subject: Credit Repair Companies Provide A Valuable Service, When You Let Them [print this page] Having to deal with poor credit isn't any funHaving to deal with poor credit isn't any fun. Declined credit applications are embarrassing and the extra payments you have to pay because of the high interest rates on loans you do get approved for are so expensive that they limit what you can buy. Compared to someone withexcellent credit, someone who is able to get a mortgage loan with a low credit score can end up paying almost twice as much every month for homes of the same value. Imagine the house you could afford if all that additional interest payment was applied to principle instead of interest. Without changing anything else in your life, going from a below average credit score to an excellent credit score would allow you to move into a much larger home, drive a better car, pay off credit cards or simply be able to put away heaps of money for a rainy day.
And while the benefits aren't as striking, there is still an appreciable benefit toimproving an average credit rating. On a modest $250,000 mortgage loan, decreasing your interest rate by only a single percent will decrease the monthly payment by $150. Over the lifetime of a thirty year loan, that's a savings of $54,000.
It is easy to see the benefits and there is little question that anyone who intends to purchase anything on credit, including using credit cards, would prefer to have an excellent credit rating. Getting there is the challenge and many throw in the towel without trying or without trying very hard.
Repairing your credit is rarely easy. It is the lucky few who have only a few negative listings on their credit reports and are successful at removing them simply using the credit bureaus' respective websites. the credit repair process becomes much more involved and the results more of a chore to realize. Even when the benefits of having a better credit score could result in an overall better quality of life, people still often times quit when faced the real challenge of cleaning up their credit.
If you have given up on improving your own credit score, it doesn't mean you need to give up hope on credit repair altogether. There are many reputable credit repair companies out there who have the knowledge and experience that the average consumer lacks. For a fee, these credit repair professionals help consumers with their credit repair efforts and are frequently able to produce better results than most people see on their own. Their services aren't miraculous (don't expect to have a perfect credit score overnight), and they are not guaranteed (nobody can assure the removal of negative information from your credit reports), but considering the cost of living with bad credit, using a credit repair company is certainly something anyone looking to improve their credit scores should consider.
