The worst thing that could happen to a businessman is to be blacklisted as a bad creditor by a bank or a financial institution. It would mean an end to all your credit facilities to the extent that you will not be allowed to even obtain a simple car loan and even if they do, they will be charged exhorbant rates.
Recently, there have been cases in this country where successful and influential businessmen were unable to obtain loans because their names were listed on the negative side in the database of a local credit reporting company that most banks refers to when giving out loans. Unknown to many, these bad reputations were actually accumulated a few years back and these businessmen have since redeemed themselves as trustworthy people. However, their names were never deleted from the lists of bad creditors after so many years thus giving them a bad credit score every-time they try to obtain a loan.
A way to work through this dilemma is to obtain the services of professionals whose specialty is to get rid of that black mark and restore your credit score to it’s deserved level. However caution is to be taken when employing the services of such companies. There are many fly by night companies out to make a fast buck as they realise that most people especially businessmen will never make it without good credit credentials and trying to repair their own credit without the help of experts is almost near impossible.
These companies have put a dent on those legal and professional companies providing credit repair services like Total Credit Repair. They make it clear that what they do is within the law and it might take 6-12 months to do a good credit repair. Professional credit repair will cost you approximately $50 per month, but that would be much better than to be stuck with a bad creditor’s reputation for years.