Home Business Spotlight Lakeside Receivable Services Discusses the Benefits of Good Credit

Lakeside Receivable Services Discusses the Benefits of Good Credit

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Lakeside Receivable Services

Lakeside Receivable Services is a provider of charged-off consumer and commercial receivables throughout the United States. In the following article, Lakeside Receivable Services, reachable at 716-317-0500, discusses the most valuable benefits for those with good credit, and what can happen to your credit when you are sent to collections, and how to fix and recover from that process.

In today’s stressful world of business ventures and stock market concerns, a lot of talk is thrown around about having good credit versus having bad credit. Many people wonder, what’s the difference, and why is having good credit so important?

Lakeside Receivable Services explains that the benefits of good credit are largely based on civil advancements. Some of these include finding approval for certain jobs and qualifications, while others include lower insurance rates and lower interest rates on payments, and the ability to obtain high-value loans, like home and car loans.

Benefits of Good Credit

Lakeside Receivable Services, 716-216-0002, says that there are several perks and benefits to having good credit, but these can usually be boiled down to three main categories, which are outlined below:

  1. Approval For Jobs and Qualifications
  2. Greater Credit Card Benefits
  3. Lower Interest and Insurance Rates

Lakeside Receivable Services takes a closer look at each of these fantastic benefits and get a glimpse into why good credit is a good thing for financial freedom.

Approval for Jobs and Qualifications

A few jobs, like those that specifically have to do with handling finances or require a level of security clearance, actually require the applicant to offer up their personal credit numbers or evaluation explains Lakeside Receivable Services. What this does is ensure that the applicant can not only handle money with integrity but is less likely to embezzle or break the rules for the sake of a bribe.

Without this all-important good credit score, some positions remain closed to applicants. Not only can a person with good credit get approval for certain employment positions, but they can also find themselves more likely to qualify for more credit or even a large loan.

With a good credit score comes more significantly odds that a lender will approve someone for a loan. The ability to repay a loan communicates good management of funds and trustworthiness, both to hiring managers and lenders.

Greater Credit Card Benefits

Lakeside Receivable Services, 716-243-8558, explains that credit card rewards are offered solely based on good credit. This does include travel rewards cards, offering a person with good credit score both fully funded vacations and rewards that earn back cash for the amount spent using them.

Additionally, those with a good credit score become eligible for an even higher limit on credit cards. According to Experian.com, those from the Baby Boomer Generation with an average credit score of 731 were allowed a credit card limit of almost 40 thousand dollars.

Lower Interest and Insurance Rates

Finally, Lakeside Receivable Services says that one of the greatest advantages to having a good credit score is that it drops the amount of interest and insurance rates the policy holder is held accountable for. This is because insurance companies take credit scores into account when calculating how much they should charge on insurance of any kind.

Additionally, interest rates on loans are lowered determined by credit score. Altogether, the charges on those who have a high credit score are actually lower.

Lakeside Receivable Services

What Can Happen to Your Credit When You are Sent to Collections

When covering benefits of a good credit score, it is important to analyze the effect that being sent to collections can have. Lakeside Receivable Services explains that collection agencies consist of third parties that are meant to collect debts that are overdue. This also goes on the record in credit reports.

Eventually, this can cause a drop in credit scores. This can be detrimental to credit and may take up to seven yours for accounts that have been collected from to be removed from that record.

How to Fix and Recover from Collections

There is good news, however! To recover credit score numbers after collections, first verify the account number and the status of whether or not has been paid off. Lakeside Receivable Services, 716-727-2999, says that a person looking to recover from collections will also need to verify the date when the debt became delinquent.

Then, if the collection is not supposed to be on your credit report, dispute it with the credit bureau by filing a dispute. This does nothing to further harm a credit score.

If the debt has been paid, a person looking to have a good credit score again can contact the original creditor or even the debt collector and write a letter detailing their situation, ultimately requesting that the debt be removed in a “goodwill deletion.”

Checking a credit score every 30 days will confirm whether or not the recovery changes have been made.

In Conclusion

To sum everything Lakeside Receivable Services says that the benefits of good credit are found in higher benefits on credit cards, lower interest and insurance rates, and general civil trust for new job positions or loan approvals.

If, however, a collection is made on a person with good credit score’s account, they are not left to accept the consequences in the form of a bad credit score. Benefits and a good credit score can be retrieved by either disputing the claim, or paying the debt back and requesting goodwill deletion from the creditor.

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