New Study Reveals Four Things That Cost More Because Of Bad Credit

Having a bad credit score not only affects an individual’s purchasing power, but also makes it tough to get fair prices on other important necessities of life.
NEWARK, N.J. - Dec. 7, 2015 - PRLog -- Though everyone is aware of the direct consequences of having a low credit score, many people fail to consider the indirect costs.  Specifically, when it comes to the necessities of life, those with bad credit are forced to pay higher prices, which is completely ironic since this is the group that needs the lowest prices on goods and services.  The four things listed below will typically cost more for those with poor credit scores.

Utility bills – Electric, gas and water companies usually charge a hefty deposit for those who have a low credit score. Their reasoning is that those with bad credit will often be late on payments and may even skip out without paying a final bill.  For this reason, these companies get their money up front.

Rentals – Whether an individual is trying to rent an apartment, condo or house, most agencies now run a credit check. Just as with the utility companies, these landlords generally reason that those who have high credit scores will be better tenants. Those with low scores are seen as people who might leave property damaged or eventually need to be evicted.

Home and Auto Insurance – Many people don’t even realize that insurance companies run a credit check on anyone wishing to get insurance. Rates are figured using various criteria.  Most people know that having had past accidents or claims will raise the rates.  However, few realize that low credit scores also result in higher insurance rates.

Mobile Phones – With over six (6) billion mobile phones now in use on the planet, it’s more vital than ever to get the lowest possible rates. A high monthly cell phone bill can hurt and low credit scores cause carriers to ask for larger upfront deposits.

With so much at stake, Jason M. Kaplan, Esq., president of The Credit Pros offers some important advice: “We believe it’s cheaper for individuals to just go ahead and work with a company like ours to raise your credit score, rather than paying higher rates.  For instance, with a poor credit score, you might have to pay a 12% interest rate on a new car. Over the course of a 5-year loan, this can add up to thousands of dollars difference.”

Mr. Kaplan admits he has seen very solid results for consumers who are willing to work with them to improve credit scores. Though consumers can do this without help, many people say they do not have the skills, time or patience to do all the work necessary to raise their credit score. Instead, working with The Credit Pros can remove inaccurate, outdated, misleading or unverifiable negative items from an individual’s credit report.  Mr. Kaplan adds, “If you’re about to make a major purchase like a home or car, it’s essential to improve your score as much as possible before moving forward.”

About The Credit Pros

The Credit Pros works with consumers to help them identify problems on their credit report and get those repaired. They offer a wide range of services from one-on-one consultation to Cease and Desist Letters to Creditors. The company has a strong background in credit reporting and has helped thousands of consumers restore their good credit with disputes, debt validation letters to creditors and Goodwill letters to creditors. They are registered and bonded and have monthly plans, as well as per-deletion plans.

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