Today we have grown to a nation in search of instant gratification, buy now pay later syndrome. So, without a good credit rating it will be very difficult to get the things you want at the time you want them. Consumer credit has been accepted as a substitute for cash, so that good credit is the key to the future.
As a consumer it is to your benefit to fully understand how credit works and every aspect of what is involved when you apply for any type of credit, including the major credit reporting agencies that hold your credit report file. If you understand what banks and other creditors are looking for to extend credit to you then you can monitor your financial future and accept only the best choice.
When you apply for credit, lenders want to know about you, your employment history, your income, your assets, and most importantly they want to know about your credit history. A creditor will get a lot of information directly from you by a credit application, then your credit bureau report to verify this information and confirm references and credit scores.
Then upon evaluation of your credit application combined with your credit report, the lender will determine your credit risk and make a final decision on whether or not to grant you credit and at what rate of interest they will charge you. Let's take a deeper insight into the factors that can either be an asset or liability at the time of the application for credit - your credit report.
What is a credit report? Your credit report is your financial resume, a summary of your financial reliability, containing both personal and credit information. Your credit report is obtained from credit bureaus, also credit providers, employers, insurers, landlords and other enterprises that have a legitimate need for such information. The Federal Fair Credit Reporting Act (FCRA) is recommended read.
Rick Sax, Inc.
The Credit Repair Law Firm, Chartered
You see their ads everywhere in newspapers, on television and the Internet, and they all say the same thing. All of them promise to repair your credit report. If you know you have bad credit, you may look for services such as these, but beware - these companies cannot deliver on their promises to wipe out your bad credit.
After paying them hundreds of dollars upfront, you will find that nothing has changed, and they disappear with your money.
There are some that are reputable and use legal tactics that are also ethical, but you must be careful. The Credit Repair Law Firm Chartered can help.
If negative information is inaccurate on your credit report, the only way to improve credit is to dispute it to be removed. A consumer reporting agency can report accurate negative information in your credit report for up to seven years, and a bankruptcy for at least ten years. If negative information is inaccurate on your credit report, you may dispute it with the consumer reporting agency. The law allows you to ask for an investigation of any information in your file.
You can do this at no cost to you, or have The Credit Repair Law Firm Chartered work for you.
www.cleaningcredit.com or call us direct at 1-877-733-2733
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