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Bad Credit FAQFrequently Asked QuestionsQ: What is the difference between a bad credit loan and a regular loan? A: Many lenders only want to work with people that have good to excellent credit, and will not grant loans to people with bad credit. Lenders that will work with people that have bad credit will grant the same types of loans, but will charge higher rates of interest due to the increased risk. Q: I don't know if I have bad credit or not. I can I get a copy of my credit report? A: You can get a free copy of your credit report by going to Free Credit Report. Q: How do I repair my bad credit? A: There is no easy way to instantly go from bad credit to excellent credit. It is a process and it takes time. For more information on repairing bad credit, go to Repair Bad Credit. Q: How much extra will a bad credit loan cost? A: That depends on the type of loan and how bad your credit is. Typically on a home mortgage, you will pay an additional 3% on the interest rate if your credit score is below 620. Q: Can bad credit repair clinics fix my credit rating? A: Some consumers pay so-called credit clinics hundreds of dollars to fix their credit report, but only time can heal bad credit. There is no magic formula for fixing legitimate information on your credit report. However, information proven to be inaccurate will be changed or deleted, and consumers do not need a credit clinic to do that. Simply contact the credit bureaus directly and explain the incorrect information. They will investigate and correct inaccuracies. Here is the contact information: Equifax: 1-800-525-6285, www.equifax.com, P.O. Box 740241, Atlanta, GA 30374-0241Experian: 1-888-EXPERIAN (397-3742), www.experian.com, P.O. Box 9532, Allen, TX 75013 TransUnion: 1-800-680-7289, www.transunion.com, Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790
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