Today a low credit score can prevent you from getting a job, getting a promotion, if you enlist in the military you may not be illegible for your choice of assignment, renting a home or apartment, security deposits for utilities and not to mention the mental impact of knowing your credit is bad.
Recent statistics show that 60%+ Americans admit that their knowledge of credit is poor, recent poll shows that 43+Million Americans have less than a 599 credit score.
Another study shows that 80,000,000 Americans don't even know what their credit score is and 60,000,000 Americans admit to not paying their bills on time at one time or another.
So what can be done to help with this growing problem? Education! Education is the key for consumers to begin the path back to recovery.
Knowing how credit works and what your current credit situation is, is really the key to improving your credit.
Once you understand how credit works and what your current credit status is, applying specific strategies and disciplines will be required.
This in many cases will require a combined effort by the household to make sure these steps are followed and monitored.
One thing to understand is that your credit score is like raising a child, the more good stuff you put in, the better it will turn out.
With payment history being the #1 component to calculating your score you want to make sure that you're consistent in making your payments on time.
It is always best to set up an "auto pay" directly from your bank account.
Another major component is your debt to credit ratio.
Keeping your balances at no more than 30% of the allowed credit balance can really have a major impact on your scores.
We believe that credit awareness is on the rise in this country.
It's almost impossible to watch TV and not see an advertisement about credit.
Experian, TransUnion and Equifax all promoting credit monitoring systems for a monthly fee.
These systems can be helpful but in most cases not required nor do they provide the type of support that most consumers need today.
There are plenty of companies that can help you with your credit repair and education, but just like anything else, make sure you do your due-diligence before you pay a professional service.
There are very strict federal guild lines regarding credit repair and you want to make sure the company you are working with is compliant.
Hiring a company to help you with this process can assure that your full rights as stated in the Fair Credit Reporting Act are being adhered to.
Recent statistics show that 60%+ Americans admit that their knowledge of credit is poor, recent poll shows that 43+Million Americans have less than a 599 credit score.
Another study shows that 80,000,000 Americans don't even know what their credit score is and 60,000,000 Americans admit to not paying their bills on time at one time or another.
So what can be done to help with this growing problem? Education! Education is the key for consumers to begin the path back to recovery.
Knowing how credit works and what your current credit situation is, is really the key to improving your credit.
Once you understand how credit works and what your current credit status is, applying specific strategies and disciplines will be required.
This in many cases will require a combined effort by the household to make sure these steps are followed and monitored.
One thing to understand is that your credit score is like raising a child, the more good stuff you put in, the better it will turn out.
With payment history being the #1 component to calculating your score you want to make sure that you're consistent in making your payments on time.
It is always best to set up an "auto pay" directly from your bank account.
Another major component is your debt to credit ratio.
Keeping your balances at no more than 30% of the allowed credit balance can really have a major impact on your scores.
We believe that credit awareness is on the rise in this country.
It's almost impossible to watch TV and not see an advertisement about credit.
Experian, TransUnion and Equifax all promoting credit monitoring systems for a monthly fee.
These systems can be helpful but in most cases not required nor do they provide the type of support that most consumers need today.
There are plenty of companies that can help you with your credit repair and education, but just like anything else, make sure you do your due-diligence before you pay a professional service.
There are very strict federal guild lines regarding credit repair and you want to make sure the company you are working with is compliant.
Hiring a company to help you with this process can assure that your full rights as stated in the Fair Credit Reporting Act are being adhered to.
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