Debt consolidation

20 things you need to know before Debt Consolidation

In this article series we’re covering 20 things you absolutely need to know before debt consolidation, and in this article we’re going to be covering
what you need to look for in your credit report.

If you would like 20 more valuable tips and to find out where you need to go to get a free copy of your credit report, you can get a copy of your free ebook, 20 things you absolutely need to know before debt consolidation available in our resource box.
So let’s talk about what to look for in your free credit report so that you can start your own plan to becoming debt free and
improve your credit score on your own.

First, take a look at where you are financially right now. Your credit report will list the history of your debts—including the debts that have been paid off and closed. It includes the institutions that you borrowed money from, including all lines of credit and credit cards.

It will also list your current debts with the balances you owe. Debts that have gone to collections will also be reported. It is a comprehensive
and detailed report of your credit history.

Second, look at your overall score. It will range from 300 to 850 (FICO). The higher your score, the better your score. This indicates to lenders how much of a credit risk you can be when they extend credit, loans, and/or financial responsibility.

Third, Look for discrepancies, or mistakes. Mistakes happen more often than most people assume. Be sure to report any discrepancies to all credit bureaus. Also look for fraudulent charges that are not connected to you.

Fourth, Look to see if you have been reported to collections. If so, and they are legitimate charges you have failed to pay, you can negotiate a payoff with these debts (which is further explained in your free ebook offered in the resource box).

On your credit report, if your debt ratio is more than 30%, this will have a negative impact on your score. By improving this debt-ratio, you are proactively working on improving your score on your own.

Your credit report will also give you a snapshot of where you are at currently and the next proactive steps to take.

To gain more free information, get your free ebook, 20 things you absolutely need to know before debt consolidation (offered in our resource box).

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