Credit Reports
There are three major �bureaus� that hold information about you and your credit
files. Those companies are Equifax, Experian, and TransUnion. When applying for
credit or even employment, the creditor or employer will want to see a copy of your
credit history. This tells them, in a nutshell, your creditworthiness. We recommend
that everyone get a copy of their credit report at least annually, to review it
and see if there are any errors on the report, or what these companies are saying
about you.
Insurance companies look at these reports as well and can adjust your premiums accordingly,
if they feel you are a higher risk to them than someone else. In order to get a
free copy of your credit report, you can go onto the Internet and print these out
for yourself. The only site we know of that will give you this report for free each
year is www.annualcreditreport.com.
By electing to use any debt reduction program such as ours, your credit report will
be affected in a negative way, when you start out with the program. He reason is
you are electing to stop making payments to the creditors you owe money to. As a
result, creditors may put 30 days late, 60 days late, 90 days late etc. on your
credit report.
Here is why we are the Preferred Debt Relief and Debt Reduction service in America
- You can become free of credit card debt once and for all.
- You can receive immediate debt relief and no more creditor phone calls.
- We negotiate and settle your debt on your behalf.
- 15 years of helping hundreds and hundreds of clients across America.
Please call us toll free at 800-890-6658 for a Free Debt Relief-Debt Reduction Consultation.
Or use our Debt Relief Getting Started form.
However, when a negotiated settlement is made, you will end up paying off that closing
that account, paying back the creditor the lower negotiated amount and your credit
report will show you owe that creditor a zero balance on your credit report. For
example, let�s say you owe $40,000 in credit card debt, and we can negotiate that
down to say $24,000. If you were to pay $800/month, you would have completed the
debt settlement program in approximately 30 months ($24,000 divided by $800/month).
At the end of this time, your credit report will show that do not owe these creditors
any more money. In summary then, your credit report will show that 30 months ago,
you owed $40,000 in debt, and now you have $0.00 in debt.
Finally, the three bureaus also give you what they describe as a credit score. Although
none of these agencies will divulge how they derive at that score, it is generally
known that they weigh a percentage to some of these categories:
- How many creditors you have.
- What your balance is, compared to your other debt.
- How long has your account been opened.
- How may inquiries have you had over the past 2 years?
- Any public records, such as bankruptcy, foreclosures or tax liens?
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