The outcome was a huge increase in bankruptcies,
failed companies and mountains of totally unserviceable debt,
both commercial and personal.
Those who fell victim to the economic downturn,
and they were many, found themselves not only owing large sums
of money but also facing the ignominy of being classified as
bad payers and defaulters. Millions of people, through no real
fault of their own, were written off as liabilities, unable
to acquire credit.
However credit reporting has never been an exact
science. Even in times of relative prosperity many found themselves
failing credit checks due to inaccurate information having been
stored about them. When one is operating on the margins, an
erroneous late payment report could make the difference between
one being considered a good prospect or a bad risk. Or, to put
it in the language of finance, between a borrower who should
be offered generous terms and one who might only expect a satisfactory
outcome from a loan shark.
When this occurs it is always a good idea to
take steps to repair one’s credit, but how does one go
about it? There are many service providers who claim to repair
credit but some are good, some are not so good, and a few are
credit repair companies will not ask for money up front, neither
will they charge unreasonable sums for doing work that clients
can easily do themselves, such as sourcing a simple credit report.
The best credit repair companies make realistic promises, are
able to offer competent and qualified legal advice, do not lock
clients into a long-term contract and will be straight when
dealing with customers whose credit truly is beyond repair.
If you are
currently in the process of trying to repair your credit, why
not visit the above websites for further information on some
of the best credit repair companies in the UK.