If you’re looking to obtain new credit lines, increase your credit score, or remove past derogatory marks from your credit report, then you’ll need the help of a credit consultant. A credit consultant can assist you with any and all of these things and more. They know the ins and outs of the credit process and are able to act as an intermediary between you and creditors and other financial institutions in order to ensure that your best interests are met. But what are some specific things that a credit consultant can do for you?
Here are five of them.
1: Reduce debt
More than 20 million American consumers struggle with credit card debt. But some of these consumers have an even more difficult time trying to pay off their debt. While most creditors offer a variety of options for paying off your debt, such as interest-only payments and payment extensions, these are not always ideal or realistic payment plans. If you’re struggling to pay off your debts and need someone on your side to ensure that you get out of debt as quickly as possible, it’s time to call in a credit consultant. A credit consultant can act on your behalf and resolve outstanding issues with creditors and help you design an affordable repayment plan so that you can eventually reduce or eliminate existing debt.
2: Increase cash flow
If you’re starting to feel overwhelmed with bills and credit card debt, a credit consultant might be able to help. These professionals are specifically trained in identifying financial problems and finding ways to fix them—fast. Most importantly, they can help you understand how your money is being spent and identify ways to get it under control. There’s no shame in asking for help, especially when it comes from someone who doesn’t have an emotional attachment to your finances (like, say, your significant other). To increase cash flow immediately, ask for guidance from a credit consultant about where cuts can be made and how you can reduce future debt by spending less today.
3: Resolve tax issues
If you want to save money, contact your credit consultant about resolving tax issues. Depending on how aggressively you prepare your taxes, it’s possible to shave several hundred dollars off of your tax bill each year. However, if you aren’t comfortable handling these details on your own, get help from a professional who can take care of all of these tasks. A tax consultant will be able to handle all of these details and more so that all you have to do is file your taxes at tax time and reap in savings without having to do any extra work. By helping you achieve your financial goals faster, a qualified credit counselor may be able to negotiate with lenders to give clients better terms on their loans or better rates. Additionally, if clients are behind on payments or defaulting altogether, credit counselors often negotiate with creditors to prevent repossession or garnishment. Finally, it’s often possible for counselors to secure forgiveness through bankruptcy proceedings as well as erase collection accounts from clients’ credit reports once they are no longer delinquent.
4: Deal with foreclosure
Foreclosure is not only expensive, but can also have a devastating effect on your credit. A foreclosure can increase your score by up to 100 points, depending on how many times you’ve been foreclosed and other factors, like your payment history. In some cases, that increase might be enough to save you from high interest rates or even stop an application denial altogether. If you’re in danger of losing your home, consider contacting a local credit consultant or lawyer who can help get you back on track with your payments before it’s too late. Hello Everyone, I hope that all are doing well and enjoying life at its fullest! I am doing another donation round here.
5: Prepare for loan applications
Before you meet with a credit consultant, ask them whether they’ll be helping you to prepare loan applications. This can be very helpful; getting your credit in order is almost always best done in advance of applying for a loan. A good consultant will help ensure that any errors on your application are corrected and that you know exactly what’s required from you when it comes time to submit an application. If a loan officer doesn’t need to chase down paperwork, your chances of being approved are higher. Make sure you don’t waste anyone’s time: Make sure you know exactly how long it will take your credit consultant to review all relevant documents—and that she can finish those tasks within the timeline available.