Non profit credit repair-can be helpful and harmful
Many people find themselves in a financial crisis from time to time, and when this occurs their credit rating may be affected. The problem is that once a blemish is noted, it can often take up to seven years to have it removed. That’s why many people opt to work with a non-profit credit repair company to resolve their financial dilemmas.
But, despite what the general public believes, this is not an easy fix. And, unfortunately, it does not come without strings attached. Anytime you adversely affect your credit rating, there are going to be consequences. Even if the intentions are good, it can sometimes cause things to backfire-significantly. When this occurs, things can often end up worse than before.
These companies are designed to help those who are in over their heads with extended amounts of credit. They can often work with credit card companies, as well as other creditors, to minimize the damage that they can inflict on a person’s rating. But what they don’t often tell you is that closing accounts, or even modifying them, can have their own repercussions.
What happens is these companies can offer assistance to help budget correctly, so that you are more effectively able to pay off bills. But in the process, their work appears on your credit rating in the form of a major black mark. This can be even worse than not working with them at all. At the least, it can have the same significance to your rating as if you had filed some forms of bankruptcy.
But there are instances where working with these organizations can actually be helpful. If an individual is contemplating bankruptcy, then this can be a good alternative. Since bankruptcy will linger on your file for a period of seven years, without fail, this is something that can take the place of it and still give you some relief. Even if the ramifications appear on your credit for a year or more, that is still better than 7 years. Plus, during this time you can take advantage of their counseling to get your finances back in order and make a fresh start.
You should not rule out working with a non profit credit repair agency, but before you sign up make sure that you fully understand what is expected of you and how this might affect your rating. Then, if you decide that it is the best option for you, follow their advice and you can begin to rebuild your rating.
TAGS: non profit credit repair can be helpful and harmful, credit repair, non profit credit repair
Article Source: Messaggiamo.Com
Related:
» Run Your Car On Water» Recession Relief
» Advanced Automated Forex Trading
» Profit Lance
Webmaster Get Html Code
Add this article to your website now!
Webmaster Submit your Articles
No registration required! Fill in the form and your article is in the Messaggiamo.Com Directory!
