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Applying For Credit Repair: Action of Credit Repair Agencies
Know your credit
you have a low credit score, you can find out methods to improve it. Normally
this occurs due to outstanding debts. Credit repair agencies will find out
methods to alter wrong information. People with credit scores in the 300 and
350 range will find it hard to get new credit. In addition, people with low
credit scores, will have problems landing the correct job. High credit risk
remains a minus point as far as reliability goes.
You cannot alter
the credit report
facts will appear in your credit report and you cannot change it. Neither you
nor credit repair agencies can do anything about it. If you notice any
inaccurate reports or statements then you can get it corrected. Credit repair
agencies will remove any inaccuracies in the report by submitting a report to
the credit reporting agency. Credit reporting agencies will review credit
reports on a regular basis. They will then come across your letter regarding
the wrong information. If they find it to be wrong, they will remove it.
You cannot apply
for a new credit line
cannot change your address and ask for a new credit line – it is a felony both
federal and state. Many credit repair agents will tell you that you have to
apply for a new credit line with a new address. Beware of taking such action –
it will land you behind bars.
You can ask
Credit scoring method of
Credit repair contract
from credit repair agencies
give you a credit score when you make purchases using credit. You can ask for
their method of calculating credit scores. Each lender will adopt a different
method of calculation.
employing a credit repair agency you are eligible to ask for their method of
working and see that they mention their name in their contract. They should mention
a time for finishing work. Credit repair agencies must not ask for money before
Things that will
work for you
main thing to know about credit repair is that you can do it but that it will
take time. Anything a credit repair agency does for you, you can do it
things like keeping your debts in line and resolving inaccuracies will help you
achieve a better credit score. You deplete your credit score when you fail to
pay your debts in time. Lenders will mark you as a bad credit risk.
the many things you may do, the best thing is to stay in touch with your
lenders. They will put in the amount you have run up making purchases from
them. If this amount becomes very high then they will submit a bad report. This
will cause your credit score to drop down below 500s and 400s.
Keep working on it
repair is tedious but if you work on it, you can achieve good results. By
limiting your spending and not applying for new credit, you can bring your
credit score up. Also, do not unnecessarily give your money away to credit
repair agencies. Always insist on seeing the contract first if you do employ
one and check how fast they get the work done. Credit repair agencies must also
give a money-back guarantee if they undertake the work.