean up your credit report by removing inaccuracies. The companies also provide you information on how to maintain your credit score in the future.
There are many instances where people have found inaccuracies by the credit bureau. Such errors can have a significant negative impact on your credit score. If you are facing a similar situation, then the first step that you should take is hire a credit repair agency. The credit repair strategies followed by the companies include disputing the inaccurate information by following the state and federal laws. These laws have been formulated to protect consumers from inaccuracies in their credit reports.
Myths About Credit Scores
Most people don't give much importance to their credit score unless they need to make an important financial investment. Here are some of the common myths that most consumers have about credit scores:
Closing a credit card erases its history: If you are of the opinion that closing a credit card will erase its history, then think twice. In reality, late payments and any other black marks remain on your credit history for a period of 7-10 years, even if you close your credit card. In fact, by closing your credit card, you may be lowering your credit score as credit utilization ratio is used for calculating your credit score.
Personal details: A common misconception about credit scores is that they consider your personal details. In reality, your age, gender, race, nationality or marital status are not considered while determining your credit score.
Significance of credit score: People are of the opinion that only credit card companies and financial institutions are interested in their credit score. However, they are not the only people who are interested in your credit score. Employers, industries that are planning to do business with you, landlords, child support enforcement agencies and even cell phone companies check your credit score.
A credit repair agency will help in debunking these myths. They will also take the necessary steps to clean up your credit report by removing inaccuracies. The companies also provide you information on how to maintain your credit score in the future.
