How To Improve And Control Your Credit Rating

In the U.S., a credit rating controls what is financially possible for consumers. Bad credit shuts the door to new financial investments such as buying a home or new automobile. The only way the consumer remedies their financial woes is to improve their credit rating. A local debt management consultant helps consumers increase and control their credit scores.

Access Free Credit Reports

All consumers have access to a free credit report from all three credit bureaus. Each bureau offers a user account for consumers to access the reports to view or print out. The reports show the current status for each debt, its balance, and the creditor’s information.

Dispute Old Account Listings

Debt management consultants recommend that consumers submit a dispute for any outdated information. The consumer reports any listings that don’t belong to them or any account that is suspicious. Accounts that are closed must be removed after seven years. The only exception is bankruptcy listings which remain on the reports for ten years. The credit bureaus send a report to the consumer after evaluating the disputed listings.

Utilize Settlement Offers

Any account that is charged off or owned by a collection agency is eligible for a settlement offer. The consumer doesn’t need an attorney to negotiate with their creditor or the collection agency. The current owner of the account sends a notice to the consumer listing possible settlement offers. The consumer chooses from the offers in the notice or contacts the creditor directly. Settlement offers reduce the balance by up to fifty percent.

Get a Debt Consolidation Loan

Debt consolidation loans are beneficial choices for paying off debts immediately. A debt management specialist connects consumers with lenders offering the loans. The consultant reviews all loans offered to the consumer and chooses the best opportunity. A lower interest rate is possible through the loan products.

In the U.S., credit ratings make or break consumers financially. A low credit score increases their auto insurance premiums and makes mortgages inaccessible. Rental property owners have the option to deny a lease to any consumer who is a financial risk. Consumers who need information about techniques for improving and controlling their credit rating can find out more here right now.