Personal-loan.com Announces New Section on Credit Repair Tips Credit Repair Is a Hot Topic as Borrowers Seek to Raise their Credit Scores to Qualify for Better Loans. One Leading Loan-finding Site, Persona-loan.com, Recently Added a New Credit Repair Section to Help it's Users.
MONTGOMERY, Ala., Nov. 18, 2013 /PRNewswire-iReach/ -- Good credit can save consumers money on loan rates, insurance policies and utilities. Even if borrowers have made mistakes in the past, there are plenty of steps they can take today to improve their credit scores. According to a recent article on Personal-loan.com, the first step to improving a credit is for borrowers to first understand their credit scores.
If a borrower has a credit score of 700 or higher, they could qualify for the best loans and the lowest interest rates. Once a borrower's score dips below 650 it can become increasingly difficult to find loans. "We can help borrowers with bad credit find loans, but at the same time we want to help them get in a better position so they can qualify for lower rates on their next loan," stated Personal-loan.com CEO, Mrs. Lisa Stinson.
The site offers advice on how credit-challenged borrowers can improve their credit history. According to the credit repair article, getting a copy of your credit report, examining it carefully for inaccuracies and correcting the errors can cause a significant improvement in your credit score. It notes that some borrowers will be surprised at how many errors they find on their credit reports.
Once borrowers address the errors, the article advises them to start the process of rebuilding their credit. Some of the steps a borrower can take to rebuild credit include paying down credit cards, but not necessarily closing the accounts. The article states "lenders like to see a long history of good credit with several different accounts. The best thing to do is to close a few of your credit cards and pay the balances down. Leave a small balance on them at all times and continue to make your payments on time."
Even if a borrower does not have any credit cards or loans on their report, they can start building a credit history by getting a loan and making on-time payments. Most lenders report the loan and the payments to the credit reporting companies. This improves a borrower's credit score. On the other hand it is also important to keep in mind that late repayments on a loan can cause borrowers credit scores to drop even more.
Once borrowers apply at http://www.personal-loan.com/, they will have a 14-day window to apply for credit without it negatively impacting credit scores. That's why Personal-loans.com gives prospective borrowers the means to access many lenders with one quick application. An applicant submits one secure, electronic application to many lenders and receives multiple loan approvals via email. Then all they have to do is review the offers and choose the one with the best terms and rates.
To read the entire article on credit repair tips, go to www.personal-loan.com/credit-repair.html.
Media Contact: Lisa Stinson, Personal-Loan.com inc, (872) 222-9076, email@example.com
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SOURCE Personal-Loan.com inc