Chicago, IL: Improving Your Credit Score in the Windy City
Infamous deep dish pizza, great architecture (who doesn’t love The Cloud Gate?), and a gigantic multicultural city that is a fraction of the cost to live in compared to LA or NYC – need we say more? In addition to the attractive offerings of Chicago’s social scene, the city has a thriving economy, offering a mountain of employment opportunities for its residents. All these great attractions, and yet many Chicago residents are barely treading water when it comes to their credit scores. Chicago holds an average credit score of 648, a wildly low number in comparison to Illinois as a whole, which averages 671.
Creditors and lenders use a scoring system known as FICO®, which analyzes how likely you are to repay borrowed funds and calculates your credit risk. The scoring ranges from 300 to 850 and is determined by evaluating the following areas: your payment history, new credit, debt ratio, length of credit history, accounts owned, and your credit mix. Having a poor credit score is something anyone can experience. When the economy is suffering, you get laid off, or you’re hit with unexpected medical bills, financial hardship can quickly cause maxed out credit cards and unpaid bills.
Whether you made a few poor mistakes in your youth, or you faced short-term, unexpected financial troubles, the outcome is always the same – you are standing nose-to-nose with unpleasant consequences, such as filing for bankruptcy, foreclosing on your home, or having your car repossessed. So, what now? While circumstances may feel hopeless, Chicago residents can reverse this damage through credit repair.
If you thought financial security, employment opportunities, and achieving your desired lifestyle was no longer in the cards, think again. The Phenix Group will provide you with the tools you need to boost your credit score, regain financial security, and repair the reporting errors that are potentially eating hundreds of thousands of dollars out of your pocket each year.
The Effects of Bad Credit
When a few poor financial decisions cause your credit score to tumble into murky waters, it’ll have a massive impact on your life. Lenders will see you as a risky borrower, denying you financing for a new home, college loans, or even that shiny new car you’ve had your sights set on. Because you’re classified as a high-risk borrower, you’ll be subject to higher interest rates and fees, loftier utility bills – costing you hundreds of your hard-earned dollars – and even make you vulnerable to pricey insurance premiums, all because of an unhealthy credit score.
As a Chicago native, possessing a bad credit score can completely disrupt your social, mental, financial, and even physical well-being. Your employment application may be denied as companies often factor poor credit into their decision-making process. And don’t be surprised to see your cell phone provider tack on an unexpected security deposit to compensate for the possibility of absorbing the cost of an unpaid contract. Landlords are also wary of poor credit, and will inflate your security deposit or decline your lease application as a way to protect themselves from potential loss of income.
How Can Credit Repair Restore Your Financial Health?
The Phenix Group will first gather your records from the three leading reporting agencies: Experian, Equifax, and TransUnion. Won’t one credit report suffice? While each agency is responsible for assembling data about your financial behaviors and payment history, each may disclose different information depending on the reporting source – i.e. banks, credit card companies, debt collectors, healthcare providers, lenders, and utility/phone companies. For instance, your Experian report may hold inaccurate or unverifiable items that do not appear on your TransUnion or Equifax reports.
By leveraging an independent law firm and consumer protection laws, The Phenix group works to challenge and correct outdated or erroneous information on your credit report. We provide personalized and timely support, employing specialized dispute tactics to get bureaus and creditors to acknowledge inaccuracies, ultimately strengthening your credit score. Although creditors profit from poor credit reports, laws like the Fair Credit Reporting Act were enacted to protect consumers like you.
If it feels like your credit score is tattooed to your forehead, you’re not alone. When you’re battling bad credit, it can seize control of your life – your financial health crumbles, you’re struggling to afford high interest rates and premiums, and you feel defeated with each new application denial. Our specialists not only help restore your financial standing, finally transforming the dark cloud following you around into blue skies, but we’re committed to providing life-altering education on maximizing your credit score moving forward.
Common mistakes that will lead to bad credit:
- Habitually late on payments
- Filing for bankruptcy
- Having an account charged off
- Defaulting on a loan
- Closing old lines of credit
CHICAGO, HERE’S WHAT YOU’LL GAIN WITH GOOD CREDIT
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 Chicago credit repair 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
Chicago Credit Repair Services
Bad credit can be scary, but it shouldn’t define who you are. The Phenix Group is passionate about liberating people from the fallout and repercussions of carrying around a poor credit score. We help with charge offs, repossessions, debt settlement, dispute code removal, and more, all designed to help you reclaim your lifestyle, land a new employment opportunity, and finally move into that new home you deserve. We provide ethical and professional credit repair solutions that use regulation and laws to shield you from having to live in a never-ending nightmare of financial hardship. At the Phenix group, we are dedicated to helping you live a headache-free life and achieve your goals.