The Perils of Having Bad Credit

Do you know if it's good or bad?  Are you aware of what you credit score is?  If you find yourself in the position that your credit cards are at the maximum, that you slip payments, or are paying only the minimum due, you could be facing a severe problem.  If your response was yes to one or more of these questions you can end up having bad credit.

Trying to rebuild your credit on your own can be difficult, especially if you don't understand where to start or how to obtain a copy of your credit report to see what companies are accessing it.  Using a credit repair company is a good way for people to get out of debt and can help increase your credit rating.

Credit Solutions is one such company that has a mission statement that says they will "produce a path to debt-free living that is as stress-free and comfortable as possible for each and every client.”  The company has already successfully managed over $25 billion in unsecured debt, similar to credit card debt, and settled $800 million of debt since it began. But how and what do they offer?

Clients are offered organization and management of their debts as well as credit counseling.  Avoidance of debt consolidation loans and bankruptcy are two things with which they can assist their clients.  The changes to the legal framework of bankruptcy have made it more difficult for people to get out from under crippling debts; a credit repair company can help with that.

Many people have been able to manage their debt with a consolidation loan.  It works by gathering all of your debt information together including your mortgage, vehicle loans, and credit card balances and seeking a financial institution, such as a bank to consolidate all of your debts into one loan - usually with a higher interest rate.  Credit Solutions reports that these kind of loans can be paid with long terms of period with a big interest rate.

Credit Solutions promises to get your debt under control and help settle your debt in twelve to twenty-six months.  Often reducing the amount you owe, their experts contact your creditors on your behalf and try to reduce or make a settlement on the total amount due. This will help reduce your monthly payment and after the debt is settled, the debt will not appear as a third party settlement.

You can get a free copy of your credit report from the US Government via the Federal Trade Commission on an annual basis, if you are unsure where you stand as far as your credit score. 

Your score on the credit report allows you to determine how you are perceived by creditors.  500-600 is a low score, 601-750 is an average score, and 751-800 plus is an excellent score.  So, with your credit report and debts in hand, why not call a credit repair company like Credit Solutions?  Reducing nasty letters and phone calls, being able to control your debt, and helping you stay debt free will help you keep your peace of mind.