Credit Repair
This economy is really changing the landscape on new businesses. From what I have read, it seems as though the biggest industry that has evolved as a result of this bad economy is the loan modification and credit repair industries. Banks are cutting back on the credit they are extending to consumers, which in turn is lowering consumer’s credit scores and just like that your credit score is lowered. However, this practice is really hurting folks that have worked all their lives and made payments on time to improve credit only to have it taken away at the discretion of the banks.
Having clean credit is the most important thing to take care of in these bad times. As credit becomes tighter, the higher your credit score is the better your chances are for getting approved for any kind of a loan, that is loans for cars to home loan mortgages. The difference in loan rates varries so greatly for people with differing levels of credit scores. Having a good credit score as opposed to an excellent credit score can mean the difference in paying up to $300 more per month on a car loan.