Credit Repair Companies-Buyer Beware!
After some unfortunately bad financial decisions, you find yourself with a very low credit score and collections agencies hounding you on a daily basis. You are desperate to find a way out of this mess that you have landed yourself in. The credit repair commercials on TV and radio seem so attractive. They claim they can make all your credit woes go away with magic solutions that seem almost too good to be true. Well, most of the time these claims are really not true and may even be illegal. Although legitimate credit repair companies do exist, you must be aware of some very key facts if you plan to sign up with one.
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Credit Card Consolidation-Making Life Simpler?
When consumers have mounting debt on their hands and interest rates keep rising, some look towards finding ways to consolidate their credit card bills. If you are a consumer that falls into this category, Creditreportblog.com recommends that now is the time for you to consider transferring high-interest balances to 0% or low interest cards.
When looking towards doing balance transfers, shop for the lowest interest rate, not the lowest payment. Some companies that offer lower monthly payments are just stretching out your repayment, which ends up just costing more in the long run. Although many credit card companies offer this option to transfer balances, you should read the fine print so that you know exactly what the terms are and what costs they may incur if you choose to balance transfer.
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Re-establishing your credit
If you have fallen victim to bad circumstances in the past and your credit report has suffered as a result, there are still some steps you can take once you are on your feet again, to start re-establishing your good name, in terms of credit.
· If you are looking at purchasing a car, making a substantial down payment can make up for your bad credit history. Creditors will be in favor of this because they assume less risk and think that you will have more incentive to repay them since you’ve already invested a substantial amount. Once the loan is repaid in full, you will have taken a step towards re-establishing your ability to pay and thus it will be easier to obtain other credit in the future.
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Credit Restoration Service Announces Contest for the Worlds Worst Credit Report
July 2, 2008 — Lee Harrison Credit Restoration is looking for the world’s worst credit report. They will clean the worst credit report each month for 6 months for free. To enter the contest, applicants must send a copy of their Experian, Equifax, transunion and CSC.
CreditReportBlog.com – Well, this sounds like a great deal if you are the lucky, chosen few. With the enormous number of Americans sinking in debt these days, there will the credit restoration company is likely to be flooded with applicants for this new “contest” to find the worst credit reports in America. If you think you’re situation is bad, there will probably be many others with stories 10 times worse.
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What to look for in a CREDIT COUNSELOR
At Credit Report Blog (Creditreportblog.com), many readers write in about having heard of credit counseling agencies and ask whether they really are helpful and even make sense to hire, when you are already up to your neck in debt. People think of the services of a credit counselor as another bill to pay. If you are one of many Americans living paycheck to paycheck, worried about calls from debt collectors and not being able to work out a suitable repayment plan, then a credit counselor could be the answer. However, you have to be very careful when choosing a counseling service. Many credit counseling organizations claim to be non-profit but actually end up charging high fees that are sometimes hidden or suggest solutions that cause the person to go deeper into debt.
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Fraudulent credit repair services?
You see ads all the time on tv, radio, the internet, and fliers, promising you services (for a fee) to “erase your bad credit”. These companies offer to remove bankruptcies, liens and bad loans from your credit forever. Some even go as far as offering to “create a new identity for you–legally.
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Is it possible to “repair bad credit”?
If you have bad credit, be aware that your credit score keeps changing as new information is reported by your creditors. And so a bad credit score can change over time if you start to manage your credit responsibly. This means that you must do all the following:
· Pay bills on time, as late payments and collections can do real damage to your credit score.
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