The credit score can be a genuine blessing and a formidable curse. The difference between the two is the strength of it. A high credit score makes for low-interest rates on loan payments, whether those payments are for a mortgage, auto loan, or business loan. Conversely, a poor credit score increases interest rates significantly and often costs the person their eligibility for loans. It is challenging to qualify for any loan with a damaged credit score.

Some assume that those who suffer from poor credit do so solely through their own fault. Stereotypically, those who are irresponsible with money are the ones who experience poor credit. However, it has been shown that this is only sometimes the case. Poor credit can affect the financially responsible and irresponsible alike. There are several reasons this can occur.

Identity Theft

Identity theft is a serious issue that is ultimately devastating to credit scores. Generally, criminals who perpetuate identity theft begin by discovering their victims’ names and personal information. They typically use this information to take out large loans from the banks the victim patronizes without intending to repay them. This is highly lucrative for the perpetrator but devastating to the victim and their credit score.

In addition to the application for loans they have no intention to pay, criminals who commit identity theft often use the victim’s information fraudulently, withdrawing cash in their name and consequently stealing the victim’s hard-earned dollars.

Because of the inability of these victims to pay back the loans undertaken in their name, their credit suffers immensely–through no fault of the victim.

Medical Expenses

Generally speaking, no preparation is enough when referring to a medical catastrophe. Medical bills are costly, and often, through no fault of the injured party, they find themselves swimming in medical debt. This can be absolutely crippling to a person financially–especially concerning their credit score.

What Next?

Whether or not your low credit score results from financial irresponsibility, you do not need to qualify your need for help. There is no shame in getting help with credit repair in Arizona. Fortunately, Tony’s Credit Repair in Arizona is capable of helping you recover your credit score, regardless of the cause. We abide by all applicable credit repair laws in Arizona, and we are among the most capable credit repair companies in Arizona.

The credit repair process involves the disputation of charges on your credit report. When combined with the quality education we provide, this process will help you maintain your credit in the future and repair your credit in the present.

One mistake many credit repair companies in Arizona make is using archaic credit repair techniques that have dwindled in efficacy over time. This mistake is surpassed with Tony’s Credit Repair. We use effective, modern methods to dispute charges effectively and rebuild credit. If you are looking for credit repair in Arizona, contact a specialist here to discover more about what this may mean for you and your credit report.