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All too often consumers ask about credit repair…is it worthwhile, what does it cost, should I sign up?  Credit repair is a service provided by a company that helps consumers remove unwanted and inaccurate information from their credit file to help improve credit reports.  Consumers can hire a company to clean their credit or just as easily can sign up to do the work themselves.

 

The Fair Credit Reporting Act, more commonly referred to as the FCRA, is the federal statute that was enacted to protect consumer rights in the credit reporting industry.  This law is a consumer minded statute that ensures accuracy and fairness in reporting and dissemination of your financial information.  The FCRA specifically outlines consumer rights but also sets guidelines for creditors, lenders and consumer reporting agencies.

As a responsible consumer trying to build your credit, you apply for a credit card with a low finance rate and you plan to pay off the balance in full every month.  After all, one of the first rules of thumb for building your credit is to have a positive credit history.  The only problem is, you cannot seem to get approved for a credit card that is desirable.  Let’s consider the reasons why.

You have probably noticed an abundance of “pre-approved” credit card offers in your mailbox, even more so during the Holiday season. But, what does this mean? Are you really approved? Can you just start using the card? Should you start using the card?

Here we bring you an easy explanation as to why you get this offers and how to best approach them.