The 10 Greatest Myths about Credit Repair

In past posts we have written about how to finance your dream franchise. In many cases, franchises are too expensive to finance in full from out of pocket. That’s where the need becomes apparent for some sort of franchise funding. What most people don’t know about business funding of any kind, is that the amount of credit that will be proferred to a borrower is predicated upon the following 3 items:

Whether they own or rent
What kind of income they make
Their credit rating
While the first two are more or less set in stone, the third factor as many of you know, is variable. Particularly after the tumultuous past couple of years that have seen the banking industry teetering on the brink of insolvancy due to uncollected debt, consumers looking for a loan with a credit score of below 700 for the most part need not apply. For those of you that fall into that category at present, do not lose heart, because there are ways of increasing substandard credit scores. Of course, the most important thing is to understand what does and doesn’t work. To help you navigate the sometimes turbulent waters of credit reporting, below are the 10 Greatest Myths about Credit Repair.