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A low credit score will cause you to have problems when applying for mortgages, car loans or seeking any form of financing for an investment. This is for the simple fact that lenders rely on your ability to pay back what you borrow to determine how much they can give you. The good news is that our credit repair services can help you improve your credit score.
What is credit repair?
Just like the phrase implies, credit repair is the process of fixing poor credit standing that has deteriorated because of a range of reasons. Repairing your credit can be as simple as disputing mistakes in the information that credit agencies have. The process may also include extensive repair work more so when identity theft is involved. Credit repair can also include dealing with important financial issues like budgeting and addressing legitimate concerns on the side of lenders.
There are so many new credit repair companies that claim to offer the best debt consolidation services. Although some of them offer services that can actually help repair your credit score, their efforts are somewhat questionable. It is also good to remember that in some cases credit repair requires both financial and legal expertise. Depending on the severity of the issue, repairing the credit score can require just cleaning misunderstanding while in other times professional intervention may be needed.
How credit repair works
Although some companies claim to be able to clean up bad credit reports fast, correcting mistaken information on your credit reports takes a lot of effort and time. It is also good to remember that the details quoted by the credit reporting firms can’t be changed by a third party. All that can be done is to dispute the inaccurate or misrepresented details. Credit repair companies simply investigate the information to check for mistakes.
If inaccurate or incomplete information is found on the credit reports a dispute can be filed. Apart from correcting such details and catching fraudulent transactions, credit repair may include rebuilding and repairing credit. How much work needs to be done will depend on your credit activity and credit usage.
The credit standing of an individual depends heavily on payment history. Ensuring payments are done on time or improving the payment schedule for outstanding credits can affect your credit score positively.
The amount of credit an individual has also plays a significant role. For example, if you are using a large portion of your available credit you will not be able to improve your credit rating even if you make timely minimum payments. The problem is the liquidity will be pressured by the overall debt against you. Reducing your overall debt load may lead to improvements in your credit profile.
At York Credit Services we are committed to helping you repair your credit so that you don’t get turned down by lenders. We will help with different types of credit problems that can hurt your credit score such as payday loans, high credit card debts, income tax debt, foreclosure debt problems, and student loans. Contact us today if you need more information or help with credit repair in Toronto.Contact us
Toronto’s Credit Repair Experts
Understanding Credit Reports
The Credit Repair Process
If you have a low credit score, you will definitely have financial problems when applying for car loans, mortgages or seeking finances for any investment activities. Lending companies rely greatly on the ability of the client to pay back what they borrow, and this is often directed by the credit score. A bad credit score shows the lender that you do not always pay your bills on time, you’re over your credit limit on your cards or have a record of owing money but not paying it back. Financial setbacks are quite common and they should not stop you from making greater financial strides in future. Our credit repair services at York Credit will help you do just that.
Some of the types of credit problems which may affect your credit score that we can help with, include high credit card debts, payday loans, student loans, income tax debt and foreclosure debt problems. If you owe more than you can pay back, you need a credit repair solution as soon as possible. Credit repair helps you focus on paying your debt within the shortest time possible so you can move on financially from crippling debt.
In Canada, most items will stay on your credit report for up to six years; bad debt is likely to fall off over time. Therefore, every New Year is an opportunity for you to improve your credit score. There are also various monitoring systems set in place making it necessary for us to work in liaison with monitoring and reporting finance partners in order to improve the credit score of our clients. Credit repair however, is not an easy process and it is only suitable for individuals who are willing to commit to the program. Improving your credit score will rely on proving yourself as financially responsible over a timeframe. Even though financial institutions and most lenders want clients with credit score in low risk ranges, they are also interested in how you can handle fiscal matters within shorter time frames such as one to three years.
At York Credit Services, our credit repair service gives you the opportunity to build a new valuable credit report that will be the reference point for other lenders and financial institutions. We cannot expunge any accurate negative credit information from your credit report before the legal time expires and this is not what we claim to do. There are no laws that allow credit companies to get correct information off your credit report. We can only help you control the information that goes into your credit score from the point of interaction with our company, including helping you with systems that equip you to get out of bad debt.
Using third party lenders, we can introduce loans and a credit card into your credit report which we will help you monitor to get you a better credit score with time. You will need to make recurring payments to your debts; we can arrange on the most convenient way for you to make these payments. York Credit Services will provide credit monitoring and coaching analysis through the process.