The credit reporting agencies Experian, Equifax and Transunion will provide free credit reports to people throughout the month of April. There are innumerable people who don’t realize the importance of their credit ratings, but the reports are the way creditors understand each individual’s economic situation. Reviewing the credit report for assures that there are no mistakes which affect one’s ability to get future loans, credit cards or re-finance their homes if needed.
Having a low credit score can lead to higher interest rates on home loans, car loans and credit cards so correcting any mistakes is crucial. Addressing and correcting any mistake on a credit report is essential for people who plan on borrowing for personal or business reasons while the interest rates are low, which is now. For those facing foreclosure, who must hire foreclosure attorneys or need to refinance their homes knowing, your credit score is very important.
Before the real-estate crash in 2008, many people received loans that maybe shouldn’t have been given the mortgage based on their credit history. The low quality loans contributed to the mild recession America is facing and has consequently lead to a large number of foreclosures that require foreclosure lawyers for relief. The unemployment rate has drastically affected American homeowners and has put a myriad of people in danger of losing their homes and wrecking their credit. No matter the cause anyone facing foreclosure is advised to seek the counsel of a foreclosure attorney to explain their options.
