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Tuesday, October 09, 2007

Credit scores and credit repair

In today's credit-score driven world, the credit scores are not only used by lenders in determining the interest rates on the loans for houses, cars etc, but they may also be used by insurance companies in setting auto or home insurances rates, as well as by employers in determining the suitability of hiring a potential candidate. It is, therefore, important to ensure that the information in your credit report is accurate. Reason being that credit scores are based off of the information contained in the credit reports maintained by the three credit bureaus – Experian, Equifax and TransUnion, and inaccurate reports can lead to bad credit scores.

Under the current law, a person in the US can request his/her credit report from the three credit bureaus once a year for free at Annual Credit Report. It is important to review your credit report regularly for possible inaccuracies. Some examples of inaccurate information in credit reports include:

– credit card accounts listed as open even though you may have closed it
- a loan may be listed as outstanding even though it was discharged or paid-off earlier
- incorrect address, social security number or last name
- incorrect number of past due items on files
- incorrect outstanding balances for student loan, mortgages and other loans
- incorrect adverse information such as bankruptcy, liens, child support payments, and so forth

In case of any of the above and other inaccuracies, the person can contact the credit bureaus directly to remove any incorrect information. Alternatively, they can use firms such as RMCN Credit Services, Inc that provide credit repair services.

RMCN is a Credit Services Organization that specializes in Credit Restoration and Education. As per the company's website, RMCN guarantees results, and has provided credit help to hundreds of consumers since its inception in 1997. The company uses its own credit repair process, which includes auditing the credit bureaus and creditors for possible inaccuracies to potentially improve a person's credit. The company's web site also lists references, as well as provides testimonials of various people who claim to have received help from the company in rebuilding their credit as well as improving their credit scores. As per the testimonials provided on the company's web site, RMCN professionals provided valuable assistance in improving credit rating by helping remove any errors and inaccuracies from a consumer's credit reports. For more information about the company and the credit help it can provide, you can check out its web site - RMCN.

Note: The above is a paid post.

posted by Ruby @ 12:25 AM

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