Credit is needed for nearly every financial transaction, from renting or buying a home to leasing a new vehicle. If a person has less than perfect credit, it could cause them to be denied a loan, or require them to pay a large sum of money for a down payment. The process involved with Credit Repair in Palm Bay FL can be daunting, but a debt counselor can make sense of the process and help a person restore their credit.
Debt Evaluation
To begin, a credit counselor will need to evaluate a person’s current financial situation. It is important to provide them with a copy of any bills, and they will also pull the person’s credit to look for any other items that may be present that can be the cause of a lower than normal score. Once they determine the issues that are present, they will then formulate a plan to help eliminate debt and increase a person’s score.
Debt Disputes
Any outstanding debt that may have gone to collections can cause serious issues with a credit score, and lead to a drop of up to 40 points per occurrence. One of the most crucial steps of credit repair in Palm Bay FL is to dispute this debt to ensure that it validly belongs to the individual. If the collection agency cannot prove the ownership of the debt, then they can be forced to remove it from a person’s report.
Monitoring
Once the major items have been addressed, the work isn’t over. The credit repair specialist will continue to monitor the person’s credit and make suggestions on ways to pay down debt so their score can be increased. They will also look for any changes that may have occurred and made recommendations on methods to improve a credit score, such as opening a new line of credit.
It can be devastating to learn that a credit score is not high enough to allow a person to get a loan. Rather than stressing it, consider visiting G.I. Tax and Financial Services and let one of their experienced credit counselors help. Click here to learn more and take the first step in repairing bad credit once and for all.
