Pittsburgh, Pennsylvania--(Newsfile Corp. - November 1, 2022) - The Credit Connection has announced the launch of a new three point loan readiness framework for consumers to improve their loan readiness and get their finances in order. The company works in partnership with financial professionals like loan officers, realtors and property managers to assist customers who have been turned down for loans. Over a period of three to six months, The Credit Connection guides customers through the process of developing and executing a plan to improve their 'loan readiness'.
The credit score is seen as an indicator of financial responsibility and a lower credit score means greater risk of being turned down for mortgages. Around 20% of the population who had FICO scores saw their score decrease by at least 20 points in the period from April 2021 to April 2022. Consumers having FICO credit scores from 580-619 are considered as subprime consumers and about 1 in 5 Americans have subprime credit. This is where companies like The Credit Connection can make a difference as they work with consumers on concrete measures to resolve debt so that they can get approval for mortgages. In fact, the global credit repair services market size is projected to grow at a CAGR of 13.76% from $3.298 billion in 2021 to $7.152 billion by 2027.
Daniel Massimino, Founder and CEO of The Credit Connection said, "Most consumers end up with low credit scores because they get carried away with buying fancy cars and designer clothes, which depreciate in value over time. While there is nothing wrong with wanting to buy nice things, it would be easier to build up savings and generate passive income of which a portion can be spent on such things so that their financial stability is not affected. Being in financial difficulty leads to great emotional turmoil. At The Credit connection, we want to educate consumers so that they change their mindset with regard to money and develop a healthier relationship with it. Increasing your credit score by 143 points can help you save $167,000 in house payments and that is a lot of money."
The first step in the loan readiness plan is a complimentary credit clarity call in which potential customers get a detailed analysis of their credit report. The second step involves detailed discussions with the customer about the steps that can be taken to improve their debt-to-income ratio, as this is considered to be an indicator of the risk involved. Comprehensive analysis is done to see where expenses can be reduced as in the case of car insurance. Consolidating and paying off high-interest debts like credit card debt and then focusing on loans with lower interest rates is a good strategy. The third step is to build up positive credit after getting the negatives removed so that the credit score improves. This will help consumers to get maximum approvals at the best rates.
Commenting on his ambitious plans for the company, Dan Massimino, Founder and CEO of The Credit Connection said, "Eventually, I want to integrate technological aspects like machine learning and artificial intelligence, codenamed MIA, into this three-point loan readiness framework. This would make it possible for consumers to easily sync the details from their bank statement and accounts and have them analyzed without having to talk to multiple people. They would literally just have to click a button or two to understand the steps they need to take to sort out their finances or even have everything financial done for them. Our long term goal is to offer an entire range of consumer centric credit and finance related services geared towards individuals with subprime credit. This three point framework is just the beginning for The Credit Connection."
About The Credit Connection
The Credit Connection is a loan readiness company. It works with its customers and partners in the financial services industry to provide clients with the resources and strategic financial advice that they need to improve their creditworthiness.
Media Contact:
Name: Daniel Massimino
Email address: daniel@uscreditconnection.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142634
