Credit Repair Secrets You Should Know
Credit repair may have just become easier in some respects but more difficult in others. The new Credit Card Act of 2009 will require credit card companies to make some adjustments. The new rules can make credit repair help much different.
We want to help you navigate through some of the requirements and limitations. We want you to see how the new Credit Card Act will affect you so that you can make any necessary adjustments.
Having a good credit score is critical in today’s economy; so do whatever you possibly can to repair your credit rating and get a good credit score. Credit scores above 750 are considered good credit scores. Let’s review how the Credit Card Act can help you get your credit scores above 750.
Credit Repair Secret: The Credit Card Act of 2009
#1 – Credit card company requirements:
- The credit card companies are required to make your credit card statements easier for you to understand.
- They have to make the terms of the credit card account easier to understand.
- The credit card companies will be required to give you a better projection of your payment due dates.
- They will be required to give you a “reasonable amount of time” to make your payments.
#2 – Credit card company limitations
- The credit card companies will be limited on the interest rates they can charge you.
- The rate hikes they can extend will be limited; so they will have to find other ways to make money, such as additional fees for other services.
# 3 – How Does It Effect You:
- The limitations and requirements being imposed on credit card companies may make credit repair more painful for you because of fees.
- The new act will allow credit card companies to add new fees.
- Credit card companies may add fees for other services that they provide.
- You may not expect these fees because you never had them before.
- You will have to watch your statements more closely for any additional fees.
- You will have to act more quickly to correct any errors that you may notice on your credit card statements.
- To more close monitor your credit rating, you should order a copy of your credit reports from the 3 national credit reporting agencies once a year.
- You can order free credit reports once a year from each of the credit reporting agencies.
Getting credit repair help is your responsibility. The Credit Card Act just required credit card companies to make the task of credit repair easier, they didn’t require credit card companies to do it for you. You will have to do the work to repair your own credit scores.
Review the new credit card rules and use them to your advantage. Use the new rules to improve your credit scores.
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