Credit Repair – Bad Credit

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What Causes Bad Credit

If your credit score is in the 500’s right now and needs to go to 720 to get the funds you need, don’t take help form unsecured loan providers, instead choose Omega Star Funding to help you out with funding for bad credit!

Most clients look at a credit report with no idea of what the derogatory items mean on the report. A “derogatory mark” on your credit report refers to a long-lasting negative notation. Also, a “main derogatory account” is the account whose negative notations have an out sized impact on the credit.

These signs will likely affect your ability to be eligible to obtain desirable rates or qualify for business capital raising, loans and credit, and usually can take seven to ten years to clear your credit history. Often the derogatory will stay on beyond the 7 to 10 year ruling.

When working with Omega Star Funding, you won’t’ have to wait for 7-10 years to get these items removed as it does with cash loans websites. We work on your behalf to obtain the negatives to be cleared in as fast as 30 days with our proprietary systems and techniques.

These are some of the examples of the most severe derogatory marks. They come in all sizes and shapes. They’re known for a range of reasons, and they influence your credit score in various ways for a period of years, depending on the infringement.

Credit Repair
  • Collections: This is the account that has been reported as sold or sent to collect debts from third parties, the original creditor due to arrears or missed payments.
  • Tax lien: This type of derogatory marks can occur when you are ignored or do not pay the tax debt over time.
  • Civil judgment: This information is usually related to civil lawsuits, which require compensation of losses (for example, if you lost a civil case, or is unable to meet demand at all).
  • Repossession: This can occur if you are late in paying your financial obligation on debt secured by property, like an auto loan. The mark on your credit report can affect your credit score and can put the seized property under threat of sale or auction.
  • Charge offs: This type of derogatory marks occurs when you are late in paying your financial obligation on an account. Usually, the element is provided only as a charge-off on your credit report as soon as it is over 180 days late. Your creditor may list the accounts as not being recoverable.
  • Bankruptcy: This type of derogatory marks means that you have entered a special legal process to obtain some form of debt relief. Because it is a bold step, and one of the most devastating to your credit standing, it is usually the last resort to deal with overwhelming debt.
  • Foreclosure: This generally refers to situations in which you didn’t meet up with the mortgage loan payments and the lender has sued you to court in an attempt to force the sale of the house used as collateral for the mortgage.

Lenders will list the bad debts owed as a charge-off mainly for tax purposes, so that money owed can be regarded as a loss and cancellation of taxes for them. Despite this, the creditors still consider the item a loss for tax reasons; they expect the debt to be paid in full. If you have a charge-off appearing on your credit report, lenders can still deal safely to recover the debt. Often, they employ collection agency as the third party to retrieve the money owed.

Omega Star Funding can assist with many of these credit issues along with credit funding but not all. Recent late’s, foreclosures, and bankruptcies are two derogatory items that we cannot remedy. Fill out the prequalification form for more information and be sure to tell us about all derogatory marks that you are aware of so we can better assess funding potential.

Why Get Yourself Prequalified

Getting yourself prequalified hugely improves your position as a buyer. Most of the times, the product you want to purchase is in high demand and has multiple offers. Therefore, buyers who have a prequalification letter from a reliable lender will boost your chances. Let us at Omega Star Funding help you out!  

Omega Star Funding can assist with many of these credit issues but not all. Recent late’s, foreclosures, and bankruptcies are two derogatory items that we cannot remedy. Fill out the prequalification form for more information and be sure to tell us about all derogatory marks that you are aware of so we can better assess funding potential.

Why Choose Us as Your Credit Repair Company

We understand that choosing a credit repair company is a huge step for you to take. At Omega Star Funding, we have been serving clients for several years. This helps us assess your situation and then come up with the perfect plan to help you out. We have an A+ rating because of the hundreds of satisfied clients who have used our services. Affordability is our middle name, and we ensure that fixing your credit does not burn a hole in your pocket!

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