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Let us Help You with Credit Repair

Credit Repair Service Companies in Austin, TX

In today’s world, there are few things more important to a successful life than having a good credit score. Credit scores are calculated by the three big credit reporting bureaus: Experian, TransUnion and Equifax. Though all three use similar methods, there are enough differences between the three that each report is important to any Austin resident needing to borrow money, acquire insurance, rent an apartment, obtain a job or do any number of financial related transactions.

Score Calculation

Credit scores are calculated based on a number of factors. However the single most important factor to credit scores is the borrower’s payment history. By paying on time, a borrower will improve his or her credit standing over time. But for those with bad credit, more immediate action needs to be taken to improve a credit score. Other credit measures can be managed to make credit improvements in a shorter amount of time. A credit repair professional can examine a borrower’s credit history and look for areas where quick improvements can be made.

Correcting Credit Report Errors

While the credit reporting bureaus try to report accurate information, this does not always happen. The errors on a credit report can make a person with marginal credit, or even good credit, unable to obtain a loan. In fact, studies have indicated that as many as one in five credit reports have errors on them. As part of the credit repair process, credit reports need to be closely examined for errors and corrections made to any erroneous information. Though Austin’s cost of living is slightly below the national average, there is intense competition for the best rental properties. Due to this competition, even a small error on a credit report could cause an Austin resident to lose out on a great rental property.

Creditor Negotiation

Not all credit repair methods involve dealing with the credit bureaus. In many cases, a credit repair profession can negotiate with creditors to obtain better terms for the borrower as well as to get a better report to the credit bureau. For example, the creditor may agree to mark a credit account current by accepting a lump sum payment that is less than the full amount owed. Creditors may also agree to lower interest rates which can allow the borrower to pay off a debt quicker.

Due to the importance of credit scores, a person should take action to make sure that a credit report is accurate, current and reflects a true picture of his or her credit standing. In Austin, the average cost of a home is over $260,000. With this high cost, a person looking to buy a home needs to have the best credit score possible to get the lowest mortgage rate possible. Credit repair services can help a person to improve his or her credit score to get those low rates and to build a secure financial future.