Consumer Credit Help – Credit Repair

There are two main reasons why people have a low credit score; Firstly they haven’t had the time or opportunity in their financial dealings to build a credit profile, this is a bit like Catch 22, how can you obtain a mortgage, credit card or a loan to build a positive credit score if you need a positive credit score to get the mortgage or loan in the first place! Secondly, where people have found themselves in financial difficulties and perhaps failed to make repayments on time or had legal judgments made against them for non-payment or late payment of installments, the credit agencies are made aware of this and adjust the person’s credit rating accordingly.Mortgage and loan companies access the credit agency register and use the credit score to determine if they think that the proposed borrower is a ‘good bet’. Of course a low credit score means that you either don’t get the loan you want or, if you do, you pay a premium rate of interest in return.In today’s economic climate the situation is exacerbated because of the increased reluctance of lenders to part with their money to even the most creditworthy individuals. And this doesn’t just… Read full this story

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