No one wants to spend time thinking about or dealing with credit reports and scores, but the reality is that the manner in which financial institutions view your creditworthiness can substantially affect nearly all areas of your life. Having poor credit is not only embarrassing, it is expensive: An inability to access the best financial resources can have long-term impacts on your ability to save and even retire.
Worse still, credit reports can often seem bafflingly opaque. You may not understand why your score has gone up or down or why efforts to improve your score cannot seem to stick. Hundreds of factors go into determining your score at any given moment, and while some may seem beyond your control, you actually have a great deal of influence over overall credit.
Our Jackson credit services at Irvin Law, PLLC can give you the tools that you need to navigate credit problems. Whether you are an individual or a business, our team can assess your situation, discuss your short- and long-term goals, and help you explore solutions that will enable you to build and maintain strong credit. We are compassionate to the stress that surrounds a poor or unstable score and will do everything possible to support you.
Why You Need To Care About Your Credit
If you have never thought about credit before and have seemingly never any obstacles stemming from it, you might be wondering why you should pay attention to it. You may have even had relatively poor credit, but your score never appeared to have much of a material effect. Why take action now?
Bad credit has a habit of sneaking up on you and snowballing into significant negative consequences. It may have been influencing your life without your realizing: If you are regularly rejected for apartments and jobs or struggle to secure favorable interest rates on loans, your poor credit report may be why.
A negative credit score can cause many problems for both individuals and businesses, including:
- Greater difficulty renting desirable apartments
- Greater difficulty landing a job
- Inability to secure the lowest possible interest rates on loans
- Limited access to the best insurance policy rates
- Limited access to the most advantageous credit cards
- Limited to no access to business financing
- Requirements to commit to “personal guarantees” when seeking business loans
- Inability to save, invest in assets, and plan for retirement
Furthermore, poor credit often results from late or missed payments on loan obligations. A continued inability to manage debts can lead to even more severe, direct action, including collections lawsuits and other form of litigation. Many struggle specifically with student loan debt, which can quickly overwhelm young individuals and place them in a vulnerable financial position. Even if individuals manage to overcome student debt issues, they will likely face a substantially damaged credit report that has the potential to follow them for many years.
Our Service Areas
Our firm can assist both and individuals with credit issues. We are capable of helping entities establish credit from scratch or work to recover a badly damaged score. We have a full familiarity with state and federal laws and regulations that govern credit, debt collection, and other relevant factors and can leverage our knowledge to effectively advocate for you.
Our Jackson credit services include:
- Consumer Credit Score Improvement. Our team can work with you individually to assess why your credit score is low and take steps to improve it. This often involves auditing your report to uncover mistakes, errors, and misreported elements. We then dispute these issues on your behalf with the credit bureaus. Our team can also negotiate with creditors directly to renegotiate agreements or request verifications of debts. When debts are resolved, we can communicate between collection agents and bureaus to ensure the settled account is promptly reflected in your report. We will evaluate every element of your unique circumstances and create a plan that recommends financial adjustments and good habits that will measurably improve your score over time.
- Business Credit Establishment and Improvement. Businesses have unique credit reports distinct from the individuals that run them that heavily influence their ability to secure financing, partnerships with suppliers and vendors, and other operational essentials. If you are a new businessowner, we can work to efficiently establish business credit and develop a strategy to strengthen that credit over time. We can also continue to work with your venture to monitor your credit report, resolve issues, and advise on practices that will maintain and boost your business’s score.
- Student Loan Support. Student loan debts can do serious damage to a person’s credit report and overall livelihood. They are also harder to get rid of, as many traditional means of relief – including bankruptcy – will not necessarily be able to directly address student loan debt. Every student loan situation is different due to the variety of servicers and state-specific rules involved, and our team can help you explore relief and legal options that will be effective in managing your unique situation.
Our attorney is ready to get you the support you need through our Jackson credit services. Schedule a free consultation with the team at Irvin Law, PLLC by contacting us online or calling (601) 340-6800.