Search The Web

Today's Headlines

Saturday, July 31, 2010

Your Credit Score Affects A Whole Lot More Than Just Your Creditworthiness

The average credit score of Americans has gone down significantly in the past couple of years because of the bad economic conditions in the country. Usually, a good credit score is defined as one above 700 while a bad credit score is one that is below 620.

The number of Americans with dismal FICO scores is going up. Previously, about 15 percent of Americans had FICO scores below 600. That number is closer to 25 percent now. Folks with good scores can buy houses, get loans for new cars, get approved for credit cards, and so on. Unfortunately, the recession has lowered millions more Americans into the realm of credit "untouchables."

One common misconception among people is that your credit score matters only if you are in the market for credit (in the form of a new credit card, or a new mortgage or auto loan or something like that). That is actually not true. Credit scores are used by a variety of people for a variety of purposes.

For instance, most employers check credit scores of prospective employees before extending an offer of employment. If you are applying for a job that involves dealing with large amounts of money or if you will have some sort of fiduciary responsibilities in your job, you have to have a spotless credit record. Landlords will also check credit scores before renting an apartment to you. So, even if you are not in the market for a new loan of any sort, it pays to have a good credit score.

Because of the importance of credit scores in so many walks of life, I decided to look into the possibility of improving my credit score by getting rid of stuff in my credit report that may be affecting my score. So, I started doing some research into companies that might help me do this. One company that offers such a service is thecreditpeople.com. Another possibility is the credit repair services offered by repairyourbadcredit.com.

With the latter, I pay a fixed fee for them to take care of my credit reports and all of its problems. It is a guaranteed service. If I am not satisfied with what they have done, I can get a full refund of the money I have paid them. DSI Solutions also prides themselves on being more aggressive than most other credit repair services out there. They dispute all the negative items on a credit report, and if any dispute is not responded to within the given timeframe, it is removed from the credit report.

After this process, DSI will then provide the customer with their credit report so that they can verify what they have accomplished. However, unlike companies that promise a lot and deliver nothing, DSI makes it clear that information that is accurate and is verified by the creditor will not be removed from the credit report (and really, such information can not be legally removed by anybody. If a credit repair service promises to remove such information, don't walk, run from them!).

So, if you have been hurt by bad information in your credit report, or suspect that you may have been, and if you want to get rid of it so that you can improve and fix your credit score, turn to a reliable company like DSI to help you out. The money you spend on such a service could well be trivial compared to how much you can save with a better credit score!

No comments:

Visitors Country Map

Free counters!

Content From TheFreeDictionary.com

In the News

Article of the Day

This Day in History

Today's Birthday

Quote of the Day

Word of the Day

Match Up
Match each word in the left column with its synonym on the right. When finished, click Answer to see the results. Good luck!

 

Hangman

Spelling Bee
difficulty level:
score: -
please wait...
 
spell the word:

Search The Web