If bad credit is preventing you from purchasing big-ticket items, it’s possible that you’re not completely at fault. Maybe you didn’t pay a bill in full a few times, or forgot to pay a number of them on time. But is that really why you’re not able to borrow money from creditors?
Before you beat yourself up over a few late student loan payments or those credit card bills you didn’t pay in full, consider the facts listed below:
How accurate is your credit report?
- 25% of reports have errors that can lead to the denial of your requested credit
- 30% of reports falsely show credit accounts as being open, when they had actually been closed by the consumer
- 54% contain personal information that is misspelled, outdated, belongs to someone else or has otherwise been inaccurately recorded
- 79% of all credit reports have mistakes of some kind
Feeling a little better about your situation? You should! There’s a good possibility that your credit report consists of inaccurate accounts or false reports. When you seek debt relief in Philadelphia or anywhere else, professionals will identify these inaccuracies to help clear away information that has been falsely recorded.
Any company providing services and sending you bills is responsible for making up your credit score. From cell phone providers or banks to companies involved with credit cards, mortgages, car loans, insurance or utilities, your due diligence or lack thereof will be recorded.
Here are the components of your credit score that’ll be evaluated by professionals from debt relief companies in Philadelphia or any other city:
- 25% – Payment History
- 30% – Amount Owed
- 15% – Length of Credit History
- 10% – New Credit
- 10% – Types of Credit Used
Whether they discover that your credit report has been suffering because of false information, or as a result of your inability to pay bills in full and on time, pursuing debt relief services is the first step in the direction of financial freedom!
Professionals will instruct you on how debt settlement, debt negotiation and debt consolidation works. This information will help you to lower your score and escape the confines of bad credit. In addition, they will provide advice and resources so that you can improve your financial decision-making process.
Knowledge is power! Don’t wait any longer to learn more about what’s on your credit score, how to dig yourself out of debt and how to prevent similar problems in the future.
To learn more about debt relief services, visit Quality Credit Repair’s website: