Credit Repair Leads
If you need to start repairing your credit score and improve your credit profile, you may be in the market for leads on where to find creditors. The good news is that there are plenty of sources out there willing to lend a hand.
Here are 5 places where you can get credit repair leads:
- Credit card companies
- Banking institutions
- Lending institutions
- Online lenders (payday loans and installment loans)
- Alternative financing options (personal loans and peer to peer lending)
This post will give you an overview of how these different types of lenders operate, how they can help with credit repair and what their drawbacks might be.
Credit Card Companies
It's hard to say how many credit card companies there are in the US. The Federal Reserve has reported that, as of June 2009, there were 506 banks and 1,471 thrift institutions offering credit cards. According to CreditCards.com, however, 53% of all US consumers reported holding at least one card offered by a bank or thrift institution, so the actual number is somewhere in between these two figures. In any case there's a lot of competition for the business of people who need help with their credit profiles.
The general idea is that you will apply for a card and then use it to pay bills and make small purchases on an ongoing basis (and avoid interest payments). The catch is that you'll have to pay interest to the credit card company for using its financial services.
It's hard to say how much money the average consumer might make by taking advantage of credit card offers, but the "industry standard" was calculated in a study that found that people who get cards from banks, not credit companies, are most likely to actually use them. That's probably because their interest rates are higher and they tend to offer better promotional terms than what you'll find on consumer cards.
Banking Institutions
Your chances of getting a credit card or checking account through a bank vary depending on what type of banking you currently use.
Conclusion
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Credit Repair Leads