Life happens. Sometimes, that can mean late credit payments and accounts sent to collection. At CredEvolv, we don’t judge. We step in to help so people don’t have these blemishes or a mid 400 credit score forever.
Stacey came to us with a credit score in the mid-400s. We connected her with a HUD-certified, nonprofit credit counselor, who was able to remove 12 late payments and four collection accounts from her credit report. This catapulted her credit score into the mid-500s and created the potential for even more upward movement!
Now, the sky’s the limit for Stacey, both with her credit score and the financial goals she can achieve with it!
What are collections on a credit report?
A collections account happens if you fall behind on payments. The lender or creditor can decide to transfer your account to a collection agency. The can also opt to sell it to a debt buyer.
This can occur anytime from the date you begin missing payments or not paying the full minimum payment to a few months after you become delinquent. Lenders and creditors will usually send you letters or call you regarding the debt before sending it to a collection agency.
“How quickly can I improve a mid 400 credit score on the CredEvolv platform?”
Now is the best time to start the process of improving your credit. Forget what Google or the for-profit credit repair guys tell you. It takes a little time for your credit score to go up, and it doesn’t always happen overnight. Typically, our clients reach their credit goals and loan readiness in an average of 3 to 5 months. Stacey did exactly that.
Depending on your individual situation, you may need services like dispute resolution, budget analysis, debt-to-income ratio analysis, payment negotiations, credit card or loan payoffs (or not), and more. These are things that only a HUD-certified nonprofit credit counselor on our platform will know how to deal with ethically and effectively.
Once all of this happens for you, who knows? You might see results similar to Stacey’s. So give CredEvolv a shot. You might be amazed by what happens next!
Read more credit success stories here.