Credit Repair – It is Possible
Contestable And Disputable Listings Can Be Removed From Your Credit Report There are over 13 million credit reports held in USA, 1.5 million of which contain defaults on them. Research has found over 30 percent have errors on them . No doubt the error percentage is just as bad in other countries if not worse.
The adverse effects of a bad credit rating can be intense, a small default or late payment can stop you from getting a personal loan, credit card, a phone on a contract or even increase the interest rate of your home loan.
Managing debt can be very stressful
Managing debt you cannot afford may jeopardise your life style, career and health.
The cost and the terms of the debt is determined by a range of factors including your credit rating.
Private company’s collect your personal information and set up a file on you, to record every time you enquire about a financial product from a mobile phone contract, interest free retail offers to credit cards.
On your file they also record every time you are late (usually beyond 28 days) when making a payment or when you simply forget to pay a small outstanding amount on an account you thought was closed. These are known as defaults and give subscribers who read your file the impression that you have a “bad” credit rating.
There are over 2 Million default listings. A default listing usually means a bad credit rating. Many do not even know they have a “bad credit” rating until they go to borrow money or apply for a job.
Your credit report affects every aspect of your financial life
Every time you apply for any loan such as credit cards, home loan, mobile phone contract or even a car leasing your credit rating is checked.
Your credit rating determines how much interest you will pay for the home loan, car loan and credit card.
A “bad” credit rating means higher fees, charges, interest rate or even a refusal to provide you with any credit.
The cost of living with a “bad” credit rating may not be obvious at first. Your credit rating determines all your “fees and interest charges” that you will find buried in your monthly repayment statement.
Your credit rating determines your cost of living!
If you have a “bad” credit rating then chances are you are paying too much for credit.
So if you are shopping around for discounts, on food, clothing household goods, travel, forget it, any savings you may make you will pay for it with the high interest fees and charges caused by your credit rating.
In order to explain the importance and features of bad credit cash advance loans, let’s imagine a situation that the person is falling short of money and his payday is far, what will the person do in such circumstances? Now, what if he is also tagged with bad credit, most of the times it is seen that people facing such situation feel helpless but now financial market will provide them a helping hand by means of bad credit cash advance payday loans.
Bad credit cash advance payday loans have been specifically designed to meet the financial needs of the person tagged with bad credit.
Generally, the lender providing bad credit cash advance loan asks for certain proofs and documents, such as:
• Source of income
• Bank account proof
• Post dated cheques
Bad credit cash advance loans can also be applied through online. Applying through online makes the task easier and simpler, as the person can apply as per his convenience that is by sitting at his house or from his office. The person is only required to fill an application form on the internet which only takes couple of minutes. After submitting an online application form, the lender will verify the application submitted and if he finds the information satisfactory, then he will get back to the person to ask certain things. And, finally he approves the loan amount and transfers the loan amount to the account of the person.
Either the person applies in the physical market or through online, he is required to do certain things before he finalize the bad credit cash advance loan deal.
• Conducting proper and thorough research in order to know the market.
• Try to find other cheap sources of finance as bad credit cash advance loans carries bit high rate of interest.
• Compare annual percentage rate of each offer of bad credit cash advance loan.
• Thoroughly, go through terms and conditions of the loan.
• Don’t forget to negotiate with the lender in regard to the cost involved in the loan
• Clear all the cost involved
• Ensure there are no hidden costs
Usually, bad credit loans enable the person to borrow an amount without collateral, this is the only reason that why the lender charges high rate of interest.
As Bad credit cash advance loans carries bit high rate of interest, so the person must avail this loan in an emergencies only, when no other option is left.