Sadly, Equifax breach has hit New Yorkers the hardest. Out of 143 million people whose information got stolen by hackers from Equifax’s databases, over eight million live in New York. These people face all types of threats because it is their most personal information that is now in the hands of the evil minds. What hackers have got hold of includes bank account details, social security numbers, physical addresses, and much more. If you are one of the victims, hackers might have opened in your names or could be getting tax refunds that belong to you.

As cool as New York might seem to the outsiders, the average earner is facing quite a few challenges here. The cost of living is through the roof, the tax percentages are some of the highest in the country, and the housing is becoming less and less affordable with time. If you are a proud NYC resident then compared to the national average, life is costing you 68.8% more.

While your friends might consider you lucky for living in Manhattan, what they won’t realize is that an apartment with only two bedrooms in this area is $3,895 on average. Rents are going high in NYC with a 33% increase in just the last eight years i.e. from 2009 to 2017. If there is a region in the US where credit repair companies make the most sense, it has to be New York.

If You Have Credit Issues You Have Come to the Right Place

Of course, a person who moves to New York will consider the costs of living first. However, no one can ever anticipate uncertainties. When things go wrong, they don’t tell you beforehand.

A person might have come to New York with a stable job and then lost it for some reason after a few months. Accidents can happen, and even the most meticulously planned budgets can disintegrate at times. If your financial issues have caused a bad shade over your credit score, you have come to the right place today.

Understanding the Basics of Credit Repair/Score

Repairing your credit score means you want positive events to appear on your credit history and get rid of the negative ones. Your credit score is the quickest way of getting to know what shape your credit history is in. If an institution wishes to know your credit history in detail, they review your credit report.

The institutions that do that often include banks, creditor and any other entities that forward loans. A credit history that’s in good shape makes it easy for you to get the loan you have applied for.

As mentioned earlier, credit score is the quickest way to know what your credit history is like. There is good score, bad score and average score wherein bad score means there are lots of negative events on your credit history and vice versa. Equifax, Experian and TransUnion are the three major credit bureaus that prepare your credit reports and can send them to you upon your request.

Factors Credit Bureaus Use to Give You a Credit Score

Your Payment History

That’s the first thing they consider. Payment history is the record of all the good and bad credit transactions you have made so far.

Your Owed Debt

Whether you have credit cards, car loans, house mortgages, or some other type of loans, you have to pay them back. The more you have to pay back the more debt you have.

Your Credit Diversity

It is less important than payment history and the debt you owe but it has a lot of weight too. This factor involves the different types of credits you have applied for and taken out.

Your Credit History

This factor shows the length of the record of your credit transactions. Short credit history is a more like a point against you when it comes to lenders assessing your suitability to obtain a loan.

Your Record of Credit Inquiries

When you apply for credit, lenders pull your credit report. They pull the report as many times as you apply, and that creates a record of your credit inquiries. Keep them at a minimum in a given period.

Impact Of Credit Scores On Financial Products

Your credit score can impact any credit-related financial products to a large extent.

In fact for loans, mortgages, credit cards and any other transaction in which lending is involved, your credit score will be considered a threshold that determines whether you get the funds or not.

If your credit score lies below 630 you will not be cleared for any funds, you may have to go the credit repair route for this.

What's Affects Your Credit Score?

Your credit score is not just determined by how much you have paid back or failed to pay, there are other components that also affect this rating. Your credit score will consist of the following components

History of Payments

Burden of Debt

Length of Credit

Credit Type

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How To Keep A Good Credit Score?

You can try to take on this situation yourself but it is a dangerous route. You might not understand the very fine and minor details that can completely ruin your credit rating. Sometimes, people spend years trying to fix things on their own only to realize in the end that they were on the wrong road from the beginning. Let our professionals handle these matters for you and here are the benefits you can expect.

Despite your financial expertise, credit repair is best left to a company with years of experience. One of your options, is to work with the trusted leaders in credit repair, Lexington Law Firm.