Does it feel like you just can’t catch a break where finances are concerned? If so you aren’t alone, as statistics show that only three in 10 Americans consider themselves “financially healthy”. For the other seven out of 10 finances are something that cause stress and plenty of worry as they do their best just to get the bills paid and keep their heads above water.
Here in Chicago, one of the more common financial issues that people are facing is that they have been deemed to have “bad credit”.
This isn’t a problem that is unique to Chicago, as it is estimated that around one third of Americans have a credit score of 601 or lower. A poor or bad credit score is something that can affect a person's life in all kinds of ways from making it impossible to get a loan/financing for things like a car or mortgage, to getting a credit card, renting an apartment (if a credit check is done by the landlord), and basically getting ahead.
So what can a person do if they have bad credit and they are looking to fix it? The good news is that there are credit repair services in Chicago that can help, and that can turn things around for people. Let’s take a closer look.
First things first, it’s important to examine what bad credit is and how it happens. Bad credit is determined by a person’s credit score rating. A more official definition is a person's predicted inability to repay their debt in full and on time. The predicted inability is based on their personal finances and their past history of paying off any debt they had.
What this means is that if you are consistently late with bill payments, or just don’t pay them at all, you are hurting your credit rating. Even if you are good about paying debt on time now, but weren’t as great in the past, that past history can still affect your rating.
As for what builds your credit history, that is based on your credit cards and any loans you have at the moment or in the past.
As explained above, when you have a low credit score it can be very difficult to get approved for a credit card or a loan. This means major life purchases such as buying a car, getting a mortgage, and even renting an apartment can all be quite difficult if not impossible.
Rather than just accepting that bad credit is something that you will have to contend with and hoping that one day it changes, many are now looking at credit repair services in Chicago as a very real solution. These types of services work with those who have "bad credit", and help them turn things around and improve their rating. RaiseUp Credit Repair is a great example of one of these credit repair services in Chicago that is getting results for people.
A great place to start is by giving them a call so you can receive a free consultation. They will go over their services, and you can go ahead and ask questions.
Some of the ways in which they can help customers is to get your credit score rating free of charge so you can then go over it together. In many cases people find outstanding debt on their credit rating that either doesn't belong to them, or that has in fact been paid.
This means it needs to be cleared. They will also go over each bad or negative item on your report and discuss if it can be removed and what steps you would need to take in order to make it happen. They will prepare any letters that you want to send in the mail to your creditors asking for removal of items off your credit report. They will also go to bat for you, fighting with those creditors on your behalf until the negative items are gone.
Some of the services they offer are removal of collections, charge-offs, late payments, repossessions, bankruptcies, judgements, and foreclosures.
At the end of the day there is absolutely no reason you need to accept a bad credit rating when there are credit repair services in Chicago such as RaiseUp Credit Repair that can help.