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Bad Credit Loans and Sub Prime Lenders

12-12-2005 01:01 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Online Credit Pro

What do you think if you home loan application is denied? The first thing you do is to retrieve is get hold of your credit report. I would suggest that you look into a tribureau credit report (which has reports from Experian, Equifax and Transunion) A tribureau credit report will have fewer discrepancies and have up to date information about your credit. Loan applications are rejected if we have a bad credit history or excessive debts. If you are prompt on your payments, credit companies will review your payment record after six months or so. Once the default rate of interest is reversed, you can approach the lender after a year or two for loan applications. Your priority should be to get your credit standing in good shape and save money for down payments. Consult with a credit counselor for a debt-management plan.


Sub prime lending has been introduced to help people with poor credit and give the best deals to those borrowers who are at credit risk. However you have to be wary about those sub prime lenders who attract gullible borrowers for their own gains. Some sub prime lending prices have hidden costs, interest rates and processing fees under the garb of easy availability and accessibility. The main reason sub prime borrowers fall in the trip of high interest rates and fees is because of the fact that they do not compare and shop for the best deal. Some times you will have sub prime lenders who offer you no down payment, interest only adjustable options of mortgage payments. There is an element of risk involved because of market irregularities.

Borrowers should go for sub prime loans that let them refinance without penalty at a lower rate once they've re-established their credit. To help low income borrowers and people with bad credit loan problems, ACORN and other organizations have tied up with Citigroup, California based Americquest and other semi prime lenders to see fair deal is given to them.


For More Information Contact:

Ethan Hunter
http://www.onlinecreditpro.com

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