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.
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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
www.CreditScoringAdvisor.com
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