What is credit repair?
Credit repair is a set of actions that you can take to improve your credit score. Credit repair can be provided by a professional company or it can be done on your own. There are many tools available online for you to do this on your own, although many find the process to be strenuous and tedious since it is something that has to be worked on and monitored continuously. That's why people who want to improve their credit scores often hire experts to assist with their credit repair needs. All Americans have some type of inaccuracy on their credit reports. These inaccuracies result in less-than-perfect credit which consequently damages your finances. MSI Credit Solutions leverages your consumer rights using federal and state laws and works on your behalf to remove these reported errors. Our successful process has resulted in corrections and/or deletions on the following type of accounts:
Delinquencies of 30 days past due or more can hurt your credit. Although late payments are not as devastating as collections they still affect your FICO credit score.
Accounts delinquent 120 days or more past due are usually placed in a collection status. Collections affect your score drastically. Student loans, medical accounts, credit cards, and more can be turned to collections.
A charge-off is the declaration by a creditor that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors will make this declaration at the point of six months without payment. These affect your score drastically.
A foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. These affect your score drastically.
The action of regaining possession, especially the seizure of collateral securing a loan that is in default. Whether it is a voluntary or involuntary repossession both will affect your score drastically.
In terms of your credit a judgment is a legal recording of an individual's inability to honour a debt. Your score can be affected by the presence of a judgment whether paid or not.
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