Did you know that a new study by the FTC has reported that 5% of consumers have errors on one or more of the three major credit reports? If you find that for some unknown reason your credit is low and the only cash advance you can obtain is from a direct short-term loan lender, you may want to obtain a free copy of your credit report and find out why.
No credit check cash advances are not affected by credit scores
What do errors do to credit report? They give ample opportunity to lower the score depending on the error. The lower the score, the more lenders will charge in interest. Short-term loans which do not perform credit checks for cash advance approval do not vary interest rates depending on the score. Bad things do happen to good people and a short-term loan will not penalize a customer for that reason.
It is needless to pay extra interest on home, car or personal loans needlessly. Credit card companies will find any reason to jack up interest rates. Lowering the rate is a bit harder, but it is possible if a credit score has increased significantly between reviews. Think about how much money you could have been saving each month if the debt carried a lower interest rate.
If you are one of the 5% with known errors on your report, the sooner they are fixed, the better off your finances will be for the long haul. This report found that one in four people found errors which affected their score. One in five had an error which once disputed, was corrected by one of the major credit bureaus. Four out of five consumers studied found that their disputed errors achieved some modification to their credit report. Don’t prolong in your efforts.
Send in for your free copy to each of the bureaus. They each offer one free report every 12 months for this purpose. The more consumers take interest in their reports and what is being reported and by whom, the more people will work at fixing the mistakes or learning from mistakes. Some people do not realize how much damage late payments can cause a credit score. Did you know that you lose points every time you apply for a new credit card? Do you know that most bad reports will remain on your credit report for up to seven years? Do you know that if there is an error reported from a creditor that you can challenge it? That’s right; a person does have control over their credit in more ways than one.
- Maintain regular on-time payments.
- Don’t close old accounts.
- Keep credit card balances less than 30% of actual limit.
- Refrain from applying for too many new ones or at least stagger them so you do not look desperate for money.
- Wrong dates or amounts reported? Call the creditor who filed the errors and request the change.
- Name spelled wrong, incorrect address information or social security number errors should be corrected through the credit bureau itself.
- Someone else’s debt on your report? Contact the bureau immediately.
- Don’t let cash advance debt go into default, the collection’s agency will report it as bad debt.
