What Is Credit Repair?

Hi All

I just going to give you a short definition:

Credit repair is the process of improving your credit score by fixing errors on your credit history or by taking the necessary steps to repair your poor credit. Step one in the credit repair process is to view your free Credit Report and Credit Score online and check for signs of fraud, including:

1) New accounts opened without your authorization;

2) Unauthorized address changes;

3) Unauthorized activity to existing accounts; 4) Who's viewing your credit file. Gain peace of mind and confidence knowing what's on your credit report!

And an article:

The High Cost Of A Poor Credit Rating

Is your credit rating good or poor? If you've recently beenturned down for a credit card, store card or loan, it could bebecause you've paid off everything so perfectly that you haveno credit history. But it's more likely to be because yourcredit rating is poor. And this means it could be difficult toget credit at a price you find attractive.

What Makes A Poor Credit Rating?
Applications for credit are scored using criteria on theapplication form. For example, home owners score higher thanrenters and it's useful to be on the electoral roll. Peopletend to get a poor credit rating if:

- They have defaulted on payments in the past; - They have been made bankrupt; - They have paid bills late (arrears); - They have had County Court Judgements (CCJs) against them
Bankruptcies and CCJs stay on a credit file for six years, andit is hardest to get credit if these are the problem.

Banks, credit card companies and store card issuers also lookat people's credit report. This is a file maintained by acredit reference agency detailing people's applications andapprovals for credit, borrowings, payment record and electoralroll entry. Equifax and Experian are two of the biggest andbest known credit reference agencies and are used by most ofthe lenders. Over time, a credit report can become quite large,with details of every payment made or missed for every creditcard and loan.

How Will A Poor Credit Rating Affect You?
A poor credit rating can mean that a person is turned down forcredit. At the very least, it makes it difficult to get a loan,credit card, store card or mortgage. Even if people manage toget these products, they rarely benefit from the same low ratesand incentive offers as other credit card applicants. Instead,they may have to pay a higher interest rate, eitherpermanently, or until they show a good record of payments onthe credit card or loan.

To give an example, a person with an excellent credit ratingcould borrow money at an interest rate of under 6% (dependingon the loan amount and the particular deal). A person with apoor credit rating might have an interest rate of well over25%.

Loan Options For People With Poor Credit Ratings
People with poor credit ratings have the option of having asecured loan. This means that if they default their house canbe seized to ensure that the lender is paid. For credit cardsthey could have a card with a high interest rate. There is alsothe option of a prepaid credit card. This is similar to aprepaid mobile phone card. The card holder tops the card upwith money and can spend that amount in places where a creditcard is needed.

How To Improve Your Credit Rating
Improving your credit rating can be simple. Make sure you arelisted on the electoral roll and pay your bills on time.Finally, get a copy of your credit file from Experian orEquifax to make sure the details are correct. That way youwon't pay the price for someone else's bad credit history.

About The Author:
Joe Kenny writes for the UK personal financesites
http://www.ukpersonalloanstore.co.uk/ and also
http://www.cardguide.co.uk

I hope this article helped you and if you're considering avenues to more income, I will display certain internet opportunities for your appraisal.

Take Care!

John V

John C. Vincent/CEO/The Opt-In Magic Marketing System
http://Opt-in-Magic.blogspot.com/
http://OptinMarketing.NET
http://Opt-In-Wizard.com/
http://www.OptInMagic.NET