Credit repair services don’t have the best reputation. This is because scammers enjoy preying on your desire to quickly fix your credit score. While this has resulted in a lot of fraud in the industry, it doesn’t mean that these financial services aren’t legitimate. In fact, they’re protected by federal law, and there are many good reasons to use them.
There’s a 1 in 4 chance that your credit report contains an error.
This was discovered in a 2013 study by the Federal Trade Commission (FTC). What’s worse is that they also found that 1 in 5 reports contains an error that’d negatively impact a person’s credit score. Furthermore, 1 in 20 reports contains an error that would negatively impact you by at least 25 points.
With credit repair, you may boost your credit score.
The goal of credit repair is to remove errors from your credit report, not to boost your credit score. However, there’s a 1 in 20 chance that removing that mistake will improve your credit score.
With better credit, you’re able to refinance all your loans and credit cards for lower interest rates.
Lower interest rates on all your loans are one of the main benefits of having better credit. Regardless of what type of interest rate you’re dealing with, it’s directly tied to your credit score. When you improve your credit score, you can take advantage of lower rates – even call some companies, like credit cards, and ask for them. However, before you can do that, you’ll need to have a good credit score which may hedge on having no errors on your credit report.
It’ll be much easier to get approved for new financing.
Waiting to hear from a lender regarding whether you’re approved for a loan can be very stressful. The only thing that’s worse is when you’re rejected for financing because of your poor credit score.
You’ll be better prepared to take on a mortgage.
A large part of the American Dream hinges on whether a home can be purchased. With the rising cost of rent, the cost of a mortgage is more affordable in many places. However, not everyone will qualify to buy a home. Sometimes it requires you to do some credit repair first.
You’ll also be able to take advantage of offers advertised by car dealerships with better car insurance rates.
Car dealers are known to offer great deals that are meant to entice you to look at their vehicles. However, most people get turned down for such offers because they have too low of a credit score. If you have good credit and do get approved for one of these deals, you can rest assured that you’ll also qualify for better rates on car insurance. This is because most insurance companies use a “credit-based insurance score,” which simply means the lower your credit score, the more you’ll pay for insurance.
It’s easier for you to rent a property.
When you rent a property (e.g., car, apartment, vacation home), the owner runs a credit check. Bad credit will get you rejected, or you will need to make a down payment. After credit repair, this will no longer happen.
You won’t need to put down a deposit for utilities.
Utility companies (e.g., electric, internet, mobile phones) will check your credit score when you apply for a new account. If you have a low score, you’ll be expected to put down a deposit.
When you know that you’re going to need good credit in a few years, you may find a legitimate service to help you restore your credit. If you live in Clearwater, FL, we at Super Credit Repair are one of them. Just look at what our customers have said, then get in touch with us to get the help you need and the service you deserve.
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