Georgia consumers with lower credit scores may be aware of the fact that credit repair comes with a lot of benefits. For example, they probably know that improving their credit scores will make it easier to qualify for new loans and credit cards. However, many of these Georgians with bad credit could save a substantial amount of money on their monthly bills by engaging in credit score repair. They may not see big changes overnight. However, over a short amount of time, as their credit scores increase, some of their biggest bills are likely to shrink.
Monthly Bills that may Cost less when Georgians with Bad Credit Improve their Credit Scores
Some Georgia consumer may be led to believe that credit score repair will only help them save money on items that they might finance in the future. Yet, improving your credit score can help you pay less for things that you’re spending money on right now.
If you had less than perfect credit when you bought your home in Georgia, you were probably assigned a higher-than-average interest rate on your mortgage. There is good news. You don’t have to be stuck with heavy interest charges through the life of your home loan. If you’re able to substantially improve your credit score, you can refinance your home for a better interest rate. You can also start putting more cash in your wallet every month.
Right now, it’s fairly easy to get an auto loan with bad credit in Georgia. However, most bad credit auto loans come with very high interest rates. Much like with your mortgage, an improved credit score might allow you to refinance your car at a better rate. This will allow you to put more money aside for car repairs and routine maintenance work.
Credit score repair can even help you save money if you don’t own your home. If you’re renting or leasing a home in Georgia with bad credit, you may be paying more for your apartment than tenants with good credit. Sometimes land lords charge tenants with bad credit more every month. This is to offset the risk posed by a bad credit history. Therefore, after credit score repair, you should be able to get a better deal on rent if you’re planning to move. Or, you may be able to negotiate lower payments with your current property manager if you would rather stay where you are.
As a Georgia consumer with less than perfect credit, if you can qualify for a credit card, it will probably come with a high interest rate. So, unless you’re paying off your balances every month, everything that you buy with your credit card ends up costing more after heavy interest charges are tacked on. After improving your credit score, though, you should be able to get a different card with a better interest rate. Still, even if you do get a card with a better rate, it’s best to pay off your balances every month, or to at least keep your credit card balances as low as possible.
Statistics show that consumers with bad credit file more claims than consumers with good credit. Because of this most drivers with low credit scores pay more for auto insurance coverage. In some states it’s illegal to base insurance premiums on credit scores, but Georgia allows the practice. Some Georgians with severely damaged credit are paying twice as much as their neighbors for the exact same car insurance. Improving your credit score, however, will allow you to secure a more competitive rate.
Many Georgia homeowners don’t know that homeowners’ insurance providers assign credit-based scores to consumers in order to assign rates. These insurance scores aren’t the same as credit scores, but they’re influenced by similar factors. Items that have a negative impact on your credit score will probably influence your insurance score in the same way. Unfortunately, consumers with low insurance scores typically pay more for policies. Therefore, just like with your auto insurance, successful credit score repair should earn you a better deal on your homeowners’ insurance.
The Fastest Way for Georgia Consumers to Improve their Credit Scores
There are several way improve your credit over time, and the fastest way to start the credit score repair process in Georgia is to eliminate all of the errors from your credit reports. Believe it or not, about 80% of consumer credit reports contain errors of some kind. Many these mistakes are significant enough to cause your credit score to drop. For this reason, you should request copies of your credit report from all three of the major credit bureaus (TransUnion, Experian, and Equifax). A federal statute known as the Fair and Accurate Credit Transactions Act (FACTA) allows you to do this for free every 12 months.
Georgia residents who find errors any of their credit reports don’t have to dispute them on their own. Instead, they can get a FREE credit repair lawyer to help them through the entire process. This makes it even easier to get on the right path to good credit.
The Free and Legal way to Get Better Credit
Don’t let errors on your credit reports bring your credit score down. At Credit Repair Lawyers of America, we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? All of our fees come from the defendants in cases that are settled. This is why our clients pay nothing for the work we do.
Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (404)591-6680 or sending him a message through our contact page.