In a Bad Economy Repairing Your Credit is a Necessity
We live in a world where having good credit is a must, without it there isn't a lot we can do or have little or no access to the finer things in life, unless you have access to a great deal of ready cash.
Banks have almost cut all of their lending down to a bare minimum and those that are receiving loans and credit are the ones with excellent credit.
Today excellent credit means something totally different then it did 3-4 years ago.
In 2006 excellent credit meant a credit score of 680 and above.
Today you need a 740 score to be considered credit worthy.
Don't give up hope there is help available to you, and you can fix your credit and repair your credit score and you can do it yourself.
There are three main credit reporting agencies, Experian, Trans Union, and Equifax.
These companies gather information from various vendors, let's say you have a credit card with a department store and you forgot to pay your bill within 30 days, that department store will then report to the credit reporting agencies that you were 30 or more days late on your credit card.
The reporting agency will then put that information in your file where it can stay for as long as 7 years.
Once this information gets reported to the reporting agency you credit score goes down and you will have a black mark on your report for up to 7 years.
Get too many of these black marks and it doesn't take long to ruin your score and file.
If information gets reported in error you have the right to ask the reporting agency to have that false information removed from your report.
For each item that gets removed your credit score can go back up again.
I am only scratching the surface here with what can be done, there are a lot of rules that need to be followed in order to repair your credit and credit score.
The important thing here to remember here is it can be done.
You do not need to hire credit repair services to do the job for you, these credit repair service companies can charge up to $1,000 or more to fix your credit depending on how much work needs to be done.
If you have the time and the desire this can easily be a do it yourself credit repair, you just need to follow the proper steps.
Banks have almost cut all of their lending down to a bare minimum and those that are receiving loans and credit are the ones with excellent credit.
Today excellent credit means something totally different then it did 3-4 years ago.
In 2006 excellent credit meant a credit score of 680 and above.
Today you need a 740 score to be considered credit worthy.
Don't give up hope there is help available to you, and you can fix your credit and repair your credit score and you can do it yourself.
There are three main credit reporting agencies, Experian, Trans Union, and Equifax.
These companies gather information from various vendors, let's say you have a credit card with a department store and you forgot to pay your bill within 30 days, that department store will then report to the credit reporting agencies that you were 30 or more days late on your credit card.
The reporting agency will then put that information in your file where it can stay for as long as 7 years.
Once this information gets reported to the reporting agency you credit score goes down and you will have a black mark on your report for up to 7 years.
Get too many of these black marks and it doesn't take long to ruin your score and file.
If information gets reported in error you have the right to ask the reporting agency to have that false information removed from your report.
For each item that gets removed your credit score can go back up again.
I am only scratching the surface here with what can be done, there are a lot of rules that need to be followed in order to repair your credit and credit score.
The important thing here to remember here is it can be done.
You do not need to hire credit repair services to do the job for you, these credit repair service companies can charge up to $1,000 or more to fix your credit depending on how much work needs to be done.
If you have the time and the desire this can easily be a do it yourself credit repair, you just need to follow the proper steps.
