Credit repair facts

Credit repair facts- the different facets

There are different facets of credit repair that many consumers are unaware of. It is important to know the credit repair facts if you want a stable credit rating. You may be denied credit if you have a bad credit rating. Several instances have also been reported when you have been making payments regularly but your credit report shows the reverse. It may be an instance of identity theft. When you are a victim of identity theft, you will find inappropriate information entered in your credit report. There may be instances when the names and addresses may not be yours.

Therefore, it is very important to review your credit report from time to time to see if it requires any “repair”. Know your rights to deal with your creditors better. As per the FCRA or Fair Credit Reporting Act, you are entitled to get a free credit report under the following circumstances.

  • If you are unemployed and planning to look for employment within the next 60 days, you can get hold of a free credit report.
  • If a lender has refused to give you credit, you can review your credit report by requesting for a free credit report.
  • You are also entitled to get a free credit report if an insurance carrier denies your request for insurance coverage.

Having a good credit rating is advantageous because it not only helps you to enjoy many financial benefits but you are also in a position to get credit at favorable terms.

If you are hiring the services of a credit repair company, try to figure out their credentials. However, you can save a lot of money if you can do the credit repair yourself. According to the Better Business Bureau, the number of companies involved in fraudulent activities is on the rise.