Nov 24, 2022
Starting a business is hard enough, but it can be even more difficult if you have bad credit. If you have bad personal credit and are wondering if it will affect your commercial loan application or terms, the answer is yes. Your business and personal credit history will play a role in whether you are approved for a loan, the available terms, and payment schedules, the interest rate on the said loan, and how much lenders are willing to give you.
Lenders always assess an applicant's credit history to decide if they're eligible for a loan and how much of a risk it is to give them the money. Your credit history outlines to lenders how often you make debt repayments on time, plus whether you have ever defaulted or filed for bankruptcy. If your company is a startup, this means that creditors will place more importance on your credit score as they don't have enough data to discern your creditworthiness.
Of course, like any other mistake in life, bad credit can be repaired over time. One of the best and fastest ways is through legal credit solutions.
Unlike traditional credit repair companies, legal credit solutions utilize federal laws and consist of a team of onsite attorneys, paralegals, and support staff. This team will ensure that your legal rights are protected and that you get the best results possible.
Oftentimes, people are unaware of the many steps they can take to improve their credit scores. A legal credit team will educate you on everything from reading your credit report to resolving errors on your report. They will also help you create a budget and build a plan to get your score up as quickly as possible.
One of the main benefits of using legal credit solutions is that you can see results much faster than if you were to go it alone. This is because the team will work quickly and efficiently to dispute any errors on your report and help you get back on track.
Contact a legal credit repair company today if you're ready to improve your credit score and get your business back on track. With so much at stake, getting the help you require to succeed is worth it.