• The Financial Doctor

Cheating in Credit Record Repairs

Updated: May 27, 2019

Find out how you can cheat the credit record repair in order to improve overall credit rating.

The idea of credit record repairs seems to differ greatly among person to person. There are a few law breakers out there that simply do not understand the boundaries within credit recording, and will use any method possible to completely erase all traces of their existing defaults. Not only does the idea sound illegal, but it really is very illegal. Though it may seem quite obvious, don’t think for once that the client can act all innocent and simply get away without any charges. There will always be legal implications for failing to abide with the laws set in place.

How credit record repair is suppose to work

Unlike the system in America, there isn’t a set rule for lenders to comply with. Our individual credit records are open for interpretation. Creditors will decide whether or not your credit history is acceptable and eligible for their loan services. Likewise, credit record repair services can reject you if they feel they cannot help. Although credit record repairs tend to be more lenient on checking credit history.

Only after you have been accepted for credit record repairs, does the actual process begin. The credit history will show both the good and the bad, recording every time you seek credit. Going to a lot of lenders and getting rejected, for example, could show other creditors that you are reckless in trying to obtain credit. Needless to say, that should be avoided where possible. Credit record repairs will attempt to repair your credit history mainly by overshadowing your past mistakes.

The key that allows credit record repair services to overshadow your past mistakes is mainly decided on how serious your defaults are. If they are small utility bill defaults which are eventually paid off in full, then it shouldn’t be much of a problem. Successfully obtaining credit from more related fields easily overshadows the smaller mistakes of not paying mobile phone bills on time. To put this as an example, successfully obtaining loans and repaying them will overshadow a late electricity bill payment when you are looking for loans. Simply because showing you have the ability to repay loans is much more important than missing a utility bill.

Improve Credit Rating

This concept is from the American system where a number draws a clear cut off line for lenders picking out borrowers. It really is the same thing, where some sort of credit record repair will take place and your overall rating will increase.