Question: I’ve had trouble paying my bills on time in the past and now my credit record isn’t the best. I’ve seen advertisements for credit repair services. Do they work?

Answer: Hard work and the passage of time are the only tried and true methods of repairing a blemished credit record. While there are a variety of legitimate options to reduce debt, some companies offer false promises to erase your bad credit or help you qualify for lower interest rates.

If the information on your credit report is accurate and timely, it can’t be changed or removed. Individuals have paid hundreds or even thousands of dollars to companies that simply can’t provide the services they claim. Steer clear of companies that guarantee they can erase bad debt from your credit file or fail to tell you your legal rights and what you can do to help yourself.

Your credit history is maintained by private companies called credit bureaus that collect information provided by banks, credit card companies, mortgage companies and other creditors. The three major bureaus are Equifax, Experian and Trans Union. You can request an annual free copy of your credit report online from each of these bureaus at www.annualcreditreport.com or by calling (877) 322-8228. Read more

Do you have problems getting a home loan because you have poor credit (or bad credit)? If so, forget the frustrations you may have dealt with in the past, there is hope! There are loans designed just for people like you. A Home loan for people with bad credit is becoming easier to find thanks to online banking.
A home loan for people with bad credit is a unsecured or secured loan for people who have a poor credit rating. Banks call “bad credit” anything from having a late credit card payment, bankruptcy, defaulting on a past loan as well as several other negative listings on your credit report.

A secured loan is a loan that is secured against property (the value of your home, car, business etc.). These loans are perfect for when you’re trying to borrow a large amount of money, can’t get a loan from a traditional bank or lender, or have poor credit. Also, you can get a lower interest rate then most unsecured loans.

Unsecured bad credit loans are not secured by any type of property, and used to be pretty hard to come by and with high interest rates. However, now many online finance companies are able to offer these loans, with much lower rates. Read more