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Consumer Credit Rating Repair how credit rating is determined
Professional Credit Repair
There is a reason why more and more consumers are turning to professional credit repair services for help. Credit has come a long way since the first known financial records were discovered over 3,000 years ago in Mesopotamia. These records detailed a straightforward relationship between lender and debtor; that is, whatever was owed was paid back in full without interest. Once ideas like interest and bad credit were introduced, credit systems became more and more complex. Like today, rates of interest can vary, from reasonable to skyrocketing high, depending on the arrangement or transaction. These days, contemporary credit systems have their own controls on interest rates and other relevant factors. Everyone nowadays is assigned a credit rating (also known as a credit score). It makes sense that fast credit repair has become increasingly important.
Methods for calculating credit ratings can vary by country, as do methods used to raise credit score ratings, but they take the same basic facts into consideration. Your credit rating is assessed based on your payment history, whether or not you live within your means, signs of responsibility and stability, the number of credit inquiries your record has sustained, and the number of lines of credit you have open. Contrary to popular opinion, closing lines of credit to consolidate debt can be to your detriment instead of to your advantage. Professional credit repair experts will confirm that this is because a typical credit rating formula takes into account the amount of credit you have and the amount you use. As a result, reducing the total amount of credit you have can make the balance carried appear larger than it actually is and cause points to be deducted from your final score.
A major function of consumer credit repair with the right company is clarifying common misconceptions like this one. Some individuals with sound borrowing and spending habits lower their scores due to misinformation or simply not knowing how some factors can negatively affect their scores. In these cases, even a little help goes a long way!
Reasons for Adverse Credit History
Your credit score determines your credit worthiness. This score is a reflection of credit history. The credit history of consumers and businesses is tracked on a routine basis by credit reporting agencies. Consumers who have solid histories can get loans at lower rates, and they can generally get a loan when they need it--those who don't can call on reliable credit repair agencies to help raise their scores. Credit history is usually updated monthly and includes information such as payment history, credit limits, high and low balances, and severity of delinquency with debt. Every financial transaction having to do with repayment is recorded. Lenders, banks and credit card companies look at your credit history to assess whether you are a good risk or a bad risk when it comes to spending money and paying it back. The goal of repairing credit score ratings, therefore, is helping an individual prove that he or she is a reliable borrower.
If a consumer's credit score is below a certain number, he or she may end up being designated as having an adverse credit history. An individual may have missed some payments along the way, and this can make lenders, banks and credit card companies a bit nervous about whether or not that person will be able to repay debt in a timely manner. In this case, repairing credit report scores requires paying bills on time. Adverse credit history is also known as "poor credit history," "non-status credit history" or "impaired credit history." In these cases, credit repair services by a reputable agency to raise a consumer's score are recommended. Because of these negative labels, individuals may be denied credit altogether or be offered a reduced line of credit with a high interest rate.
Do know that in a lot of cases, if you end up with being tagged with an adverse credit history, it might not be your fault. Credit bureaus and lenders make mistakes just as borrowers do! In these cases, consumer credit repair involves getting errors removed quickly. Mistakes on credit reports are not uncommon. Be sure to request a copy of your credit report and review it thoroughly. Should you need credit repair advice, whether based on an error by a lender or other organization or based on your own past financial miscalculations, an industry expert can provide credit rating repair tips or services--give our office a call to learn more.
If you're ready to start experiencing the financial benefits that come with having good credit, Vitesse Financial can help you improve your credit and get back on your feet again. Our service is designed to not only increase your credit score but place you on a path towards maintaining it for years to come. While it may be difficult to raise a credit score on your own, Vitesse Financial has the experience and expertise to do the work for you. Our credit repair process is simple: once you complete the agreement paperwork, we will go over your credit report and scores and then offer a free consultation to assess your unique situation. After your credit report and score consultation, we will begin the credit repair process that very day.
In addition to our affordable credit rating repair services, Vitesse Financial offers credit consulting services designed to help clients maintain good credit for the rest of their lives. After all, why spend the time and energy to fix your credit if you are not planning on keeping it clean? We believe that along with good credit scores, long-term goals are important for proper financial management. Our account agents will provide you with the credit repair advice that all consumers need--not just the information that focus on fixing credit today. Our credit repair counseling services also include professional advice concerning loans, bill payments and credit cards.
We invite you to give us a call today and experience the peace of mind that comes with hiring professional credit repair agents such as Vitesse Financial. We are committed to the highest level of customer service and provide assistance throughout the entire credit repair process. Unlike other credit repair agencies, we get the job done the legal way!
