The fact of the matter is, repairing your credit takes time and good financial habits. Unfortunately, many credit repair firms will offer shortcuts that don’t work or are actually illegal. The FTC warns against consumer credit “repair” firms that:
- Insist you pay them before they do any work on your behalf
- Tell you not to contact the credit reporting companies directly
- Recommend you to dispute information in your credit report — even if you know it’s accurate
- Encourage you to give false information on your applications for credit or a loan
- Don’t explain your legal rights when they tell you what they can do for you
Did you know you can improve your credit score while living in a PadSplit? While PadSpit is not a credit repair company, we do report on-time membership payments to credit agencies, like our trusted partner Esusu.
Esusu recently shared some exciting findings with us. Since the beginning of our partnership:
- The average PadSplit Member’s credit score increased by 49 points.
- 88% of PadSplit Members saw an increase in their credit score
- Some Members saw increases of 102 points — in the triple digits!
- More than 700 PadSplit Members established a credit score for the very first time.
We also saw small upticks in Members’ credit scores after PadSplit reported their on-time payments. While these small gains may not be able to make up for larger declines, they prove that PadSplit’s credit reporting is helping our Members’ overall credit health.
For more information about how to improve your credit score, check out our trusted partner Esusu and learn simple ways you can save for your future.