The Credit Condition in Tampa Bay, Florida
What do you get when you pair the attractive amenities of a metropolitan area with the easy-going lifestyle of a beach town? The Tampa Bay, Florida region. Its diverse community, trendy social scene, array of entertainment, dining options, and artsy museums which make Tampa Bay a truly appealing place to call home. Many Tampa Bay residents, however, are unable to indulge in any of the conveniences the area provides because they’re tangled in a messy web of bad credit. Floridians carry the 5th highest debt load in the U.S., with Tampa families averaging $27,958 in credit card debt alone. Tampa holds a national rank of 1,993 with an average credit score of 648, which means the region is in dire need of credit repair. In order to determine your credit risk, or the probability that you’ll repay borrowed funds, creditors and lenders use a scoring system known as FICO®. To calculate your score, the system gathers information surrounding your payment history, debt ratio, your credit history length, new credit lines, accounts owed, and the type of credit mix you possess to give you a number ranging from 300 to 850. The reality is, anyone can fall victim to bad credit. All it takes is a few mistakes, like a maxed-out credit card or a couple of missed payments, to damage your financial health. These slip-ups often have a snowball effect, leading to more dire situations, such as a foreclosure or vehicle repossession.
How Does Credit Restoration Work?
When you have bad credit, you’re vulnerable to higher interest rates on your credit card or mortgage loan, inflated insurance premiums, and lenders can deny your application for a new home or car altogether. By collecting your credit records from each of the three principal reporting agencies, Experian, Equifax, and TransUnion, we can effectively identify any errors that are harming your credit report. Because each credit reporting agency may have different information surrounding your financial history, it’s important to analyze all three reports. Having this data is essential for Tampa Bay, FL residents seeking to restore their unhealthy credit score.
Our analysts work to remove outdated or inaccurate information, including details that cannot be verified, such as data reported by a business that is no longer in existence. The credit specialists at The Phenix Group will leverage our industry expertise and knowledge of consumer protection laws to negotiate the removal of errors on your behalf, helping you to give your financial standing a much-needed face-lift. By freeing yourself from the handcuffs of a poor credit score, you’ll no longer have to live your life in constant worry over how your finances will impact your ability to score a new job or purchase a new home. Once you work with The Phenix Group, you can sleep easy at night knowing your financial affairs are finally in order.
The Fallout from Bad Credit
Once your credit score plummets, lenders will categorize you as a risky borrower and refuse to work with you. To creditors, a poor score represents a strong likelihood that you would either fall behind on your credit card or loan payments or completely fail to repay the money altogether. As a Tampa Bay local, having poor credit can lead to denied applications, insanely high fees on utility bills, lofty interest rates, and even jack-up pricing for things like your car insurance. Walking through life with a poor credit score can feel like there’s a dark cloud raining down on you wherever you go. That’s why we’re here to help. Our team of attorneys and credit specialists are committed to understanding your challenges and goals, creating a personalized process around your needs to help elevate your credit score.
Common mistakes that will lead to bad scores:
- Habitually late on payments
- Filing for bankruptcy
- Having an account charged off
- Defaulting on a loan
- Closing old lines of credit
TAMPA BAY, HERE’S WHAT YOU’LL GAIN WITH GOOD Scores
You don’t have to leave the Lone Star State to improve your credit score. Our unwavering commitment to helping people reverse poor credit and realize financial security has inspired us to design personalized and attorney-based credit repair Tampa Bay solutions to help you find success.
Purchase your first home
Own your dream car
Get a business loan with a low interest rate
WHAT OUR CLIENTS
HAVE TO SAY ABOUT US
Tampa Bay Credit Repair
Whether you’ve made a few financial mistakes in your youth or circumstances in your past caused your credit score to plummet, you shouldn’t have to carry this weight around with you forever. We help people like you regain control over their financial health, so you can set out to achieve the goals you’ve always wanted to accomplish. From dispute code removal to debt settlements, The Phenix Group will create a custom credit solution just for you! For the Tampa Bay population, that means finally signing on the dotted line for that job, car, or house you’ve had your sights set on, without being penalized or jumping through hoops.