3 Interesting Things About Bad Credit Help Programs
Looking for credit help programs that may offer financial breathing room? If you feel like there’s a dark financial cloud following your credit history around, you should know that nearly 35% of Americans have credit problems.
In fact, other people have no credit history at all. But an increasing number of financial institutions are developing bad credit help programs designed for people with bruised credit histories.
Whether you have debt from a divorce or legal settlement, or overuse of credit, there are options to repair credit. While your debt probably won’t eliminated completely, collection and credit agencies would rather settle than keep sending out bills.
If you’re looking to make a big purchase, you might need to seek help to get back on track. Here are 3 important facts about bad credit help programs that can help you understand the path forward.
1. Credit Agencies Make Mistakes
Have you ever gotten a call for someone who has a vaguely similar name to yours? Have you ever received mail or a bill for someone with an alternative spelling to your own name?
When people open accounts over the phone with creditors, this is an extremely common issue. If your name is “Joe Greene”, there could be someone named “Joe Green” with terrible credit who is damaging yours.
If you’ve seen your credit score and you’re not happy with what you see, comb through each entry carefully. It can be hard to remember the address of an apartment you had for six months in 2002, but if something looks fishy, call a credit repair service.
This is so common that they’ll know all the right steps for you to take to dispute your credit report and repair your credit.
2. Repayment Plans Can Revive Your Score
While it might be daunting to think about paying off all of your debt, you don’t have to do it all in one lump sum. A bad credit help service can aid in negotiating with the collectors of your debt.
By getting on their good side and lowering your debt, you’ll see your credit score start to climb back up. On top of that, you might be able to negotiate to a smaller number than you originally owed.
While you may not be adding your creditor to your Christmas list for next year, you can rebuild the relationship in a mutually beneficial way.
3. Most Debts Circulate Around
Most collection agencies buy debt from credit card companies and other collection agencies. If a stack of debts totals about a million dollars, a collection agency will offer to buy them for about half in hopes that they can get a return.
The problem with this is that if you’ve made progress or have received promises from your original creditor, they might not pass along. Credit assistance programs can track down every contact you had with the original creditor to ensure your prior agreements.
Bad Credit Help Can Save You Money
People with good credit get offered lower interest rates on their mortgages and loans. People who use credit help services can take advantage of these benefits by improving their credit.
If you’re ready to bring your credit score back up to where it needs to be, contact us today.
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