|By PR Newswire||
|September 4, 2013 06:15 AM EDT||
LAKEPORT, Calif., Sept. 4, 2013 /PRNewswire-iReach/ -- Badcreditpersonalloans.net wants to do more then lend money to people with credit challenges. They also want to educate bad credit borrowers on how to improve their credit score so borrowers can get better loan terms in the future. One of the ways, they do this is by offering a credit advice section on their website. It offers tips on how a consumer with a low credit score can raise it.
"Our goal is always to help our customers," says Mr. Peter Myers, CEO of Badcreditpersonalloans.net. "That may mean helping them get an emergency line of credit when they have no other options or It may mean providing them some advice on how to improve their credit scores so the client has more borrowing options in the future."
"Many people have bad credit because they just don't understand how the system works. It can get complicated if you haven't been taught how to read a credit report, how to dispute credit report inaccuracies or even quirky things, like the 45-day rule." Said Mr. Myers.
What is the 45-day rule? Many of you may know this, but when you apply for credit and your credit report or score is reviewed it can lower your credit score. But did you know that's not always the case? Here's why. There are two kinds of "pulls" in the credit reporting business. There is the "hard pull" which is performed by a lender when you apply for most kinds of credit. It may be a credit card, mortgage, car loan, line of credit, or even a furniture loan. The other is the "soft pull." This is when you pull your own credit to review it.
Here's how Mandi Woodruff, a writer from Businessinsider.com explains the 45-day rule in her financial column: "Most credit scores are not affected when you shop for a car, mortgage, student loan, or an apartment within 45 days, a FICO spokesperson told (Consumer Reports). Instead, they will treat it as a single inquiry and lump them all together." The FICO credit score is the industry standard and used by 90 of the top 100 largest U.S. financial institutions.
The same goes for personal loans and Badcreditpersonalloans.net, a loan finding website is getting the word out to their prospective borrowers. "Many consumers have a misconception that their credit will be significantly dinged if they apply for more then one personal loan, "stated Mr. Myers. "But that is simply not the case if you understand the 45-day rule."
"It's in the borrower's best interest to compare as many lenders and loans as possible. That way you get the best rates and terms." Badcreditpersonalloans.net facilitates this loan-matching process by offering borrowers an opportunity to complete one easy application that is viewed by multiple lenders.
"Many of our lenders do not even pull your credit since they lend based on your job and the fact that you have proved your financial responsibility by having an active checking account," he noted. "But even if they did you your credit score would be unscathed since it would happen over the course of one day."
When you think about it this 45-day rule makes a lot of sense. Competition between lenders, car dealerships, student loan providers, and banks provides consumers with the best deal. If borrowers were afraid their credit score was going to drop they might be tempted to take the first offer that came their way, but now they can make the banks compete and find the best loan terms and interest rates.
Media Contact: Peter Myers, BadCreditPersonalLoans.net Ltd, (872) 222-9076, email@example.com
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SOURCE Payday Loans Organization Ltd