Today I Read That The Credit Crunch Has Hit The Car Market

Category: Finance, Credit.

Did you know that the credit reporting bureaus report that over 30% of consumers credit files contain errors?

Errors result in bad credit, bad credit translates to higher interest rates and with today s credit crunch the possibility of not getting credit because of an error that isn t your fault is highly possible. With that in mind it is very important that you review your credit file at least quarterly to insure that it is in correct order. If you own your home and at the time of purchase you didn t pay to much attention to your report or maybe just had a small error there is a chance that you are paying for that error in a few points. Doing so could save you some money! It might be time that you took a look at it again and think about cleaning it up to refinance at a lower rate. If you don t own a home and are considering a purchase of one in the next year now is the time to start working on fixing it, having the best possible score is going to help you get the lowest rate and payment. Car loans are going to be harder to get as well.

Not only in the case of home mortgages can errors affect you but also in other aspects. Today I read that the credit crunch has hit the car market! It means that companies that once did loans for people with bad credit are going to stop and rethink there credit lending process, start only doing loans for individuals with good credit. What does this mean? Let s remember that errors can lower your score and this can translate to you paying almost double for that car you want. Taking a look at your report and disputing those errors can help lower your credit cards also. Credit cards as well, if you had errors on your report at the time you accepted that pre approved credit card, chances are you will have a higher interest rate than if you didn t have those errors.

If you chose to hire a professional credit restoration company for the disputing of the errors keep in mind that it can be well worth it in many aspects. If they charge a modest price let s say between$ 500- $1500 and they remove some items like late payments, repossessions or even a bankruptcy the money you will save on just a home mortgage with the lower score can save you hundreds a month. One is the fact that they are professionals and they know what they are doing, if you chose the right one that is. So in just a few months the service will have earned there money and saved you a ton of it. I didn t go into any actual numbers here but if you do some simple math and calculate the difference in interest on a 30 year mortgage. The bottom line is that errors on your credit report can be very costly. You are going to see a big difference with bad credit verses good credit, a significant enough number to consider looking at your credit report and start disputing those errors.