Credit Enhancement – Consumer

Your credit score is the most important number in your life. It can determine your interest rates, insurance premiums, and even your chances of landing your dream job. Poor credit can cause you to lose out on precious opportunities and end up spending hundreds or even thousands of dollars on higher rates.  If you have a low or bad credit score, it is critical to understand why your rating is subprime (550-620) or poor (300-549).  It may be because of things you have done, because of mistakes on your credit report or some combination.  Regardless of the reason, there are things you can do to try to help improve your credit score.  Moreover, if you are working with a competent and qualified credit repair organization, they can provide you assistance to place yourself in a much better position.

The top reasons for low credit scores include consistently late or missed payments or other major financial issues such as bankruptcy, foreclosure or an unpaid tax lien. There are other issues too, such as opening credit card accounts, using cards for cash advances and accounts in collection.

The Consumer Financial Protection Bureau (CFPB) reports their top complaint from consumers is incorrect information listed on a consumer’s credit report. A 2012 Federal Trade Commission study found that one in four consumers saw errors on their credit reports that could impact their credit scores. One in five consumers had an error on one of their three credit reports that was corrected after disputing it, and four out of five consumers who disputed an error had their credit report modified. Credit scores generally improve when errors on credit reports are corrected. This is not always what may happen.

The Fair Credit Reporting Act, a federal law, requires credit bureaus to provide a procedure for consumers to dispute inaccurate listings. It is possible to fix mistakes by contacting the credit reporting agency and/or the party who provided the information. It is also possible to file a formal dispute with the credit reporting agency and/or the supplier of the information.  Just because an error on a credit report has been corrected, does not mean the problem is permanently fixed. 

While it is possible to handle the dispute process your own, it is usually best to find a competent professional. Hiring a competent and qualified credit repair service is not quite a simple task. Although there are qualified  and competent companies, the credit repair industry is filled with many who engage in scams and make false claims.  While a competent credit repair service can provide valuable help, they cannot remove accurate negative information nor help someone to establish a new identity. 

A reputable company should also coach you on how to handle your existing credit accounts in order to avoid further damage. If, for example, your cards are at or near the limit, they can help you come up with a plan to reduce  the balance. Competent and qualified credit repair companies are able to work with federal consumer protection laws including the Fair Credit Reporting Act (FCRA), the Fair Credit Billing Act (FCBA), and the Fair Debt Collections Practices Act (FDCPA) to best help you. They also know how to respond to creditors and credit bureaus in a way that serves your best interest.

Credit Enhancement – Business

Businesses can take steps to improve their credit profile. A good business credit profile is very important for businesses. The business credit profile impacts the business’s ability to work with financial institutions including obtaining loans and lines of credit. The business credit profile directly affects the ability of businesses to obtain contracts and even has a direct tie to terms in contracts. To summarize, the best asset a business can have will be a strong financial credit profile.  Like consumers,  businesses have credit reports.  Oftentimes, these business credit reports like their consumer counterparts have errors on them.

There are specific things businesses can do to help build or improve their business credit profile. Many small businesses may not have any credit profile. One of the things businesses need to try to do is to establish separate business credit distinct from the owner or owners of the business. Secondly, a business can develop strong trade references. Third, a business can work to ensure it makes payments on time and spends funds in a responsible fashion. More importantly, to the extent there are mistakes or errors on a business credit report and or with other filings, the business can have them corrected. While it is possible for a business owner to handle these tasks on their own, most business owners do not have the skills, the training nor the time to do the work themselves. The successful effort can pay very significant dividends to the business. RBI Limited Liability Company believes it is best for small business owners to work with a qualified professional organization to help repair, build and maintain a strong business credit profile.

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