Edward Grey - Credit Repair Secrets: How to Fix Your Bad Credit On Your Own

CREDIT REPAIR

SECRETS

How to Fix Your Bad Credit

On Your Own

Edward Grey

Copyright 2021 by Edward Grey

All rights reserved.

ISBN: 978-1-80283-853-4

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Please note the information contained within this document is for educational and entertainment purposes only. All effort has been executed to present accurate, up-to-date, reliable, complete information. No warranties of any kind are declared or implied. Readers acknowledge that the author is not engaged in the rendering of legal, financial, medical or professional advice. The content within this book has been derived from various sources. Please consult a licensed professional before attempting any techniques outlined in this book.

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TABLE OF CONTENTS

Credit repair is the method of restoring bad credit status that has degraded due to many factors. It could be as easy as disputing incorrect details with credit bureaus to improve one's credit standing. Identity theft and the resulting credit loss can necessitate extensive credit repair work.

Another type of credit repair deals with basic financial problems, such as budgeting, and beginning to fix genuine lender concerns.

Credit restoration has always been critical. Mortgage, car, and personal lenders have long relied on your three-digit credit score to decide your creditworthiness. Lenders often use your credit ratings to calculate how much interest you'll pay on these loans. However, lenders aren't the only ones who use credit ratings to make financial decisions. When making hiring decisions, an increasing number of employers use work applicants' credit records. Many with poor credit can miss out on their dream jobs. Even car insurance providers also use credit ratings to determine policy rates. It's obvious that getting a good credit score is the secret to living a stress-free life today.

Nothing a credit repair agency can legally do for you, including deleting incorrect details, that you can't do for yourself for little to no cost. Hiring such a company can be expensive, ranging from hundreds to thousands of dollars.

While it may be tempting to delegate the task of credit repair to a credit repair business, it is important to understand what they can and cannot doand to take action on your own before paying their fees.

If you believe the information in your credit file is inaccurate, credit repair companies may offer to dispute the information on your behalf with the credit reporting agencies. Credit repair firms usually charge a monthly fee for work completed in the previous month or a flat fee for each item removed from your credit reports.

That being said, it's important to remember that credit repair isn't a panaceaand in many instances, it crosses the line into unethical or even criminal practices by trying to delete information that has been correctly submitted to credit bureaus. Although these companies may attempt to refute any piece of negative information on your records, accurate information published by your lenders is unlikely to be removed.

And, once again, credit repair firms cannot do something that you cannot do for free on your own. As a result, it's a good idea to repair your reputation before paying a credit repair service to do it for you.

There is no easy remedy for your credit situation. Negative but correct information (such as late payments, charge-offs, or collection accounts) will stay on your credit report for seven to ten years. There are, however, steps you can take to begin building a more favorable credit history and gradually improve your credit scores. The better your personal credit status is, the better chance you will get a start-up loan or a loan to expand your business. Most investors and lenders want to be confident in the company's financial status in the company, particularly their credit status. The theory is that if you cannot manage your own finances, how can you handle those things? Also, if you are selling a product and your credit status is good, the product's manufacturer may be more likely to front you the product and allow you to pay for it after.

In fact, poor credit can easily cost you thousands of dollars a year in higher interest, larger fees, bigger premiums, extra loan points, and other hidden costs. Not only will that, but a single negative item on your credit report haunts you for years. On the other hand, having a high score will get you to credit when and where you need it. It increases your chances of landing better jobs, getting lower interest rates and fees. This is not only convenient but can save you thousands of dollars over some time.

For more reasons, a poor credit score can keep you from renewing a professional license or prevent you from getting utilities or cable connections in your new apartment/home. It can also prevent you from posting bail for yourself or someone else. There are literally hundreds of ways a poor credit score can negatively impact your life, and what is more, it can do so for years to come if you do not act on it.

In the course of this book, we will address several topics related to credit repair. We will look at how to improve our credit score and how to avoid being defrauded. All of the information in this book is the result of my 20 years of experience as a consultant. I hope that sharing my knowledge on the subject will be useful to you and allow you to improve your own and your family's financial situation.

Let's get started!

Beware, not all credit repair companies are ethical. Do not fall for scams that promise they can take a bad credit record and turn it around overnight. Or that guarantee they can force the credit bureaus to remove all negative (but accurate) information from your credit file immediately. It takes time and cooperation to improve your credit. Trust me when I tell you that a credit repair company cannot push around the large credit bureaus. Never mind order them to do things like immediately remove foreclosures or missed payments from the records of their clients. Inaccurate information can be easily fixed. However, removing accurate negative information takes a plan and is rarely done overnight. That usually requires filing official disputes and careful negotiations with your creditors.