Looking for the best Brampton credit counseling? York Credit Services is the company to call for all your credit repair needs. Losing tabs on some of your monthly payments is quite common, especially with the multitude of bills from student loans, credit card payments, personal loans, medical bills and mortgages among others. Unfortunately, this is when debts begin to accrue and the further back the payments fall, the harder it is to pay off the debt. This is how bad credit begins to develop.
You have probably heard of people talking of bad credit before or have been told that you have a low credit score. Credit score is a tool used by most lenders as eligibility criteria for loans or extending credit. Credit score is calculated based on your past borrowing habits, income and credit status among others. The more debt you have with outstanding payments, the lower your credit risk is. A low credit score is a red flag to lenders as it shows them that you are a credit risk for them. This is why it is difficult to get financing with a low credit score.
Credit scores usually range from three hundred to eight hundred and fifty points and the higher the number of points the better the score. Each lender often has their own determinants of good or bad credit score. However, with most lenders, anything below six hundred is a low credit score and below five hundred is bad credit. There is a difference between a low credit score and a bad credit score but most lenders will consider anything below six hundred as a high credit risk.
Bad credit is not a permanent situation and it does not have to follow you forever. You may have fallen into tough times due to the bad economy, medical bills or losing your job that led to bad credit. However, through hard work, determination and the help of a Brampton debt relief specialist, you have the chance of improving your credit score with time.
We provide a variety of customized solutions for managing bad credit scores and bad debts to help you improve your financial status and get on the right track. When it comes to credit repair, we cannot guarantee that we will improve your credit score in leaps and bounds; it takes the combined efforts of our team of professionals and your personal dedication to get great results. With our experience in business, we know how to operate the rules and how to approach your credit issues in order to improve your credit rating.
The first step we will take is to have a credit counseling session where we examine your current income, expenditures and debts, things that affect your credit score. We will also look at your list of lenders, debts, durations and interest rates. It is important to scrutinize this list in case we need to dispute any questionable entries in your credit report. We often find debts that our clients are unfamiliar with yet they are included in the list. All the items will be verified before taking the next step.
Getting into a debt management plan can help you manage your finances better than you would on your own. Through debt management plans, you get to work with our finance specialists who will advise you on the best way to budget for your income, approach creditors to waive penalties or debt reduction.
Brampton debt consolidation helps you consolidate multiple debt payments into a single payment that is easy and convenient to make with lowered interest rates. Debt consolidation takes away the burden of having to deal with multiple creditors and narrows down everything to financing one payment every month.
Bankruptcy is the long route to improving your credit score but it gives you the chance to start on a new and clean slate, especially when you work through the bankruptcy process as fast as possible. You can start over building healthy finances and a good credit score.