Friday, March 14, 2014

WARNING - Minor Credit Glitches Can Devastate Your Credit Scores

The Federal Trade Commission did a recent study of credit reports showing many errors are still reporting on the consumer credit reports. They found that over 40,000,000 consumers have inaccuracies and errors on their credit report, lowering their scores.

Many people have an almost lethargic attitude about their credit paying little attention until it is too late. What they don’t realize is that this apathetic approach can cost them thousands of dollars! Does this sound familiar?

If you have great credit, the damage is even more pronounced. ..

One late payment or even a small forgotten medical or utility bill, popping up suddenly on your credit report, can cost you over a 100 point loss on your credit score. You can go from a prime borrower to a sub-prime borrower in the blink-of-an-eye.

The damage can come quickly, but it will be a long time for you to get those lost points back! In fact, it can take many years if you follow the advice of the credit bureaus.

What is worse is that poor credit can cost you many thousands of wasted dollars in car, credit card and/or mortgage payments – EVERY YEAR! A damaged credit car loan can cost you $5,000 to $10,000 over a five year repayment plan. One client of mine told me of a car he bought with a sub-prime loan for $19,500 . It ended costing him $31,000 to pay it all back! Miss payments on a credit card; some credit card companies are charging a penalty rate of 31.9% yearly.  That is almost a third of the cost of what you bought. Pay the minimum payment and it can take you 27 years, or more, to pay it all back.

Protecting, maintaining, or re-building your credit is so very important to your financial future. You need to pay attention far more than most of us do currently. Check your credit report and review it thoroughly, at least every year. Don’t close credit cards, especially older cards. Keep your balances low and apply sparingly for new credit. And, if you do have damaged credit, it pays to consult an expert who can guide you, educate you, and get more results more rapidly than you can trying to navigate in an area you know little about.
We ARE the experts in Credit Repair. Our founder, Daniel Sater, is a Nationally Recognized Credit Expert, Speaker & Author, and a Certified FICO Professional who also trains and coaches numerous Credit Repair Companies across the country and speaks at industry conferences. We are the people that other credit repair companies go to for answers.

With Credit Scoring Advisor you get personalized, not computerized service from someone who will fight for you to improve your credit profile. Dan handles every file personally to ensure the best results for our clients. You have continued access throughout our process to a recognized credit expert. Better Knowledge – Better Tactics – Better Results  
We would love to hear from you, give us a call, 631-392-8685