Financing a Car
You may not know this, but if you’re making payments on a car, having bad credit is probably costing you an $5,000 to $9,000 over the duration of your loan. Plus, the additional interest piles up every month and results in a higher monthly payment.
Buying a Home
If bad credit in auto financing is bad, it’s nothing compared to what bad credit will do to your home loan options. If you’re buying a home (or thinking about buying home) with bad credit, you can expect to pay between $50,000 and $130,000 more than someone with good credit.
Repairing your Own Credit
The Fair Credit Reporting Act gives you the right to dispute any and all items on your credit reports that you believe are inaccurate, unverifiable, or misleading. If the bureaus cannot verify that the information on your reports is correct, then those items must be deleted.
Disputing items on your credit report is easy. On the other hand, getting results from the credit bureaus is amazingly difficult and frustrating. It’s no coincidence that the Federal Trade Commission receives more complaints against credit bureaus than any other type of business. Credit bureaus seem to do everything in their power to discourage consumers from making progress in their restoration efforts. Remember, the credit bureaus are primarily interested in protecting their profits. Investigating your challenge consumes these profits. Restoring your own credit is like repairing your own transmission or representing yourself in a court of law; it’s possible, but is it worth the time and risk to go it alone? Most people choose to allow an attorney to represent them because an attorney better understands the complexities of the legal system.
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