Morro Bay Credit Repair and Debt Negotiation
Your credit report contains information about where you live, how you pay your bills, and whether you’ve been sued or arrested, or have gone into for bankruptcy. Credit reporting agencies sell the data in your report to creditors, insurers, employers, and other businesses that utilize it to verify your applications for credit, insurance, employment, or renting a house. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies.
Some financial advisors and consumer groups suggest that you should look at your credit report periodically. Why?
- Because the information it contains determines whether you can get a loan — and how much you will have to pay to borrow money.
- To insure the information is correct, complete, and up-to-date before you apply for a loan for a major purchase like a home or car, buy insurance, or apply for a job.
- To help protect against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.
Debt Settlement and Negotiation, Morro Bay
The process of debt settlement is not something the untrained person should try to do. There are many different variables involved and a person not familiar with all of them could end up costing themselves a lot of money.
Debt settlement and negotiation, when done right, can greatly reduce the amount of money owed, the interest rate being charged, or many times both. Also, many creditors will submit a more favorable entry into your credit report once the terms of the debt settlement or negotiation are completed.
Again, and this bears repeating, debt settlement and negotiation is best left to the experienced professionals. Even if you are offered a debt settlement directly by a creditor, one that seems to be be very good, there is a very good chance that the creditor would actually be willing to negotiate an even more favorable settlement.
Don’t take chances with your credit report! Call the professional credit experts at The Hoats Law Group today for a complimentary consultation.