Credit Repair Services
The basis of a good credit record is a solid foundation to work from and an understanding of what builds and what damages your credit. For this reason the first step in the credit repair process is a full analysis of your credit reports and history to check for errors, problems and any general issues that may be shown.
The Credit Hospital will help you access all three credit agencies and obtain your reports. The Credit Hospital will then analyse the information shown in detail and on a one to one basis discuss the results shown and provide a full report detailing any issues shown and recommending the next steps to improve your credit.
The Credit Hospital will advise on how you may amend any incorrect information and also advise on any problems there are. This type of credit repair service was designed for people discharged from Bankruptcy or IVA agreements or people with a general poor credit history with CCJ’s and defaults.
- Full analysis and assessment – £150 one off fee
How quickly will my credit improve?
Many people ask us how quickly will their credit rating improve? The honest answer to this is that credit repair is a slow process. Any Company that tells you that your credit will improve in days or a few weeks is lying to you as reports will take time to update and changing information with companies and credit agencies is not immediate.
Depending on what needs to be changed and updated it will take some time before you start to see a gradual improvement; your credit is very delicate and can be damaged very easily. We recommend a period of six to twelve months is allowed and used to base the progress of your credit repair.
Loan Examples based on different rates of interest.
If you apply for a loan the lender will assess your credit profile and depending on the risk factor they will apply an interest rate. Below we have shown some hypothetical examples of the same personal loan over the same period of time but with different interest rates.
If you have a good credit profile you will be offered a lower rate of interest on financial products; if you have a poor credit rating you will be offered a higher rate of interest if you are fortunate enough to actually have a Company offer you credit.
In loan example number 1 the person has a good credit rating and over the course of the loan will pay interest of £1,250. In loan example 3 the person has poor credit and has been offered a high interest rate loan; they will pay £5,000 interest over the five year period of the loan.
It can be clearly seen that by improving your credit you could save thousands of pounds by obtaining a lower rate of interest on a loan, mortgage or car finance.
- £5000 over 5 years at 5% flat interest rate. Interest total of £1250, total payable £6250 which is £104.16 per month
- £5000 over 5 years at 15% flat interest rate. Interest total of £3750, total payable £8750 which is £145.83 per month
- £5000 over 5 years at 20% flat interest rate. Interest total of £5000, total payable £10,000 which is £166.66 per month
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