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Basic Understanding of Credit Review

Credit review basically involves a periodic review of one’s credit status. People such as credit settlement companies, lending institutions, credit counselors and the credit attorneys may be interested in credit reviews with various interests. In simple terms, any institution offering credit or assists people with credit issues would need to keep abreast with credit reviews. One would only need to know that credit reviews tend to involve soft inquiry and tends to make sure that it does not affect the borrower’s credit score. However, one as a creditor would need to make sure that he or she takes time to check on the borrowers credit review account with the intention of checking whether he or she meets the credit product standards. One would also need to note that the credit review process tends to be referred to as account monitoring or even an account review inquiry. Even as the creditor lends money to a borrower, he or she would need to check his or her borrowing and paying habits to decide on the amount of money he or she wants to commit to the borrower in question.

One would need to know that credit reviews tend to require the creditors to often request the borrowers to make sure that they provide updated personal information which should be in relation to the credit review. As a result of updating their personal information and meeting the payment requirements, their credit range tends to increase. In the same line, one would need to note that most of the lenders will ensure a credit review after every six months or even after a year to decide on whether they should increase the credit limit or not. For one to increase his or her borrowing potential, he or she would need to make sure that he or she has a clean payment history. As a result, it would be critical for one to work on his or her payment trends to have a good credit payment history.

One as a borrower tends to have options of going to a credit counseling services before borrowing. One would need to know that these services tend to vary depending on the borrowers situations and the counselor would need to check one’s credit review to offer the best advice. One would also need to know that the personal credit attorneys and settlement companies tend to offer their services to the borrowers especially in negotiating for debt settlements. In most cases, a distressed borrower would consider working with a settlement company or even a credit attorney to settle a debt and later pay the attorney or the company in question.

For such an entity to achieve the negotiation role, it would need to ensure a full credit review of the borrower especially on his or her credit profile with the intention of providing the borrower with the best services. Once in a while, the attorney may need to recommend the borrower to stop paying the debt with the intention of having a higher negotiating power.

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