Before we understand the working of Credit Repair Services let’s have a brief understanding on what is Credit Score and how does it affect you. Credit scoring is a statistical analysis performed by lenders and financial institutions to access a person's credit worthiness.
Credit scoring are used to decide on whether to extend or deny credit to a person. A credit score is a number between 300 and 850, 850 being the highest credit rating possible. There are numerous ways how your credit score may be affected - financial transactions including mortgages, auto loans, credit cards, and private loans.
In general, a credit score is influenced by five categories—payment history, types of credit, new credit, current debt and length of credit.
How do I know my Credit Score?
You can request for a free copy of your credit score every year from your financial institution or you could get them from major credit reporting agencies such as Equifax®️, Experian®️, and TransUnion®️. Now you may be wondering whether your credit score and credit report are the same? The answer to this is credit score is just one component of your credit report and your credit report. Credit report is the overall report that includes all information about a person such as identification, trade lines, credit history, credit inquiries, public record, collections and other late payment information etc.
How is my Credit Score affected?
If you are a person who has the habit of paying your bills after the due date, late fee won’t be your only problem, this would also affect your Credit Score in the long run, which would make it a lot difficult for you to get loans in the future.
The example mentioned above is just the tip of the ice berg. All the late payments/default in payments towards any financial institution or lender of services would affect you Credit Score.
Which would make you wonder how do you get you credit score fixed? This is where we come into play. Now let’s see
what is credit Repair?
Credit repair is the process that helps you boost or improve your credit score to a level where you become eligible for applying for loans. People prefer credit repair services to help them improve their current credit score and undo the damage done to their credit health because of faulty financial behaviour in the past.
How long will it take to improve my Credit Score?
It depending on the extent of damage to your credit Score, in general it can take up to 6-8 months to reach a stage where you can be eligible to take loans. Those with relatively minor issues boosting you score won’t take much time. A score in the 600 range will naturally take less time to improve than one in the 500 range.
Fixing your credit is not an impossible task. Though there is no magic wand that will instantly fix all your credit issues, all we need is a certain amount of commitment and perseverance from you end to achieve your credit goal.
We offers a range of tailored services that will help you improve your credit score and general credit health. Our experienced team can identify your credit issues and help you turn your credit profile in the most efficient and effective way possible.