Orlando, FL (PRWEB) January 14, 2013
KEL Credit Repair, an Orlando based credit restoration company releases new figures, demonstrating the high cost of borrowing money with a poor credit rating.
The company has compiled recent data from the consumer websites, http://www.myfico.com and http://www.bankrate.com, relating to mortgage lending, revolving credit, and personal loans. Consumer FICO score ranges, as they correspond to interest rates assigned to credit applicants, are examined by KEL Credit Repair. The difference in rates between a consumer with a low credit score, (500-589), and one with a high score of, (720-850) can be as much as 13 percent on a personal loan. When this difference is compiled over time, the amount of money that consumers waste paying higher interest, is staggering.
A KEL Credit spokesman explains, “Lenders trust those consumers who they predict will pay back borrowed monies in a timely manner. For this, they are rewarded with the lowest interest rates available. While there are multiple factors that affect consumers’ ability to pay, the FICO credit score is still the best predictor of future payment behavior.”
KEL Credit Repair offers consumers an inexpensive, concrete solution to high interest rates that helps them begin to save money almost immediately. Once clients enroll for a low, $59/ mo fee, an individual credit rehabilitation program that restores and rebuilds credit, will be created for them. As credit scores improve, lenders begin to offer consumer loans and credit cards at lower interest rates.
KEL Credit goes on to explain that everything costs more when credit is poor. The price of an item charged on a credit card goes up by as much as 15-20% because it is charged on a high interest consumer credit account. Payments under a high interest loan could even price some people right out of the market for a home or auto.
The company also points out that, in addition to affecting borrowing and lending, many employers and landlords screen applicants for employment or rentals. By basing decisions on credit bureau reports, obtained from one or more of the three major credit bureaus, Experian, TransUnion, or Equifax, major life decisions are often made. Because KEL Credit Repair charges such a small monthly fee, with no contractual agreement, the average consumer can save hundreds, even thousands of dollars by repairing damaged credit.