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The True Cost Of Bad Credit

burning money

Over your lifetime, a bad credit score can cost you hundreds of thousands of dollars due to higher interest rates and less favorable loan terms. The average consumer with bad credit will end up spending $429,000 more for mortgages, auto loans, and credit cards in their lifetime than someone with good credit.

Just think about that for a second, that’s almost a half million dollars! This is the real damage bad credit can do.

Bad credit means higher loan interest rates but, we’re not even taking into account the thousands of dollars consumers waste on rent instead of putting that money toward their own homes because they can’t qualify for a mortgage. We’re not taking into account the extra thousands of dollars people with bad credit have to pay on their insurance rates. And no one is taking into account the loss of income consumers with bad credit face because their bad credit prevents them from getting a higher paying job or getting promoted.

It seems pretty unfair but, they system is rigged to charge the highest rates from those people with the least amount of money. Keeping the poor poorer and making the rich richer. Changing the system will take time, if it ever happens at all but, there is something you can do to make your life and the lives of those around you better. You can take charge of your credit, become proactive, and fix your credit. You can contact the credit reporting agencies, creditors, debt collectors, and third party data furnishers reporting negative information on your credit reports and work on improving your credit scores. Most people either don’t have the time or don’t understand how to make their case against the creditor and credit bureaus. This is when many consumers start looking into hiring a credit repair company to handle all of the work for them.

Credit repair services handle all of the legwork in dealing with your creditors, debt collectors and credit bureaus. They also file all necessary documents on your behalf and work toward removing derogatory information from your credit reports by leveraging the consumer protection laws given to you by the FCRA, FDCPA, FACTA, and HIPAA medical privacy laws.

CreditFirm.Net has helped thousands of consumers just like you remove negative information from their credit reports and improve their credit scores. Since 1997, we have helped our clients purchase homes, get low interest auto loans, and save millions of dollars by improving their credit scores. Will you be our next success story?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Why is Good Credit Important?

September 17, 2015 by  
Filed under Blogs, Credit Report, Credit Score

bad credit

We all know that we should strive to have a good credit score, but, why?

Why is having good credit important?

Here is a list of 6 things you will need to have good credit for.

1. Renting an Apartment

Your credit will determine whether you will be approved to rent an apartment as well as the security deposit which will be levied on you. Consumers with low credit scores are often times hit with high security deposits which can equal up to 2 months of rental payments while those with high credit scores may not be required to put down a deposit at all.

2. Setting Up Utilities

Got your new apartment or home? Great, now it’s time to set up your utilities. Electricity, Gas, Water, Cable, Phone, Internet providers will all check your credit in order to determine whether you qualify for service and if you do, the amount of security deposit you will need to put up to establish service. Just like renting an apartment, consumers with low credit scores are often times hit with high security deposits which can range between $250 to $500 per service, equaling thousands of dollars of deposits, while those with high credit scores are not required to put down any deposit at all.

3. Buying a Car

Your credit score will determine the amount of loan which you qualify for, the interest rate, length of term, down payment, and monthly payment amount. Consumers with low credit scores may not even qualify for a loan but, if they did manage to squeak by, the fees would be astronomical.

Lenders would likely ask a consumer with bad credit for;
– Large down payment
– High interest rate
– Short length of term (typically no longer than 36-48 months)
– Small loan amount

But, if you have good credit, lenders will typically offer;
– No down payment
– 0% interest rate
– Long length of term (72-84 months)
– Large loan amount
In the end, the person with good credit can pay less for a more expensive car without having to put a penny of his money down.

4. Getting Insurance

Now that you have a car, you will need to get insurance for it. You may not have known this your credit score actually determines your insurance premium, the amount you pay for insurance. According to certain experts in the insurance industry, a credit score can be an even better predictor of getting into an accident and costing the insurance company money, than your driving record. Consumers with bad credit will have higher insurance premiums than those with good credit.

5. Getting A Job

You got an apartment, a car, utilities, insurance, now it’s time to get a job to pay for all of those things right? But, what does your credit have to do with you getting a job or a promotion? Sometimes, Everything! More and more employers are checking candidates credit reports in order to determine their hire-ability. Job seekers with bad credit are seen as risky because they are looked at as irresponsible, disorganized, and in some cases may be more likely to steal. While those candidates with good credit are looked at as responsible members of society which are organized enough to maintain good credit and likely be the same way at work.

The military also has certain set standards for credit as well. Those with bad credit will never be given top secret security clearance. According to the Department of Defense, “Failure or inability to live within one’s means, satisfy debts, and meet financial obligations may indicate poor self-control, lack of judgment, or unwillingness to abide by rules and regulations, all of which can raise questions about an individual’s reliability, trustworthiness and ability to protect classified information. An individual who is financially overextended is at risk of having to engage in illegal acts to generate funds.”

That pretty much speaks for itself.

6. Emergency

We should all have a rainy-day/emergency fund but, most don’t. So what happens when emergencies hit and you don’t have the cash? Consumers with good credit have a wide variety of financing options, 0% credit cards, low interest rate personal loans, seems like theres always someone willing to lend you a helping hand when you have good credit. But, those with bad credit get caught up in high interest/fee credit cards and pay-day loan places which put them in a never ending spiral of high fees and constant indebtedness.

I don’t know about you but, it seems like only rich people can afford to have bad credit. Consistently over-paying for services and leaving large deposits which they will likely never see again.

Can you afford to continue living with bad credit?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Credit Reporting System Gets Overhauled

credit repair service

Changes to the Credit Reporting System have been announced which will change everything.

1. Consumers will now have access to 2 free credit reports per year at www.annualcreditreport.com. To get your second free report, a consumer will need to have initiated an investigation with a credit reporting agency and had a change to their credit report take place due to the investigation.

2. Medical debt in collections will be subject to a 180-day waiting period before reporting on a consumer’s credit report (previously 30 days). This will help mitigate the damage collection agencies do against consumers because of delayed payments from insurance companies. According to a recent report from the CFPB, about 43 million Americans have unpaid medical collections reporting on their credit reports.

Now, here’s the BIG News!

3. The 3 credit reporting agencies – Experian, Equifax, and TransUnion – will change how they investigate errors and process disputes on consumer credit files. Actual human beings will now review the errors in question and process investigations on behalf of the credit reporting agencies. This is a HUGE change to the highly automated credit reporting process in which only 15% of investigations were processed by the credit bureaus. The remaining 85% of the investigation requests were forwarded to creditors, so that they could investigate and police themselves.

According to these new changes, trained agents will review disputes sent in to the credit bureau and conduct an actual investigation into the accounts in-question instead of passing the buck to the creditor. This should make fixing consumer credit errors much more simple and make the entire credit repair process much faster and more efficient.

If you’re ready to take advantage of these changes, get started today.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

How To Get Good Credit

by: .

credit score meter

Want to have good credit and all of the perks that come with it?

Your credit report is used to determine how much you pay for your mortgage, auto loan, credit card, insurance, and even whether you get a job. Wouldn’t it be great to get the best rates on all of the above without worrying about having to use cash.

So how do you get good credit?

Pay your bills on time

There’s no surprise here, 35% of your credit score comes from your payment history. Pay your bills on time and your score will be rewarded, make a late payment and it can cost you as much as 100 points. Get your finances in order, set up auto payments, and make your payments on time, every time.

Keep Your Credit Card Balances Low

Maxing out your credit cards lowers your credit score. Why? Simple, it looks like your short on cash and can’t afford to pay your bills without the help of credit cards. On the flip side, carrying a low balance shows that you’re just using credit cards for convenience. So how low should you keep your balance? Your balance should be below 20% of your credit limit.

Don’t Apply For Too Much Credit At Once

Every time you apply for credit, an inquiry shows up to your credit report. Applying for too much credit at once lowers your credit score because it makes you look like your running out of money. So limit yourself to no more than one application for credit every 6 months.

Don’t Close Old Accounts

The average age of your open accounts counts for 15% of your credit score. Closing old accounts shortens your credit history and lowers your credit score. Keep your accounts open and active.

Need Help?

Whether you you have a question, need a consultation, or want to use our services to improve your credit score, CreditFirm.Net is here to help. So don’t be shy, just ask.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Common Questions About Credit

November 13, 2014 by  
Filed under Blogs, Credit Report, Credit Score

by: .

common questions about fixing credit

What is a credit report?

A credit report is a record of how well you manage and repay your debt. For example, when you pay your auto loan every month, your creditor will report the payment as well as your payment history, to credit reporting agencies(Experian, Equifax, and TransUnion). The credit reporting agencies, then combine the information reported to them about you from several different creditors and create a credit report.

What is a credit score?

A credit score is a number which is calculated from the information in your credit report. The most commonly used credit score is the FICO score which has a range of 300 to 850, the higher the score, the better. There are several factors used to calculate your credit scores, the most important being;
Payment History
Amounts Owed
Length of Credit History
Mix of Credit
New Credit

Learn more about these factors and use them correctly to help you improve your credit scores.

Where can I get a free credit report?

The FCRA (Fair Credit Reporting Act) entitles you to a free copy of your credit report from each of the three credit bureaus every year. There are 3 ways of getting your free credit report.
1. Online: www.annualcreditreport.com
2. Phone: call 1-877-322-8228
3. Mail: Fill out the credit report request form here, and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

Where can I get a free credit score?

Federal law does NOT require the credit bureaus to provide you with a free credit score. This means that you’re on your own when looking for your credit score. But, there are a few places online which will give you access to free credit scores.
– Free Experian Credit Score: www.creditsesame.com
– Free Equifax Credit Score: www.quizzle.com
– Free TransUnion Credit Score: www.creditkarma.com

Need more help?

Over the last 17 years, we have helped thousands of individuals repair their credit reports and increase their credit scores. Will you be our next success story?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

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