Having a bad credit report on your name won’t do you any good in society, especially if you live in a city with a high cost of living like New York or Washington D.C. This is because those metropolises are full of companies who use your credit history as a reference to decide how much you’re going to pay for a product or service from them. This is why many people who have bad credit reports choose to avail the services of credit fixers to help them survive the market. But you need to be wary; here are some facts to help you reach a conclusion:
Your Credit Score Determines Your Situation
We already know from the preamble above that your credit score is the decider for companies to make their prices specifically for you. That means, if you have a bad credit score, everything you purchase will be pricier compared to those people with good credit scores. So, before you enter full-panic mode, it is wise for you to know where you stand in the credit report pecking order by using free-of-charge services like Credit Sesame or Credit Karma that allows you to obtain information about your credit score without having to pay a single penny.
Your Report Can Get Better in Time
One good thing about having a negative report is that they won’t be there forever, only for seven years. However, if you had filed for bankruptcy and have some unpaid liens, then those negative reports could linger on your name for up to ten years. Some people don’t want to make an effort, so they choose to do nothing and just play the long game. We don’t recommend nor condone this path, but this is a viable alternative that many have taken, so think long and hard on this one.
Your Report Will Get Worse if You Close Your Account
It’s rather annoying that credit report doesn’t work like video games, where you can restart any time without any repercussion of your previous trial. Instead, if you choose to close your account with a bad report, it will exacerbate as your creditors will know of the attempt, and the data is still within their cabinets for up to seven years. It is better to leave the account open, start working on the past-due balance and make positive payments to improve your score.
The Bottom Line
You should be wary of many other things when it comes to fixing your credit score, but being in contact with a credit repair company is not one of them. In fact, they could help you out both in providing helpful advice and guiding you on your way to a positive credit score!…