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What defines bad credit? It’s a documented history of not paying revolving charge accounts, and other debts by the due date. If you don’t pay your accounts within 30 days of the due date, many creditors will report the late payment to the credit bureaus. If you have multiple late payments reporting, you are going to fall in the bad credit consolidation loans category.
Creditors can report 30, 60, 90, & 120 late payments to the credit bureaus. If your account goes past 120 days late, most creditors will report a “charge off” to the credit bureaus. That’s as bad as it gets, you want to do everything possible to keep that from happening or you can go for credit help. A charge off means that the creditor is writing off the account and reporting it as a loss. That does not mean the creditor will not attempt to collect the debt, you have a good chance of being sued by the credit grantor if your accounts reach charge off status.
If you have accounts showing negative information on your credit report, there is no way to legally remove correct negative reporting. Don’t fall for the “CREDIT REPAIR” service scheme being sold by various companies. Typically, what is being offered by so called “credit repair” companies is a process called “jamming”. They flood the credit bureaus with disputes, which are then sent to the companies who originally reported the negative information. If the company doesn’t respond to the credit bureau within 30 days, the negative information is removed from the credit report.
Sounds good right? Not so fast, you don’t want to go this route, if you do you could get in some real trouble. If you have correct negative information removed from a credit report and then apply for and obtain a loan, your guilty of loan fraud and could end up in jail. You can find more information about credit repair fraud from sites like Fraud.org
If you end up with debt consolidation loans and bad credit the easiest way to bounce back from it is to make sure you pay any open accounts on time, and reduce the balances as much as possible. To understand how your credit score is determined you can obtain a copy of “Understanding Consumer Credit Guide” at Delraycc.com
If you don’t have any open accounts, you can obtain a secured credit, which will report to the Credit Bureaus the same as an unsecured Credit Card.
“A debt consolidation loan can be an excellent tool for people with bad credit to assist them get their finances back on track. Also, Obtaining a debt consolidation loan when you have bad credit can be difficult, especially if you look for help from the wrong source. While your bank or credit union may offer a variety of personal loans for debt consolidation, it’s feasible you won’t qualify if you have blemished credit. Banks and credit unions have strict loan standard and only lend money to those with good or excellent credit.
For any query about debt consolidation loans and bad credit consolidation loans call us at 1-877-209-2225.”
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