What is a credit score?
The three credit bureaus assign you a credit score ranging from the mid 200s to the mid 800s. The higher the score, the better credit you have. As a general rule, the lender uses the middle score from the three different bureaus. This is not an average.
Your credit score is a snapshot of your credit risk for a particular time frame. Scores are determined by the number of collections, late payments, bankruptcy, number of credit cards, high balances, outstanding debt, payment history, etc.
[ Back to Top ]
Why is a credit score important?
First, creditors will rarely extend fair credit to you with blemishes on your record. The current system does not provide you the opportunity to defend yourself before inscribing your credit file with the damaging information. They believe that you must prove to them that the negative information on the credit report is incorrect, invalid, erroneous, or otherwise unverifiable before it will be removed. The Credit Bureaus believe that you are guilty until proven innocent.
Lenders use your credit score to establish the amount of risk associated with providing you a loan. The higher your score, the less risk they see in providing you a loan. Lower credit scores will not always disqualify you for a loan, but your interest rate will often be higher.
[ Back to Top ]
How is my score calculated?
 |
Your score is a reflection of your credit history. Your credit report details your credit history as it has been reported to the credit reporting agencies by lenders who have extended credit to you. The score analyzes information from the following areas: trade lines, inquiries, public record, and collections.
|
|
[ Back to Top ] |
||
How do I interpret my score?
The Three Credit Bureaus that provide your credit score to credit institutions are:
TransUnion – Provides Empirica Score
Experian – Provides Fair Isaac Score (FICO)
Equifax – Provides Beacon Score
[ Back to Top ]
Can my credit score be disputed?
The sole focus of the credit bureaus is profit!! The credit bureaus are not a government agency nor do they have any government affiliation. These private corporations sell your personal financial information to anyone that will pay for it. Creditors then reciprocate by giving back to the bureaus any information that they may have on you.
What can be done to challenge inaccurate trade lines on a credit report?
•Congress and the law are on your side. If your case is presented properly, whether you credit report is accurate or not, it is more difficult and more costly for the bureaus to prove the disputed information than for them to correct the report and remove the negative information altogether.
[ Back to Top ]
What can I do to improve my credit score?
Does the information reported about you fall into any of the following categories: Inaccurate, Incomplete, Duplicated, Included in Bankruptcy, Misleading, Not Yours, Improperly Utilized, Paid off, Incorrect Balance, Does Not Reflect Credit worthiness, Does Not Reflect Credit Standing, Does Not Reflect Credit Capacity, Biased Information, or Authorized User?
If the data reported about you falls into any of the above mentioned categories, We Can Help You! Contact us to begin analyzing and repairing your Credit today. We have affordable payment plans available to fit any budget.
Ready to get started? Sign Up online today!
[ Back to Top ]