Loans For People With Bad Credit

There is a difference between presenting your personal credit score from your business credit score. The personal credit rating report shall be separate and independent from your company’s business credit rating report. However, there are creditors who may require your personal credit score reports. Take note that your personal exposure is absolutely your prerogative.

You must be aware that presenting only your company’s credit report helps avoid personal lawsuits to your personal assets. Building business credit history, payment performance, and rating is crucial to your business sustainability. It is wise to seek the help of building credit rating services trusted by lenders and creditors to discuss the technicalities of maintaining business credit rating reports.

It is apparent that maintaining better or higher credit score helps facilitate loan grants or approvals. The creditor will always look at your credit history to assess payment performance and decide the amount of exposure or risk you are willing to acquire and extend to you business. In America, there are three main credit bureaus that rate your personal credit.

They are the Equifax, Experian, and the Trans Union. These three bureaus used different score rating tools and show different results. Creditors usually obtain the average result to be able to decide the length, rate, and the amount they are going to lend your organization.

In the business credit report, creditors obtain important information to help them evaluate the financial health of your company as such as the amount owed, the payment history, the terms and length of credit extended to your company, the recently availed credits, and the kind of credits you have obtained in the past or have at present.

This could be complicated and confusing on your part and you might feel the need to look for the professionals for building company credit. They will assist you in developing your company’s credit history so you might have more borrowing opportunities to lenders and creditors. Having a considerably favorable FICO score would mean favorable credit terms from lenders.

SBFC law group SBFC law group

Real credit repair fixes, solutions, tactics.

No matter what you want to call them, they can help you turn your credit around in a matter of months. I’ll hit on two basic points here, but first I want you to know that most of the time, credit repair takes patience–usually a minimum of 30 to 100 days. It all depends on what needs to be fixed. This is important for you depending on what you’re trying to accomplish. If you’re looking to buy a home soon or a car, be sure to get started now. Better credit in a mortgage situation means lower payments for 30 years. That’s a lot of savings.

Send dispute letter before you do anything else.

This tactic involves more than just mailing a dispute letter challenging the validity of a collection. Credit reporting companies have, at times, many addresses that you can find on a good credit repair manual. When you send dispute letters you are not required to send it to any specific address. Rather than send it to each of the different addresses, choose the one you think is the best and send it certified mail with return receipt request. That way, you know they received it and it’s up to them to get it to the right department.

Credit repair fix number two, the re-aging of your debts.

This is quite common for credit bureaus to do, but it is illegal. Basically, when some lender reports you late on a certain day and then another collection agency takes the account, that new agency may change the default day to the day they took the account. Since that is not the true day that you defaulted, you can legally make them remove it. They principle is that they cannot affect you credit for an additional amount of time, which they have when they do this.

Real credit repair fixes are a sure fire way to get bad credit out of your life.

On the next article we’ll arm you with more by covering briefly other beneficial credit repair tactics.

SBFC law group SBFC law group