There are many advertisements in the newspapers, radio, and e-mail about the credit repairing services. We even get calls from these people who claim that they could remove bad loans, bankruptcies, liens and judgments from our credit report for a lifetime. Have you ever thought of such a thing could really happen? Is it possible […]
Though almost each one of us would like to maintain our credit history in good condition, there could be many situations where it could be hampered. In today’s tough job situation, loss of job or layoffs can lead to temporary loss of income. This could lead to defaulting on loan EMIs, credit card payments and utility bill payments just to name a few. Such default could see the damage being caused to credit history which could impact further loan borrowings. It is quite common to come across many advertisements which talk about fixing of bad credit record. The question that comes to our mind is whether it is really possible to repair damaged credits or whether such claims are bogus. The answer is that while it is possible to repair bad credit, most of those who talk big about such services are bogus and customers should be careful about them. However, in this article, we will try and have a look at three such credit repair companies reviewed by crediful and find more about their credentials and goodwill.
This is often considered by many borrowers to be one of the best credit repair companies and their track record is quite good. The company is very experienced and it has been in this line of business for the past 20 years. They have a good track record which makes them very popular and have been able to set the records straight for hundreds of customers. They have around 24 attorneys ably supported by agents and paralegals. They are actively present in 19 states and therefore would be able to handle the requirements of customers spread far and wide. They have been quite successful in setting the credit record straights for many customers and therefore they are one of the most sought-after credit repair companies. However, they do not have online chat facilities and customers have to get their doubts clarified only by phone or personal visits.
Sky Blue Credit Repair
This is perhaps one of the oldest credit repair companies in the country. They have been in operation for the last 25 years and started their operations in 1989. They are famous for offering both ready-made and customized credit repair services after factoring the specific needs and requirements of customers. They are famous for offering customers friendly services and go by the exact requirements of customers. They leave no stone unturned when it comes to repairing credit scores. They handle everything from start to end and therefore provide complete and holistic services. However, they are not very good when it comes to negotiations for payoffs.
They are also a very reputed and well-known credit repair company and are famous for removing penal charges, late payment charges, lien on the property and can also offer relief to customers what have a judgment against them. According to crediful CreditRepair.com review, who is famous for offering highly customized credit repair guide says that this company is perfectly in line customer needs. They offer a unique three-step process involving checking, challenging and correcting the credit rating. The track record is quite impressive and they have helped thousands of customers in their endeavor to improve their credit record.
If you have bad credit, it is important that you repair it as credit repair can improve your credit enough to lower interest rates which can save you a lot of money on the long run. There is no quick way of repairing bad credit, it takes time to do it. By following the tips below, you can begin to repair and rebuild your credit.
Tips for Repairing Bad Credit
1. Go through your credit card report. Your credit report may have errors in it, therefore, request for a free copy and go through it for errors. Check that the amount you owe for your accounts are correctly stated on the report. If there are errors on the report, you can file a complaint with the Consumer Financial Protection Bureau who will contact the credit reporting agency on your behalf for free. You need to first dispute the information with the credit company reporting it yourself before filing a complaint with the CFPB. If you are not making a headway, you might then think of consulting a consumer law attorney who has experience with repairing credit bad credit cases. If you have a good case, you might be entitled to damages.
2. Set reminders for making payment. You can set the reminders on your own but some banks also offer this service by sending you reminders through email or text message to remind you when you are due to make a payment.
3. Come up with a payment plan Using your credit report, draw up a list of your accounts and check the recent statements to find out how much you are owing on each account. Devise a suitable plan on how to gradually offset the debt. (More on this here)
4. Even if you have missed out on making some payments, try and build up on a good payment pattern so that there will be evidence that you are now managing your credit well.
5. Get in touch with a legitimate credit counselor. You should do this to so as to be able to manage your credit well and make payments on time.
6. Upgrade to an unsecured card. After making timely payments for a few months, you can try to upgrade to an unsecured card. Ensure you pay your all your balance on time every month, then you can apply for a regular bank credit between 6 to 12 months.
7. Don’t close your old credit cards. Closing credit cards you own before can have a negative impact on the length of your credit history. If your card has an annual fee, put in a request to change it to the type that has no fee attached to it.
There are many advertisements in the newspapers, radio, and e-mail about the credit repairing services. We even get calls from these people who claim that they could remove bad loans, bankruptcies, liens and judgments from our credit report for a lifetime.
Have you ever thought of such a thing could really happen?
Is it possible for them to repair our credit? Let’s take a look at the actual truth behind these advertisements. Most of these claims are purely fake, all they do is make you believe that they could do these magic and loots our money. What we can do is actually saving selves from these fake advertisements. It may seem promising but when we realize the real face of them we would have lost the money that we paid them. Providing money for Credit repair is like throwing your money into the sea.
No one has ever seen a legitimate credit repair as the companies or ads claim. What we can do to improve our credit is by paying our loans properly by taking efforts it may take time but it never waste your money as these fake ads do.
The CREDIT REPAIR ORGANIZATION ACT (C.R.O.A) is enforced by the Federal Trade Commission and requires credit repairing companies to explain How long it takes to get the results, the legal rights in a written contract, three day right to cancel it without any charges, total cost to pay…and so on. Now let’s take a look at the steps we can take if any Credit repairing company fools you and take your money.
What are your options?
1. Sue them in the Federal court for your actual losses
2. Form a group of other people who lost their money and join them in a class action lawsuit against the fraud company and the company has to pay your attorney fees.
3. Seek punitive damages (The money to punish them for law violation.) Repair your credit by preventing overspending, creating a budget of your own by finding the mistakes in your credit report, negotiating with the creditors and making a plan to get out of debts.
Do not try to make the job easy by contacting credit repairing companies as catching a wish without wetting your hands is not at all possible. Prevention is better than cure. So be smart and use this trusted third-party company from loan companies and try to fix your debt problem yourself by consolidation a loan, it will only cost a little effort from you.
If you have more question please feel free to drop us a line.
Your credit says a lot about you. In fact, it tells lenders everything they would need to know about you to decide whether or not to give you a loan. Here’s a summary of what they see when looking at your score. Also, how it affects their decision.
- An excellent rating: It’s equivalent to a score of 800 and above. If you fall into this category, then you can expect to get good rates as well as terms anytime you apply for a loan
- A very good rating: It’s equal to 720-799. A score in this range means you can also expect to get good interest rates and possibly some perks since you’re a low-risk borrower
- A good rating: It’s equivalent to 680-719. You can still expect to get good interest rates and approvals when your score is in this range.
- An OK rating: It’s equal to 620-679. You’re considered a moderate-risk borrower. It means while you’re able to get a loan, there’s a chance it’ll come with higher interest rates.
- A poor rating: It’s equivalent to 580-519. At this range, your financing options exclude getting a bank loan. Moreover, your classification as a high-risk borrower means any loan you do get would come with high-interest rates.
You should be aware that credit scores do change from time to time. Hence, the occasional dips can happen. But if you’re not careful you could ultimately plunge your credit score in the red, which is something that you don’t want to happen to you. Hence, it’s best to know what can cause your score to drop so that you can take the necessary steps to avoid it.
- You’re behind on your payments
Remember, your payment history accounts for 35% of your credit score. If you’re late by 30 days or more on your payments, then it can have an enormous impact on your credit. Moreover, it’s one of the quickest ways you can hurt it.
- You defaulted on your payments
What’s worse than being behind on your payments, well not paying it at all. If you do this, then it’s guaranteed your credit score will drop. Moreover, it would send the wrong signals to lenders who will consider you a high-risk borrower. However, it can get worse if your unpaid account is eventually charged off.
What is a charge-off?
You don’t want to get a charge-off mark on your credit report. A charge off means a loss for a creditor because you defaulted on your payment. Your unpaid debt is marked as such after 120 to 180 days. It can get worse for you if the lender hands you off to a collection agency. If so, then you might end up at the mercy of a debt collector.
- You’ve applied for new credit
Every time you apply for a mortgage, a new credit card, or any loan, a lender will request for your credit report. They do this to check if you’re credit-worthy. Inquiries into your credit report make up 10% of your credit score. Here’s what you should remember before applying for new credit.
- Consider your credit history. If it’s short then getting a lot of new accounts at once can cause your score to dip.
- If your credit score is already low, then a hard inquiry can bring it even lower.
- You filed for bankruptcy
Bankruptcy is one of the derogatory marks you can have on your credit report. In fact, it can have the highest impact on it according to you. It’s a sign to creditors that you have serious financial problems. Here are the three types of bankruptcies you might encounter depending on your particular financial situation.
- Chapter 7 involves liquidation proceedings that sell off a debtor’s assets to raise money to pay creditors. It applies to individuals, couples, companies, and partnerships.
- An individual debtor can be discharged from bankruptcy within six months after filing
- A bankruptcy trustee takes charge of the proceeding
- A debtor’s wages after filing a Chapter 7 aren’t part of the settlement proceeds paid to creditors
- Chapter 11 involves a reorganization process and covers partnerships and corporations operating a business. In this case, a creditor and the court would have control over how the business is managed to secure the debtor’s ability to repay its loan
- Chapter 13 is a repayment program designed to help you pay back creditors. You can use it to avoid a foreclosure and repossession.
Credit scores can dip on occasion. So, it’s something you should expect. However, if you’re not careful, then your credit score could quickly take a nosedive and cause severe damage to your credit report. Hence, it’s in your best of interest to know the possible reasons it can happen. In doing so, you’ll be able to avoid serious problems by managing your finances better. If you are facing a drop in your credit score and would like to raise it you can read more about credit repair companies here.
A credit union is part possessed money related establishment that gives monetary administrations as different banks are putting forth. Nowadays’ Scottsdale credit union is turning out to be more fiscally appealing option than other budgetary organizations. To open a money-related record people must be an associate of a credits unions.
There are many advantages when you turn into an individual from any credit union as compared to other nearby banks. If anybody needs to end up an individual from credit, it ought to be inside the credit “normal bond”. In the regular bond, people find something basic in their current individuals who are working or living in the same place, for example, same affiliation, church or exchange. union deals with the cash in a way that if people are not ready to spare their cash or have poor credit records, the credit union offers ease and adaptable budgetary administrations to their individuals. Credit is controlled by their individuals and this is likely an exceptionally solid explanation behind people to turn towards credit unions.
Some great focuses on why people are picking credit unions:
1. Most people have a sporadic salary and credit union invites lopsided savers.
2. As Credits are non-gainful associations, all income is utilized to make enthusiasm for people and returns appealing benefit to their clients.
3. People can spare as they prefer, for example, week by week, month to month, yearly and additionally they can pay at nearby shops or gathering focuses, or coordinate from their income whichever is suitable for them.
4. Credit unions dependably attempt to fulfill their clients, individuals, and any individual who spares before bringing out an advance with a credits unions.
5. It is such an astonishing thing, to the point that the enthusiasm on an advance is constrained to 1% every month and individuals can likewise get free life protection in a credit union. Credit offers store accounts and the most dependable speculation bonds, for example, government bonds. As compared to different banks, a credit union is ordinarily friendlier and more qualified by longing.
The greater part of the organizations and offices make business and showcasing answers for unions. In all Third stream is credit union promoting an organization that aides in building software and showcasing answers for credit. Credit advertiser thinks greater and pushes the advancement envelope. Thirdstream made a record opening instrument and online advance application for credit union individuals.