subject: Top Reasons for Credit Repair [print this page] Top Reasons for Credit Repair Top Reasons for Credit Repair
Tax liens, forclosure, mortgage, bankruptcy are the things that lower credit score. In times of financial difficulties, payment of bills seems to be a difficult task resulting to non-payment. However, most people want to maintain a high FICO score no matter what. Here are some the reasons why:
1. If you need additional investments for your business, you will certainly apply for credit and lending institutions. These institutions will require you to furnish your up-to-date credit report.
2. A new house, a new car or new heavy equipment purchase of these properties will certainly require financing from banks and other lending institutions. With your credit score going down the dip, you might find it difficult to acquire new properties.
3. For some employers, they perform background check to their job applicants. One of the areas where they get information is the credit score. Although consumer credit reports are protected by the FCRA (Fair Credit Reporting Agency), this protection is only applicable to credit reporting agencies and is limited to in-house background check.
For these weighty reasons, any errors or inaccuracies in the credit report should be immediately reported either by writing correspondences on the concerned creditor or hiring credit repair lawyers to fix it.
On the other hand, here are some of the comparison of do-it-yourself credit repair and credit repair by attorneys:
1. Credit repair can take a lot of time since you need to write correspondences, make follow-ups as well site visits to the creditor. Not only that this consumes time, but as well as effort. If you do not have that loads of patience, you may need to hire the service of credit repair by attorneys to take care of all of these procedures involved.
2. Do-it-yourself is not that expensive since all you need is lot of guts and time to get it fixed while credit repair attorneys will require a sizable amount of money in the form of professional fees to make them do the work for you.
3. Some people are not quite knowledgeable of the due processes involved in the repair of bad credit. The best option for them is to acquire the services of lawyers to get things done up straight.
