Should I Fix My Credit Rating?
If you haven’t already experienced it, the result of having a negative listing on your credit file, even something seemingly small such as a misunderstanding with your phone carrier, can have devastating effects.
A poor credit rating can mean refusal of credit for everything from home loans to simple store and credit card accounts. Even if credit can be secured, product pricing can be directly affected by your credit rating. This generally means higher fees and interest payments, potentially costing you thousands extra.
The truth is that it can be beneficial to lot of credit providers if you have a poor credit rating. This it because it gives them a reason to charge more for their products. Some credit providers have built empires on this basis; they don’t care if the listing is correct or not, they only care that it’s there.
“Should I fix my credit?” Would you be happy to be convicted for a crime you did not commit? Nor should you have to suffer because of an incorrect or faulty credit listing, you have the right to say “not guilty.”
Restoring your credit file can result in once again being able to obtain fast and cost effective loan approvals with lower costs and interest rates. This not only gives you back options, but can save you significant amounts of money.
Most importantly repairing your credit restores dignity and allows you and your family to regain control. What could be more important than that?
Some people are shocked to learn how much more they may pay if they have a default on their credit file. In fact depending on the nature of the default, it could mean not getting finance at all.