In the ideal world of the credit report agency, every credit card bill is paid in full on the due date and no-one struggles to make ends meet or makes a bad decision.
In the real world, it is possible for even the most honest and organised person to go through a rough patch and life can sometimes throw anyone a curve ball, leading to financial struggle. When that happens, the damaging effects of a poor credit score can wreak havoc and things can quickly spiral out of control. Even when circumstances improve, the effects of that wobble can last a long time on a credit report, seriously affecting the victim’s ability to secure credit for themselves or their business.
Why the numbers matter
Life is more than a bunch of numbers, but in terms of your credit report, numbers are everything. When a potential creditor looks at your credit score, all they see are the numbers – no justifications or mitigating circumstances – and that rating will affect the outcome of their decision. What’s more, each lender uses a different set of criteria and will only accept customers within a certain credit score range. Since many of us don’t actually read or pay attention to our credit report, we could be within one or two points of moving up or down into a different range – and that could make all the difference between a mortgage acceptance, a car hire agreement or a place in college for your eldest child. Even worse, there could be some inaccurate information sitting on your file, ruining your chances of ever getting the nod from a creditor.
If you have a problem with your credit report, there are three options: bury your head in the sand, try to fix your credit score yourself or find a credit repair company who can help you improve your score.
The problem with DIY credit repair
The credit report agencies (Experian, Equifax and TransUnion) will usually advise people struggling with their credit rating to fix it themselves rather than invest in someone else to do it for them. What they often fail to appreciate is that many people lack the time, patience and composure to go through the often painstaking process of repairing their credit rating while also attempting to deal with the stress and upset of trying to run a home and/or business when the credit has run dry. Many people are happy to pay a fair price to pass their case to someone who knows what they are doing and can achieve fast results.
Credit reporting agencies also find it easier to deal with inexperienced members of the public rather than persistent credit repair experts armed with insider knowledge of the industry. For example, it can be embarassing for an agency to have to remove negative information because they forgot to follow up and get verification. Only an expert in the field would ever think to challenge this.
Having said that, there are plenty of scams lying in wait to trick the desperate credit-seeker into paying significant sums of money to fix their credit report. What is needed is a way for people to sort the wheat from the chaff.
Letters are important too!
Fortunately, there are simple ways people can avoid being duped and selecting a decent credit repair firm to help them fix their credit score. For example, the Better Business Bureau (BBB) is a well known organisation that actually ranks firms on their trustworthiness. Rather than an obscure numerical score, at least the BBB uses the exam-style A+ to F rating to leave customers in no doubt about the integrity of those they choose to deal with. For example, Better Qualified, the credit repair business favored by Speed Fund LLC, carry a BBB rating of A+ and have been in operation for over seven years.
Why established credit repair firms fare better
Contrary to what the agencies would have you believe, established credit experts such as Better Qualified do have the edge over the ordinary consumer when tackling poor credit ratings. As well as discovering loopholes only the insiders know about (such as the legal need for records to be verified, mentioned above), leading credit score fix businesses also maintain strong relationships with creditors which can often secure more favorable terms for their clients.
Speed Fund LLC suggest that their business customers pull out all of the stops to improve their credit rating before settling for their credit score. That way they will have access to the credit lines they need to keep their businesses running while they set their houses in order. This is the reason why Speed Fund LLC have chosen Better Qualified as their proven credit repair partners.