Why Credit Repair

Because you're more than just a score!

In today's economy, it is virtually impossible to get approved for a loan if you have bad credit. Try getting approved for a mortgage with a score less than 620. It just won't happen. When lenders do extend you credit, a low credit score allows lenders to charge you substantially more in interest. Simply put, you can't afford bad credit!

You may not realize that your credit report is like a second resume that can affect every aspect of your life. A low credit score not only affects you interest rates; but also, affect your ability to get a job, an apartment and good insurance.

Your payment history is the most important factor in your credit score. Each of the three major credit bureaus (Trans Union, Equifax, and Experian) have a credit file on you. They sell your information to potential lenders, insurers and employers. If they're making money selling your information, shouldn't that information be complete, and accurate? What if the information is misleading, should that be allowed to be on your report? The law is on your side. The bureaus are accountable to you. It's your good name, and your information.

Credit scores can range from 300 to 850. A score below 690 is generally considered to be a "low" score. Some reports indicate that as many as 80% of consumers in the U.S. are living with "low" credit scores. The credit bureaus claim to pride themselves on accuracy, but recent statistics tell another story. 79% of all credit reports contain errors, according to some sources. 4 out of every 5 credit reports could have substantial errors!

The term "Credit Bureau" sounds official, almost like they are a governmental agency, but they are not. They are large Corporations who are focused more on business, than on the accuracy in your credit file. Their services are very valuable for their primary clients, which are banks and lending institutions, and secondarily, for the credit consumers.

How Much Does Bad Credit Really Cost?

The price of credit repair is really small when you consider the cost of living with bad credit.

Below are a few examples of the cost of bad credit.

Auto Loan

If you are making car payments, you could be paying between $4,000 and $10,000 more over the course of the loan just because of a low credit score. You pay this increased interest month after month on your loan.

Car Loan

$23,000 Vehicle Financed for 5 Years

Credit Status Rate Payment Interest Paid
High Credit Score 3% $413 $1,796
Slightly Damaged 9%; $477 $5,646
Damaged 18% $584 $12,042


The cost of poor credit on a car loan is nothing compared to the amount you'll pay in extra interest on a home mortgage. A typical mortgage is between $180,000 and $300,000. You'll pay significantly more in interest of the 30 year loan, if you are buying the home with damaged credit. (That's if you can even qualify for a mortgage)


$120,000 home paid over 30 years:

Credit Status Rate Payment Interest Paid
High Credit Score 4% $572.90 $86,242.90
Slightly Damaged 6% $719.46 $139,006.67
Damaged 10% $1,153.09 $259.102.74

$190,000 home paid over 30 years:

Credit Status Rate Payment Interest Paid
High Credit Score 4% $907.096 $136.551.64
Slightly Damaged 6% $1,139.15 $220,089.87
Damaged 10% $1,667.39 $410,251.63

Credit Cards

If your score is low, it will be harder to qualify for credit cards. If you do qualify for a card, you will have higher interest rates, lower credit limits, as well as excessive penalties and fees for things like late payments, or exceeding your credit limit.

You Can't Afford Bad Credit!

A recent MSN Money study found that the poor credit can cost the average person more than $200,000 over a lifetime. For less than the cost of your monthly TV bill, you can start cleaning up your credit and lowering your interest rates allowing you to keep more of your hard earned cash. Imagine what you could do with an extra $200,000.

GoodLifeCredit uses the law to help you improve your credit. We know you are more than just a number on a credit report. You have rights. Let our attorneys go to work for you to fight the credit bureaus.

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