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If your credit rating has suffered setbacks, if you’ve been the victim of identity theft, of if credit bureaus have made mistakes with your financial background, credit repair software may be essential to getting you back on your feet. Since credit bureaus collect this information and store it centrally, you need to be able to safely and accurately make changes to any erroneous data. This article will discuss what you need to know to get started with this tricky but necessary task.
How It Works
Before you can borrow towards a financial venture with ease, you need a strong credit rating. It’ll mean lower interest rates, more start-up capital, and more potential for growth. Credit information is collected from Americans all the time, often without you knowing about it directly. However, there are tools you can use to determine where you stand.
The Fair Credit Reporting Act (known in the industry as CRA) is a consumer protection agency that makes available your credit rating and much of the data that is collected on your behalf. You can consult Annualcreditreport.com, a website maintained by the three government bureaus with oversight on this issue, to get a free copy of this information.
If you find discrepancies in the record – whether through error, misunderstanding, or fraud – it’s important to correct it as soon as possible. Your financial security could well be at stake. Credit repair software allows you to access that data and make appropriate changes.
Why You May Need It
Anyone can be the victim of identity theft, and credit is the first to take the hit in that kind of situation. Sometimes, you may not even know about it until long after the fraudulent information has been collected on you and filed away into the central data bank. By checking in with the online credit rating tool provided by CRA, you can nip problems like these in the bud and come out ahead.
If you’ve had failed financial ventures in the past, you may also be able to nip and tuck at the credit rating information to make it more favorable towards you. The software you choose can guide you through the process of allowable methods to improve your credit rating.
Where to Find It
There are many software packages you can download online, and free trials are usually available. Check out CreditAid, SX3 Software, or DisputeSuite, and start comparison shopping for your needs. CreditAid is a basic tool and can be purchased for around $30 – the others have more sophisticated techniques and price points to match.
Research what you’ll need to make the modifications you want to make, and find the software that’s best suited to that.
Conclusion
Credit repair software is extremely useful to those who have errors, fraud, or inconsistencies on their rating they’d like to see made right. Your credit score is an important factor in your financial life, so make sure you use the best possible tools to assure that you’re properly considered.
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