Many different kinds of people can benefit from credit repair services. Unfortunately, people do not realize this. Others aren’t even aware that credit repair exists.
In fact, most people who know about credit repair assume that only those with bad credit need to worry about their credit score. This is not the case at all! Everyone could benefit from repairing their credit score, no matter what their credit history looks like.
In this article, we will study the target audience for credit repair and discuss how they could benefit from such services.
What Is Credit Repair?
Before we discuss the target audience for credit repair, let us first understand what credit repair is. Credit repair is the process of fixing your bad credit score and improving your credit history.
There are many ways to do this, such as paying off debts, disputing errors on your credit report, and more. Credit repair can be done by yourself, or you can hire a credit repair company to do it for you.
It is important to note that credit repair is different from debt relief. Debt relief companies will negotiate with your creditors to try and get them to lower your interest rates or monthly payments.
Credit repair companies, on the other hand, will work to improve your credit score so that you can get better terms in the future.
Who is the Target Audience for Credit Repair?
One of the best ways to understand the target audience for credit repair is to understand why someone would care about their credit rating. We also need to understand when in a person’s life would he or she needs to have good credit.
Once we analyze these points, we can divide the audience that needs credit repair into the following segments:
- Highly indebted people
- People who have missed loan repayments
- People who have recently been turned down for a loan
- People in their late 20s or early 30s who are in the right age bracket to need credit (mortgage, school tuition, etc)
- People with bad credit scores
- People with good credit scores who want to keep them that way
Let’s look closely at each of these audiences.
#1. Highly indebted people
Highly indebted people are a target audience for credit repair because someone who is highly indebted can greatly benefit from repairing their credit. Credit repair allows highly indebted people to see an improvement in their credit score and the ability to ask for more competitive interest rates over time.
By also paying off the larger high-interest loans or credit cards that a highly indebted person may have, they can look forward to better credit history in the future.
#2. People who have missed loan repayments
One or more late or missed repayments on a loan or credit card will stick out like a sore thumb on a credit report. This can damage the potential for new loans in the future, such as mortgages, when trying to buy a home.
In order to repair their credit, the person can write a letter to the creditor to ask for forgiveness and explain the circumstances under which the payment was late.
By doing this, a person with missed loan repayments has a greater chance of being able to apply for necessary loans in the future through credit repair.
#3. People who have recently been turned down for a loan
For someone who has recently been turned down for any type of loan, credit repair can be a helpful way to fix the reason why the denial may have happened. This makes them a prime target audience for credit repair.
Running your own credit repair to check for the correct information on a credit report can catch inaccuracies that can be disputed, resulting in a better credit score.
In order to prevent having to ask for a co-signer on a loan, people who have been turned down can greatly benefit from credit repair.
#4. People in their late 20s or early 30s who are in the right age bracket to need credit
People in the age range of late 20s to early 30s are typically renting apartments or buying homes, both of which can be affected by a bad credit score. Having a good credit score is often necessary to get a home loan and to avoid the services of someone like a mortage broker.
Paying down debts and keeping credit usage under 30% will ensure that any poor credit is repaired, allowing for competitive loans.
Knowing your score and the steps to repair it will ensure that your credit will not inhibit you from getting a competitive mortgage on your dream home.
#5. People with bad credit scores
If someone has a bad credit score, it is crucial to take steps to repair their credit. A bad credit score will prohibit many of the necessary things in life, such as getting car loans, mortgages, and even renting an apartment.
A low credit score can be improved and on its way to a better credit history by taking steps to repair credit.
Paying off high-interest credit cards and loans and making on-time payments is one part of credit repair that will slowly begin to improve your credit score, giving you more freedom.
#6. People with good credit scores who want to keep them that way
Even someone who has a good credit score, usually 670 and over, may want to check and repair their credit frequently in order to keep it that way.
As stated before, there can be discrepancies in a credit report, leading to a denial of loans or higher interest percentages on credit cards.
If someone pays their bills in a timely manner and doesn’t have any debt, it is important for them to demonstrate that their score reflects those actions.
Conclusion
The target audience for credit repair is fairly broad and benefits those with and without a good credit rating.
It includes highly indebted people, people who have missed loan repayments and people who have recently been turned down for a loan
It often includes people in their late 20s or early 30s who are in the right age bracket to need credit like for a mortgage, school tuition, a car, etc.
People with bad credit scores are ideal candidates for credit repair and interestingly so are people with good credit scores who want to keep them that way.
