today's economic climate, an increasing number of Americans are showing
negative information on their credit history (late payments, collections,
judgments, liens and bankruptcies). It is a major problem, since it
prevents consumers from obtaining credit when they need it most, and also
obliges them to other penalties, such as higher interest rates and fees,
credit line reductions, etc.
It would be unfair to
quickly conclude that "people are irresponsible" or "consumers do not want to pay
their bills". In fact, they probably did maintain a good
credit history until a sudden event (divorce, health problem or loss of
job) impeded them from keeping payments current.
If we think about it, the
great majority of consumers try, with great effort, to stay afloat. Simply
put, sometimes income is not enough to cover the expenses of the
moment. Even worse, if this scenario is not corrected right away,
consumers may be forced
to declare bankruptcy or lose their home.
Today, more than ever (considering that
available credit is extremely
limited), a high credit score is required. To maintain high scores on
the credit report, consumers are
encouraged, among other things, to give great attention to timely
government studies show that less than 1/3 of Americans have seen their
credit report within the last year,
even though financial experts recommend
consumers to review their credit report to confirm accuracy.
CAUTION: Companies offering free credit reports might "open a can of worms" for the
consumer: very often, they profit by selling private consumers'
information to advertising companies (the basis of "junk mail"), which is
exactly the opposite of what consumers expect. Much worse, they
provide scores for a fee, but in most cases those "scores" are not the
real ones (the FICO model, used by lenders); therefore, they are
useless for all practical purposes.
More importantly, other
recent study reveals that almost 80% of credit reports contain serious
errors or outdated information of some kind. This is preventing
many Americans from the ability to purchase a home or a new car, or
even obtaining a personal loan.
According to the "Fair Credit
Reporting Act", negative items that are inaccurate, incomplete,
or unverifiable must be deleted from the credit report.
The service of Credit
Repair is probably the most important tool available to consumers, to improve their
"FICO" scores. Unfortunately, this process has been tarnished by
dishonest companies. It is always advisable to investigate the company's
rating with the Better Business Bureau. Furthermore, consumers should only
companies offering a Satisfaction Guarantee in writing.
has been in business since 1997, operating in all 50 states. We work directly with Experian, TransUnion and Equifax to remove derogatory
items from credit reports, greatly improving the FICO scores.
rating with the Better Business Bureau is
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