What is a credit repair business? If you have struggled with your business credit
or your personal credit, a credit repair business will help you get your credit back on track with a few simple tips. They provide you with financing you need to pay of some old debts along with other financing options you need to stay in business.
It can be hard to find a good credit repair business as there are a lot of them in our society right now and not all of them are here to help. You need to ask for a copy of their business plan and research the ins and outs of the company. You need to make sure they want to actually help your business instead of offering you a loan with an extremely high interest rate that will cause you to pay 2-3 times over on the loan.
When you enroll with a credit repair business you need to ask about their services. What is it they do to repair your credit? They usually charge you about $800 or more up front to enroll you in the program. The program will consist of contacting your creditors and other lenders to reduce your interest rates or monthly payment amounts on your existing loans. By doing this, you will have a chance to repay your bills in a timely manner.
Where can you find a good credit repair business? Start with your local bank. Some of them actually have credit repair departments as there are about 80 million Americans struggling with debt right now. If your local lenders dont have a credit repair business to help you, they can refer you to some that they have worked with that can help.
Be weary of some of the promotional ads you see online or on TV for credit repair services. These companies often charge expensive opt-in rates and interest rates that make it a difficult challenge to start fixing your credit right away.
Here are some common credit repair tips that work and will help you get back on track with your business and personal credit:
1. Pay down your debt. Keep less than 30% of the total balance amount on your credit cards. This increases your cash reserves which boosts your credit rating.
2. Pay your bills on time. By doing so you are seen as a lower risk.
3. Reduce the number of credit inquiries on your report. This shows you arent shopping for credit all the time.