Economy
How Much Do You Really Know About Credit Restoration? Learn More Here
Like most people, you probably think of credit restoration as a way to fix your credit score after you’ve made some mistakes. But what if I told you that credit restoration is about so much more than just fixing your credit score? Credit restoration can be one of the most important steps to rebuilding your financial life. So what exactly is credit restoration, and why is it so important? Keep reading to find out.
What is Credit Restoration?
In short, credit restoration is the process of repairing your credit history and improving your credit score. However, for credit restoration to be effective, it’s essential to understand the factors that go into your credit score. Your payment history is the most important factor, accounting for 35% of your score.
This means that if you have a history of late payments or defaults, your credit score will suffer. The next most important factor is your credit utilization, which makes up 30% of your score. This is the amount of debt you have compared to your credit limit: the lower your credit utilization, the better.
Should You Find a Credit Repairing Service Provider?
If your credit score is suffering, you may wonder if you should find a credit repair service provider. While these companies can be helpful, it’s important to remember that you can do most of the work yourself. A good credit restoration service will help you understand your rights under the Fair Credit Reporting Act (FCRA). They will also dispute any inaccurate or outdated information on your credit report. Following the proper steps can improve your credit score and get you back on track financially.
Credit repair companies often charge high fees, so it’s crucial to weigh the cost before you decide to use one. Go online for information on the best experts. If you decide to use services that can help restore your credit, choosing one that is reputable and has a good track record is essential. You can check reviews online to see what others have said about the company or ask for recommendations from friends.
What is the Credit Restoration Process?
The first step is to order your credit report from all three major credit bureaus. This will give you an idea of where you stand financially.
Next, you’ll want to dispute any negative items on your report by writing a letter to the credit bureau. Be sure to include any evidence you have to support your dispute.
Once you’ve disputed the negative items on your report, it’s time to focus on rebuilding your credit. This can be by paying down your debt and making on-time payments. By taking these steps, you can improve your credit score and get back on track financially.
How Do I Start Credit Restoration?
If you’re ready to start credit restoration, the first step is to get a copy of your credit report. You can get a free copy of your credit report from each of the three major credit bureaus – Experian, Equifax, and TransUnion. Once you have your credit report, please review it carefully to identify any negative items you want to dispute.
Also, take a look at your credit utilization ratio. This is the amount of debt you have compared to your credit limit; the lower your credit utilization, the better. Besides, it’s elemental to develop good financial habits like paying your bills on time and staying within your credit limit.
If you find any negative items on your credit report, you can dispute them by writing a letter to the credit bureau. Be sure to include any evidence you have to support your dispute. Once you’ve disputed the negative items, it’s time to focus on rebuilding your credit. You can do this by paying down your debt and making on-time payments.
Why is Credit Restoration Important?
There are a few reasons why credit restoration is so important. First, your credit score is one of the most critical factors in determining your financial future. If you have a low credit score, you’ll likely have difficulty qualifying for loans and lines of credit. You may also be charged higher interest rates, making it difficult to get out of debt.
Second, your credit history is a reflection of your financial responsibility. If you have negative items on your credit report, it’s essential to take steps to improve your credit history. This will show future lenders that you’re committed to paying off your debts and making on-time payments.
Finally, credit restoration can help you save money. If you have a high credit score, you’ll likely qualify for lower interest rates on loans and lines of credit. This can save you hundreds or even thousands of dollars over the life of your loan.
Credit restoration is a necessary process that can help you improve your credit score and get back on track financially. If you have negative items on your credit report, dispute them. Also, focus on rebuilding your credit by paying down your debt and making on-time payments. By taking these steps, you can improve your financial future.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited tumbled by 0.44 per cent on Tuesday amid panic sell-offs by investors due to weak sentiment.
The profit-taking was across the key market segments except the energy space, which closed higher by 1.06 per cent as a result of bargain-hunting activities, especially in Oando.
The industrial goods index shrank by 1.72 per cent, the banking counter depreciated by 1.21 per cent, the consumer goods sector retreated by 0.26 per cent, and the insurance industry fell by 0.03 per cent.
Consequently, the market capitalisation of the NGX crumbled by N284 billion to close at N64.156 trillion compared with Monday’s N64.440 trillion, and the All-Share Index (ASI) declined by 460.20 points to settle at 103,958.75 points versus the preceding day’s 104,418.95 points.
Business Post reports that there were 30 appreciating equities and 32 depreciating equities at the close of transactions yesterday, representing a negative market breadth index and weak investor sentiment.
SCOA Nigeria topped the gainers’ log after it chalked up 10.00 per cent to trade at N4.07, Okomu Oil also improved its value by 10.00 per cent to N488.40, as Eunisell soared by 10.00 per cent to N12.54, while SFS REIT rose by 9.97 per cent to N197.35, and NEM Insurance grew by 9.96 per cent to N13.25.
Conversely, MRS Oil lost 9.95 per cent to quote at N162.90, Red Star Express declined by 9.90 per cent to N4.55, Learn Africa moderated by 9.82 per cent to N4.50, DAAR Communications slumped by 8.33 per cent to 77 Kobo, and Veritas Kapital slipped by 7.74 per cent to N1.43.
During the session, the market participants bought and sold 542.2 million shares worth N13.6 billion in 15,561 deals compared with the 518.3 million shares worth N13.3 billion traded in 17,196 deals a day earlier, indicating a decline in the number of deals by 9.51 per cent, and an increase in the trading volume and value by 4.61 per cent and 2.26 per cent, respectively.
Sitting on top of the activity chart was Access Holdings with 44.0 million stocks valued at N1.2 billion, Sterling Holdings transacted 42.2 million equities worth N254.3 million, Zenith Bank traded 33.8 million shares for N1.7 billion, UBA exchanged 29.2 million stocks worth N1.1 billion, and FCMB sold 26.1 million shares for N313.1 million.
By Aduragbemi Omiyale
To keep its refinery running smoothly, the Dangote Refinery in Lagos has made an order for about 12 million barrels of crude oil from the United States of America (USA).
This shipment of the oil is being awaited by the facility and should land in Nigeria next month, according to the news from African Report.
It was gathered that the $20 billion Dangote Refinery looked elsewhere for crude supply after it could not get enough from the Nigerian National Petroleum Company (NNPC) Limited under the crude-for-Naira deal ordered by President Bola Tinubu last year.
The refinery is working hard to reach full refining capacity of 650,000 barrels per day in June this year.
“About 12 million barrels of crude have departed the US and should arrive in Nigeria by February,” an insider source told The Africa Report.
Officials at the plant said the facility has ramped up production to about 500,000 barrels per day, with the target of hitting the 650,000bpd mark by June this year.
The NNPC is reportedly struggling to supply 350,000bpd to the Dangote refinery from the 450,000bpd crude meant for Nigeria’s local consumption.
With its current production capacity of 500,000bpd, officials said there is a need to look beyond the shores of Nigeria for the feedstock.
It was said that the feedstock needed by the refinery daily cannot be solely supplied by the state-owned oil company, NNPC.
By Adedapo Adesanya
The crude oil market fell further on Tuesday as concerns over disruption to Libyan oil loadings eased, with Brent futures marginally down by 11 cents or 0.14 per cent to $76.97 per barrel and the US West Texas Intermediate (WTI) futures losing 9 cents or 0.12 per cent to finish at $73.08 per barrel.
In Libya, local protesters prevented crude oil loadings on Tuesday at Es Sider and Ras Lanuf ports, putting about 450,000 barrels per day of exports at risk.
A group called the Oil Crescent Region Movement demanded that the headquarters of five local energy companies be transferred to the western Libyan region that, as the name suggests, is home to most of the country’s oil industry.
However, fears of this supply disruption eased after Libya’s state-run National Oil Corporation (NOC) said export activity was running normally after it held talks with protesters.
Libya’s daily output stands at 1.41 million barrels daily, with condensate production at some 43,700 barrels daily, which puts the combined crude plus condensates output at 1.65 million barrels daily.
Also, fears of weaker demand linked to soft economic data from China and rising temperatures elsewhere pressured prices.
China, the world’s largest crude oil importer, reported on Monday an unexpected contraction in January manufacturing activity.
Official factory survey showed on Monday that China’s manufacturing activity unexpectedly contracted in January, its weakest since August 2024.
The official purchasing managers’ index (PMI) contracted to 49.1 in January from 50.1 in December, below the 50-mark separating growth from contraction.
This development will keep alive calls for stimulus in the world’s second-largest economy.
Market analysts note that US President Donald Trump’s threat to impose a 10 per cent duty on Chinese imports on February 1 to push the country to clamp down on the trafficking of the chemical precursors of fentanyl risks will expose how reliant its economy is on exports for growth.
China’s crude oil demand is also expected to be hit by the latest US sanctions on Russian oil trade, with the refineries in its region of Shandong losing up to 1 million barrels per day of crude supply.
In the US, weather forecasts indicate a warmer temperature which is also weighing on demand for heating fuels after extreme cold sparked a natural gas and diesel rally in prior sessions.
Also weakening prices, the US Dollar index strengthened on Tuesday amid fresh tariff threats from the Trump administration.
President Trump said on Monday he planned to impose tariffs on imported computer chips, pharmaceuticals and steel.
A stronger Dollar also pressured prices by making oil more expensive for holders of other currencies.
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