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Credit Score Quick Fixes Are False

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Your credit score is important; it is one of the main bases on which a mortgage provider will decide on whether to approve a mortgage application. It can even be a deciding factor when it comes to your succeeding with a job application. The score is effectively a mathematical representation of entries on your credit history; defaults as well as payments on time. Quite naturally if your score is low, often as a result of what has happened during the recession, you are likely to be attracted by claims that you can take a quick route to repairing your history, and hence your score, with their help.

You should be very careful because if your score could be improved overnight it would never be granted such importance in different aspects of life. You must be able to identify a scam from genuine advice that can help you. There are things you can do for yourself to check that your history has no inaccuracies and bold claims from companies that they have some magic ways to remove problems should be treated with a fair amount of skepticism. Accurate entries will stay on your history for seven years and a bankruptcy ten years and any deviation from that will involve something that is illegal.

Legal Advice

If you are in any doubt about attractive claims then you could certainly do worse than take to a lawyer who specializes in consumer law. A lawyer will know your rights as well as the legality of other advice or claims that you have been considering. There may be some things in your credit history that you can legitimately challenge. There is nothing to stop you challenging them yourself because you have a right to your credit reports and any challenge must be addressed by the company publishing the report.

Negotiate

You can try to negotiate with creditors yourself and certainly a lawyer making such an approach will be treated with respect by creditors. If you decide to use a company that makes claims about removing your debts it is likely that their approach to any of your creditors will be treated far less sympathetically.

You can be certain that a lawyer will be working within State and Federal Law but you will have to pay for the help. There are still other tips that will help you understand potential scams and avoid them simply using your common sense. If you contact a company that is making attractive offers to repair your credit history you should be doubtful about their claims if they do not start by informing you of your legal rights such as the right to cancel within 3 days and give you a written contract which includes the costs involved and the guarantees involved.

Beware Scammers

When it comes to the financial sector you should never respond to anyone looking for money in advance. Likewise if a company asks you to be less than honest about yourself and your circumstances then warning bells should ring in your head. There are scams that involve providing what is effectively a different identity using a fake security number, or someone else’s. Scammers are fairly sophisticated but there are flaws in their marketing ploys and in the end their claims cannot stand up to detailed scrutiny. It is important not to accept recommendations at face value.

The Federal Trade Commission is working to remove doubtful companies from the sector but it takes time, and new ones emerge regularly.

Loan Availability

The repair process will not be quick and it can be frustrating if you are desperately trying to improve your financial stability.  The good news that there are avenues to finance that pay little attention to your credit history. If you can demonstrate that you have a regular income that justifies the approval of a loan then many modern day online lenders will look at a realistic application sympathetically. You may use finance for example to pay off debt that is incurring a high level of interest with a loan at a far more competitive rate, even if you have a poor credit score. Your personal circumstances will improve because you are saving money while you will also improve your credit score by making the instalment repayments on time each month.

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Posted by CJ   @   25 September 2015 0 comments

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