4 Self Help Credit Repair Tips You Need to Know!

By Michael J Robinson

If you are one of the many people who are facing credit problems and you are searching online for self help credit repair tips and information, then this will be of real benefit and get you moving in the right direction.

Everyone knows that there are plenty of professional credit advisors who can help you with your credit dilemma, but the problem is you will pay hundreds and sometimes thousands of dollars for their services, which of course is often just too much to spend.

And the fact of the matter is there is also plenty of quick credit repair information available online at no cost or at very affordable prices which you can do yourself, so really there is no need to pay for professional credit services – provided you are willing to invest some of your time and learn the process of self help credit repair.

So here are 4 helpful tips to get started with:

What is credit repair?

Well, in a nutshell it is simply the process of getting your current credit rating from it’s current position up to a level that lending institutions find acceptable in the event you are seeking credit of any sort.

Why do people need credit repair?

Let’s say you need a loan, so you approach a lender. That lender will do a search on your credit rating and credit score to see how credit-worthy you have shown yourself to be in the past and to get a prediction of what sort of credit risk you pose currently. If your credit rating and score are good or excellent you will have a very good chance of getting the loan, however if not then you will need to repair your credit rating and score – hence credit repair.

What is a credit rating and a credit score – are they the same thing?

No. A credit rating and a credit score are different but the information from both of these sources is cross referenced and used to calculate your credit-worthiness.

A credit rating is a snapshot of your credit past and your current credit position – by viewing this, lending institutions can see your payment history, your financial behavior and identify certain information about you. This data is collected from creditors and public records and collated by the 3 national credit agencies – Experian, Equifax and TransUnion and sent to the Central Credit source – AnnualCreditReport.com.

A credit score is a computer generated prediction of your credit-worthiness or credit risk based on your credit history gathered from your credit report. It is a 3 digit score ranging from 300 to 850 points and the higher your credit score the better, from a lenders perspective.

What is a good credit score for borrowing purposes?

Prior to the financial upheaval of recent times 700 to 720 points was considered more than sufficient to satisfy most lenders. However many of the main lenders have now tightened their credit criteria and are almost demanding that borrowers must show they are very well qualified from a credit score perspective to get a loan, so 740 points is what you will need in many cases, if you want the very best loan terms and best interest rates available.

If your score is in the 600 – 700 points range this does not mean that you won’t be able to borrow, but what it can mean is that you will have to jump through many hoops to get there and you will quite likely be paying quite a bit more in interest costs.

If you have handled your finances poorly and have a credit score of 600 or less then you will find that repair work is going to be essential.

You can use self help credit repair and still get your credit score up to an acceptable level quickly and efficiently and often quicker than using professional help because you are motivated to get that loan or whatever it is – so you tend to get stuck into it and do everything that’s necessary, because you know the sooner it’s done the sooner you get your reward.

So, if you want to learn more about the complete self help credit repair process I would like to give you a five day free video series that covers everything you need to know and how to get started repairing your credit rating right away – visit the link below to claim your free copy.

Michael J Robinson has a keen desire to see people restored to full credit-worthiness which

is why he contributes these self-help articles.

Click the link for more information about self help credit repair or claim your free video series here:

http://quick-credit-repair.info

Kind regards

Michael

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