Are you a New Hampshire resident who is struggling with getting loan approvals? Perhaps you are thinking of relocating but keep getting denials when you submit an application? If so, chances are your credit score and poor payment history are to blame. The best way to improve your score is with proper money management, but you can also work with a credit repair company to help you remove some of your negative marks. If you are tired of the denials, not is as good a time as ever to hire a New Hampshire credit repair company to help you get things back on track.
While New Hampshire has an average cost of living overall, it varies wildly from city to city within the state. Larger metro areas tend to have a higher cost of living in New Hampshire than smaller cities, especially any metros located further south. Partly due to the higher expenses in surrounding states, real estate costs in New Hampshire are higher than national averages. Credit card debt in the state is only just above the national average, with the average per person being $5,375 versus the Us average of $5,193 per person.
Despite higher real estate prices in the state, New Hampshire residents still enjoy fairly high credit scores. The average person has a credit score of 734, 20 points above the national average. This is in a good range, but it can still go up from there! If you’re having trouble improving your credit score, it may be useful to look into credit repair, in case you have inaccuracies present on your credit reports that are interfering with the calculation.
New Hampshire has a state law that deals with credit repair companies and other types of credit service providers. This is the Credit Services Regulation Act (NH Rev Stat 359 D:1). Under this law, all companies that want to provide the service of credit repair to residents of New Hampshire must do the following:
New Hampshire’s state law builds on an existing federal law, the Credit Repair Organizations Act (CROA). This lays the groundwork for how credit repair companies should act, including what they’re actually allowed to do for customers, how they can charge for it, and what they need to do to make the service legal.
Although some law firms or websites might make it sound like a lawyer is a required to do credit repair, it’s not true. Technically, credit repair can be done by any company or individual who follows state and federal regulations in New Hampshire. You can actually do the service for yourself as well, but it’s not recommended. Credit repair can be difficult to do, requiring a lot of time and benefitting from past experience, which is why it’s best to work with someone you trust to get it done right, whether they’re a lawyer or not.
In the state of New Hampshire, you need to follow these 3 steps for credit repair:
Step 1: Request your personal credit reports
There are 3 different credit bureaus in the US that maintain records related to your credit. These records are your credit reports, which are used to calculate your individual credit score. You can request a credit report for free from each of the 3 credit bureaus at least once every 12 months, either online or through the mail.
Step 2: Scan reports for errors
Check through each of the 3 credit reports individually. You’re looking for any entries that have inaccurate or false information. This could be anything from a fraudulent transaction recorded maliciously to a simple data entry mistake that accidentally changed something about a credit report entry. If there are no issues on your credit report, you cannot go through the credit repair process, as this is only for removing inaccurate entries.
Step 3: Communicate with credit bureaus about the issue
When mistakes are found on your credit report, you need to send in a dispute letter to the different credit bureaus. This initiates the central process of credit repair, signaling to the bureaus that there’s an entry they need to investigate. A separate letter should be sent to each bureau that includes the inaccurate entry on their report, detailing the issue and providing evidence of inaccuracy.
Note: even though the process is only three steps long, it's not as simple as it appears on first glance. Unfortunately, credit repair can take a lot longer than it should because of delays that can come up throughout the final step. Once the credit bureaus are involved, the entire process gets less predictable and more difficult. Because of this, it's useful to work with a credit repair company that's been through the process before in New Hampshire.
Credit problems come in many forms, but one of the most common that results in a bad credit score is high levels of credit card debt. Paying your credit cards on time is a good habit, but if you constantly max out your cards then you are still harming your score. Your debt-to-income ratio is determined by how much of your available credit you are using; anything over the 50% mark will lead to a drop in your overall score regardless of your payment history. This DTI is calculated as a whole and also for each individual debt on your report.
When you work with a professional NH credit repair agency, they will be able to help you consolidate your credit card debt efficiently. They will combine your existing open lines of credit under one bill. This will help reduce your payments, even out your DTI ratio, and make it easier to get your finances under control. In most cases, they will negotiate with your creditors to remove derogatory marks such as late fees and overdue payment notations. As you make your payments on time, this will help improve your score and save you money at the same time.
Being declined for a line of credit or even housing due to your low score can be terrifying. When it happens again and again it is easy to lose hope. There is no quick way to repair your credit. In order to fix your score legally, it takes time, effort, and proper financial management. You can put your own effort into repairing your credit score by creating a budget and also by paying off or paying down outstanding debts. This will go a long way towards improving your credit score, but you may need more help if you have serious credit issues. A professional credit repair specialist in the state of New Hampshire will be able to coordinate a credit card consolidation or even negotiate with collections agents on your behalf. In addition to working with your creditors, they can also work to dispute inaccurate items or old entries on your credit report that may be affecting your score.
Credit scores can only be improved through credit repair if you have inaccurate entries on your credit report. When this is the case, credit repair can have a significant positive impact on your credit score. Inaccurate entries could be dragging your credit score down by making your payment history or open credit accounts look much worse than they should. By removing these issues, you're allowing your credit score to be calculated only from accurate, legitimate entries.
Like in most U.S. states, the average cost to get your credit fixed with a credit repair company in New Hampshire is around $79 to $199 per month, but there's a wide range of prices depending on which company you work with. Some companies charge as little as $59 per month, while others charge upwards of $199 per month. This monthly cost is usually paired with a one-time upfront setup fee.
Credit repair can take longer than you might think. On average, New Hampshire residents can expect credit repair to take between three to six months. It's impossible to predict how long it will take to have an inaccurate entry removed from your credit reports because credit bureaus are not transparent in providing a timeline for the process.
All cities in New Hampshire allow credit repair with no exceptions. You don't have to live in a specific city or region of the state in order to get credit repair. You don't even have to live in the same area as the credit repair company you choose to work with, as long as they follow New Hampshire laws and federal laws. So, whether you live in Manchester, Nashua, Concord, or a smaller city like Meredith, Deerfield, or Dunbarton, you'll be able to get the same credit repair services anywhere.