Better credit means better chances to get approved for cheaper interest rates and more favorable terms. So, how credit companies work on improving credit? Where can you get an exceptional credit repair merchant account to grow your business? Let’s see.
Credit Repair Merchant Account & Credit Score
Your credit score is the numerical representation of the whole financial information available in your credit report. The latter is provided by the 3 credit bureaus: Equifax, Experian, and TransUnion.
As a credit repair business owner, it’s critical for you to work with a true payments expert that can get you a cheap credit repair merchant account with ease. So, look for a reputable merchant services provider in your field to grow your business without running into obstacles.
Common Tactics Used by Credit Repair Companies
Credit scores are determined based on more than one factor: the most important one has to do with your ability to pay your bills on time. Specifically, this factor accounts for 35% of the total score. Now, let’s see what strategies credit repair companies use to raise credit scores:
- The DLA (date of last activity) plays an immense role. Usually, collectors wrongfully date the last activity as the date of the debt “purchase”. The removal of this line item from a score report is quite important.
- Credit repair companies dispute the case by explaining what’s wrong with an item and provide documents to prove the error.
- They also negotiate with creditors so that the negative records get removed.
- They also focus on the so-called statute of limitations. It’s set for the time required from a collection agent to pursue a debt via a lawsuit or attempt to collect. These limitations vary from state to state.
- Some clients don’t know they can opt-out of the credit bureaus. Each time a new credit application is submitted or a dispute is filed, credit agencies will be informed.
To sum up, it takes time to raise a credit score. Credit repair is critical to getting loans, credit cards with better terms, and not only. A trustworthy credit repair company can be of great help in this regard.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their credit repair merchant account solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.