Credit Repair Service Companies in Boston, MA
Boston is is the largest city in Massachusetts, being home to more than 600,000 people. Boston has seen a rise in median house pricing over the past few years, with most houses selling for well over $500,000. Families living in this gorgeous city make roughly $60,000 annually, with many owing 10 grand of more in debt. Typical three-bedroom rentals go for $4,000 a month, which is one of the highest rental prices in the country apart from cities like New York and Jersey City. The cost of living is relatively comparable to income statistics, since the vast majority of Boston dwellers come away with $4,000 or more in disposable monthly income.
Because of the debt problems that many people in Boston experience, the credit repair industry has allowed individuals to repair their scores and open up a world of financial opportunities. Credit repair could takes years to finalize, but it never hurts to start now to begin increasing those numbers.
Here are some tips for repairing your credit score:
Deal with Credit Cards
The leading cause of debt in the country is having too many high-interest credit cards. Credit cards make it easy for you to go shopping, pay for items you don’t necessarily have the money for and make payments for months afterwards. Unfortunately, credit cards have the highest interest rates compared to other borrowed money. It’s not uncommon for a person with an average credit score to get an interest rate of 20 percent. This makes paying off the cards virtually impossible because you’re spending almost 25 percent more than the charges are worth.
You need to consolidate high-interest cards into lower-interest, more affordable ones. Don’t close out your cards, as this can affect your credit score even further. If you’re having problems paying off your entire balance, make a deal with the company that if you pay off a smaller portion in full, they remove the remaining balance. You might not always succeed with this strategy, but it’s worth a try and might work in your favor.
Get on a Budget
Budgeting is difficult in a time when it’s so easy to overspend. Just going to get gas for your vehicle could cost you the gas plus the drinks and groceries you buy in the attached convenience store. People spending their day at work might find they spend cash on lunches, vending machines and soft drinks. Keep receipts for about a week or so to see where your money is being spent. Chances are that a lot of your funds are going to frivolous purchases that could be totally avoided. Get yourself in the habit of avoiding unnecessary expenditures. Put the money you save towards your debts to avoid further blows to your credit score.
Get Rid of Errors on Your Report
Oftentimes, you’ll find errors or unpaid collections on your credit report that you know should not be there. Checking your report once a year using services like Credit Karma or Credit Sesame can alert you of mistakes so that you can contact the provided credit bureaus to dispute the claims. Obviously, you’re going to need additional paperwork to prove that the error shouldn’t be there, so have all of this readily available to fax or email over to their office.
Give it Time
Repairing your credit is never something that can be done overnight. Avoid any company in Boston or online that promises they can raise your credit score by a marginal difference in days. These companies are scams and are only taking your hard-earned money with nothing to show for it. It’s easy to ruin your credit score in no time, but it takes four times as long to get that number back up. Bad investments, unpaid bills and high-interest loans can do some serious damage to your financial well-being. Be patient with your credit repair and it’ll thank you by slowly, but surely increasing. One example of this is that it could take up to nine months to repair the damage done by being delinquent on your mortgage payment by just 30 days. Your credit score is important when applying for loans and better-interest credit cards, so it’s crucial that you do all that you can to raise it.