Consumers in California are definitely feeling the full effects of the nation’s credit crunch. For years, California has experienced a huge housing boom. Combine that with the lax lending requirements by sub-prime lenders and the subsequent burst of the housing bubble and consumers in California are facing a true credit crisis.
Many individuals who purchased houses using an adjustable rate or sub-prime mortgage are now struggling to make the payments. There are only a few ways out of this crisis – sell the house or refinance your mortgage. Unfortunately, housing prices have fallen to a level and many consumers owe more on their mortgage than the house is worth. This leaves the option to refinance. However, a consumer must have an adequate credit score in order to be approved for refinancing.
If your credit score isn’t where it needs to be in order to refinance, don’t despair. Credit repair programs, like the one that we offer here at Go Clean Credit, can increase a person’s FICO score making this refinancing more likely. The credit repair representative assigned to your account will work with you to ensure that your credit bureau report does not contain any inaccuracies. Approximately 79% of credit bureau reports contain inaccurate information ranging from mild to serious. An experienced credit repair representative knows what to look for and will work with the credit reporting agencies to ensure that the errors are fixed resulting in a higher credit score.
In addition to the ability to refinance a mortgage, improving your credit score can also lead to better offers of credit by lenders, lower interest rates on credit cards and even lower rates on automobile insurance. Consumers in California have to deal with the housing crisis and record high gas prices, investing a small amount now to repair your credit will ensure future savings.
