How Record Expungement Will Help You Take Out Loans

Everyone makes mistakes. Plenty of generally good people have found themselves in unfortunate circumstances and ended up with a felony conviction. Even more have found themselves with a misdemeanor conviction. That isn't necessarily something that should follow us around for the rest of our lives. The terrible Catch-22 of having a criminal record is that after you serve your punishment, there are more obstacles to you leading a normal life than you had to begin with. One of those obstacles comes when you try to take out a loan.

Taking out Loans with a Criminal Record

Why would you need to take out a loan in the first place? Well, perhaps you have managed to get a job (which may be a challenge in itself with a criminal record) but you need a car to get there. To be able to purchase that car, you may need a loan. Or let's say you're going back to school. If you have a drug offense on your record, you are ineligible for Federal financial aid. Higher education isn't cheap, so you'll probably need a loan there too. Maybe you have the opportunity to own your own home. For that, you'll need a considerable loan.

Problems with Taking out Loans with a Criminal Record

Lending companies base their decisions on whether to give out loans on their assessment of risk. The less likely they believe a particular individual is to pay back a loan, the higher the interest rate, if they agree to give out the loan at all. Whether fairly or not, most loan agencies view a criminal record as an indicator of lack of reliability, and therefore those with criminal records can usually expect to be denied loans or have to pay much higher premiums and interest to get one.

Solution: Erase Criminal Records with Legal Expungement

Fortunately, there is an answer. You can expunge arrest records in many states if you fulfill certain requirements. These requirements are generally that you have only one offense on your record, have waited a sufficient amount of time before applying and have not committed any other crimes in the interim, and were convicted of a crime that did not involve a minor or a sexual offense. Meeting all of these criteria does not guarantee expungement: the rules vary from state to state and you will still need a judge to decide on your individual case. However, if you meet these requirements, you should consider applying for expungement.

How Record Expungement Will Help You Take Out Loans

After a successful expungement, your crime is removed from the record. A loan officer will find no indication that you have ever served a criminal penalty and will not be able to use this as a reason to deny you a loan or offer you unfavorable loan terms. If the record is actually expunged and not just sealed, you may even be able to legally deny that you have been found guilty of a criminal offense.

How to Expunge Criminal Records

To get your record expunged, you don't need a lawyer. All you need is ClearUpMyRecord.com. Go to the website, set up an account, and see if you are eligible for expungement of criminal record through the free eligibility check. If you are, you can request an application kit, which contains the forms you need to apply for expungement. Just download and print the forms, filling them out according to the specifications ClearUpMyRecord.com provides. ClearUpMyRecord.com will tell you exactly where the forms need to be sent. After that, you're on your way. Wait to hear from the state board about your case. You may need to appear in court, but if the judge deems your case suitable for expungement, getting that loan will be infinitely easier, not to mention the peace of mind you'll get from having a clean record.