Individuals who have a poor credit rating or who have been victims of identity theft may want to seek professional help in order to restore their ability to make credit purchases. A poor or damaged credit rating can impact one’s ability to rent a car, obtain a credit card, purchase a car, purchase a home, or even seek employment for years after the initial damage. Credit Repair in New York is available for those who wish to seek professional guidance on how to restore their credit ratings.
An individual’s credit rating stems from credit reports compiled by the three major credit bureaus, TransUnion, Experian, and Equifax. All credit accounts and activity on those accounts are monitored by the three credit bureaus. The amount of accounts an individual has open, the length of time those accounts have been open, existing credit lines, account balances, and payment histories all factor into one’s credit score. Potential and existing creditors, potential employers, and insurance companies can all access individuals’ credit reports and scores to make decisions on whether to grant individuals additional credit, insurance coverage, or a job offer.
Behaviors and occurrences that can have a negative effect on a credit score include late payments, not paying the minimum required payments on outstanding balances, having a short credit history, having too many accounts open, having too many high revolving balances, and attempting to open too many new credit accounts in a short period of time. Sometimes the only way to repair a bad credit history is to change one’s behavior and be consistent with better money management over a period of several years. Yet, consulting with a professional specializing in Credit Repair in New York will give people recommendations for the best course of action in each situation.
Another way to repair a poor credit history is to apply for a secured credit card. Square One Credit Management provides information on how secured credit cards work and how you may be able to eventually convert these cards into traditional, unsecured credit lines. While some cases are more severe than others, time, consistency, and behavior modifications can restore a good credit rating. Be sure to monitor your credit reports on a yearly basis to catch activity that may not have been initiated by yourself. Placing fraud alerts and requiring new creditors to contact you before opening accounts in your name are additional tools to prevent unauthorized damage.