Root of the Problem
From a missed phone bill payment to identity theft, there are a number of reasons that your credit score has gone south leaving you in a situation where you can no longer get financing or a good interest rate.
Your credit score is determined by your payment history, i.e., did you make the payments on time, amount of credit card debt in relation to the credit limit for that card, number of pending balances and late payments.
Believe it or not any of these factors can also come from someone else’s credit as the credit files of different clients get mixed.
Are you not sure about your credit status? Did you know that you are entitled to a free copy of your credit report once a year from both of the credit reporting bureau from Transunion and from Equifax.
Repair Plans
If not so good history of payment is the culprit behind your low credit score. You will need to make plans to arrange that payment. If you are not able to make the payments in full at the moment don’t panic, it’s always possible to make arrangements with the creditors to set up easy monthly installments to pay. Contact our team of professional agents to seek professional, advice regarding how to best navigate out of the difficult debt situation.
Ensuring Correct Credit Information
If the reason for your low credit scores is the accounts that do not belong to you, this may happen due to an error or as a result of serious issues like identity theft. Once you notice any information on your credit report that is not yours, it’s a code red. There are different ways to dispute the incorrect information on your credit report but as a heads up, this requires significant amount of time and effort from your side. Involving an expert in the process not only takes the stress off your shoulders but also expedites the process and the information gets corrected in days.
Talk to our expert about how to set up fraud alert on your credit file which requires financial institutions to call and verify your identity before issuing any new credit to you.
Rebuilding Credit
Once you have taken the steps to mitigate the causes of the problems in your credit it’s time to start rebuilding it. The ways to do so include getting 2 lines of credit and paying them on time without utilizing more than 35 % of the credit limit. Most of the lenders will want to see 2 credit lines for two years after the discharge of consumer proposal or bankruptcy, if you filed one of these, here at Enrich mortgage group we can help you after just one year of rebuilt credit. We have lenders that can help you pay your consumer proposal and finance a new property as well.
If creditors are not prepared to issue you a new credit card you can always apply for a secured card which is credit card secured by the deposit you have provided to the creditor. Even if the credit limit is small, it’s still good for re-establishing your credit.
Let the Experts Guide You Through the Process of Getting Your Credit Under Control
A payment mistake, too much credit lines or a credit mix, any of the issues with the credit scores are powerful enough to make your nights sleepless. This is specially in today’s world when you have to rely on the financing for every sizable purchase or project.
Dealing with the creditors and credit bureaus can be really tricky and is often more than frustrating.
We at, Enrich Mortgage Group, are equipped with knowledge and network to help you with this. From getting you financing when you don’t have that nice credit to disputing false credit information, we can assist you with anything.
Confidently find your way out of the difficult situation with the tailored solutions for your scenario. Contact us to find out about the process.