Whenever you apply for finance, your credit history is usually checked by the lender. If you have just one credit default on your credit report, the possibility of having your finance application declined will be high.
Credit Repair will most likely:
Your credit history can affect your ability to obtain credit, such as car or a home loans or even a Line of Credit/Overdraft for your business.
Your credit score is a number that represents your credit worthiness and is based on the information contained in your credit report.
Many lenders, in particular personal loan and credit card providers, use an automated process to decide whether or not you get approved. The decision for your finance is based on your credit rating first, and then your ability to service the proposed loan/facility, so the initial information within your credit report is vitally important in assessing your credit rating.
Your repayment conduct with existing loan/credit facilities can also be used in determining how prospective lender’s make a decision on your application. If a bill payment is accidently missed and it goes past 60 days from the due date, a credit infringement may be listed on your credit report. Even if you pay the outstanding amount, Lenders more than likely will still reject your application. Therefore, completely removing credit infringements from your credit report is essential to ensure your chances of obtaining loan approval.
Fixing your credit history may help you save thousands on interest.
Your credit rating will influence the interest rate you pay, the type of facility you will be offered and the fees your bank or financial institution may want to charge you, so repairing your credit could very well assist to save you thousands of dollars in interest.