Your Credit Score may be Poor Because of Someone else’s Mistake
Almost seventy-nine percent of Americans have one or more inaccuracies, negative accounts, and miscalculations in their credit reports. Most such inaccuracies can badly hurt a credit score.
Astonished? Don’t be. This is one piece of ugly truth not declared openly to consumers. But now that you know, the question is what are you going to about it?
Removing inaccuracies from your credit report is not as tough as climbing a steep mountain, especially if you have a trusted friend to guide you. This is something that can be done solo too, but you need time and patience. If any or both are lacking, it is best that you let a trusted professional service handle your credit repair.
A professional credit repair agency may also be able to lower the amount you owe to lenders—something that can rarely be achieved alone. Repair experts have working relationships with lenders, and so are better placed to work out a deal with them than an average consumer.
Removing Inaccuracies—the Process, Timeframe
First, they will help you identify all inaccuracies present. Once the inaccuracies in the report have been identified, they will draft correspondence to send to the three major credit repair bureaus. Only after you’ve approved the letters will your credit repair provider forward them to the concerned parties. The three bureaus are obligated by law to reply to your written correspondence within forty days.
Benefits of a Better Credit Report
A bad credit report seriously restricts opportunities available to you, some of which you may not be even aware of.
• Fewer Job Prospects
Do you know that most employers now check credit report of candidates as part of their pre-employment screening process?
If you have a bad credit report, irrespective of how superior your skill sets, academic record, and experience are in respect to others, your candidacy will not move farther than the initial stage.
• Pay More on Home Insurance
People with a poor credit rating pay as much as ninety-one percent more than homeowners with an excellent credit record. Someone with a bad credit score not only pays more interest but also gets loan for a less amount. What holds true for home insurance is true for other types of loans, like auto-loan and personal loan, as well.
A poor credit score means fewer financial and job opportunities. Make efforts to bring your credit score up if it’s below par. But don’t stop at improving your score—ensure it doesn’t fall again. Otherwise, you will have to do the cycle all over again.
Licensed Moneylender in Bugis – Singa Credit Pte Ltd
Established in 1992 and previously known as Yong Seng Credit,
Singa Credit Pte Ltd is Licensed Moneylender in Bugis regularly updated with the latest regulations to be in line with the requirements set out by Registry of Moneylenders.
Please feel free to call 66946166 for more info on our lowest interest rate in Singapore or walk in our office 470 North Bridge Road #02-01 Bugis Cube Singapore 188735.