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Philadelphia Company Shares Tips to Fix Credit After Student Loan Default Wednesday, July 31st, 10:50 PM
Credit Counseling Service in Philadelphia Offers Tips to Handle Student Loan Default

Chicago, United States - July 31, 2019 / Zorro Credit /

credit repair philadelphia

Getting Out of Default to Repair Credit

Defaulting on a student loan doesn’t have to be the end of the world, according to Zorro Credit, a team of specialists offering credit repair in Philadelphia, PA. There are several steps that can be taken to get out of default and return credit to good standing. This will ease the process of purchasing a new car, a new home or other large expenditures in the future.

The first thing someone needs to do after defaulting on a student loan is to get out of default. This process can be much easier with the help of a professional credit repair company. In order to get out of default, the lender must either pay off the loan in its entirety, rehabilitate the loan with more affordable monthly payments or consolidate all loans for ease of payment.

Paying Off Debt to Improve Credit Score

The next step to repair credit following student loan default is to pay down or pay off as many other current debts as possible. This would include a car loan or credit card debt. Credit utilization accounts for 30% of someone’s credit score so the lower balance the better score. “We often advise lenders to pay off credit card debt and high-interest debt prior to student loans,” says Ann Gibbons, a credit repair specialist from the Zorro Credit offices in Philadelphia. “Maxed out credit cards do not reflect well on a credit score.”

Additional steps to fix credit after defaulting on a student loan include paying off bills on time. A lender’s payment history represents 35% of their credit score. That is the highest percentage of all factors taken into account when determining whether someone will qualify for their desired loan. “It is best to be diligent in paying off all bills on time. This could be a mortgage payment, car payment or utility bills. All debt is taken into account when calculating a credit score,” says Gibbons.

Enlist a Credit Repair Specialist for Help

Zorro Credit encourages anyone that has just defaulted on their student loan to contact their office to schedule a consultation with a credit repair specialist in Philadelphia. Improving your credit score can be a long and complicated process and will be much easier with the help of an established credit repair company.

About Zorro Credit

Zorro Credit is an established credit repair company with locations in Denver, Las Vegas, Houston, Charlotte, Philadelphia and more. Their services include inquiry removal, late payment deletion, medical bill deletion, charge-off deletion, bankruptcy deletion, tax lien deletion, and foreclosure deletion. Learn more about the company here: zorrocredit.com

Contact Information:

Zorro Credit

4500 S Damen Ave #288
Chicago, IL 60609
United States

Karen Morris
(720) 707-3250

Original Source: https://zorrocredit.com/press-releases

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