What is a Credit Report?
A credit bureau, or credit reporting agency, collects credit information about you from banks and other organizations, consolidates the information into a credit report and sells the report to lenders, insurers, employers and other businesses with a legitimate need for it. The businesses use the report and a calculated credit score to assess your risk level for credit cards, loans, insurance, employment, leases and more. The primary national credit bureaus are Equifax, Experian and TransUnion. By law, you’re entitled to one free credit report from each of these credit bureaus every year.
What is a Credit Score?
The most widely used credit score is a FICO® score, produced from statistical models developed by the Fair Isaac Corporation (hence the name). FICO® scores range between 300 and 850 and are based on the information in your credit reports. FICO® scores predict the likelihood that you will have a payment that is 90 days or more past due during the 24 months after the score is calculated. The higher the FICO® score, the less likely you will be 90 days or more past due in the next 24 months.
Do I Need a Credit Report?
Before you can repair your credit, know where you stand. Your credit rating and credit score are based on the information in the credit reports maintained by the three major credit rating services: Experian, TransUnion and Equifax. You can get a free copy of your report every year from each rating service through the Federal Trade Commission’s authorized provider, AnnualCreditReport.com. Check your credit report for incorrect listings of late payments and amounts owed. If you find errors or entries that look suspicious, such as an account you don’t recognize, contact the credit rating service. The rating service will investigate and if the item is erroneous, correct your credit report.
Is credit repair legal?
Credit repair is 100% legal and it works because of the law. The Fair Credit Reporting Act gives you the right to dispute any item on your credit reports. If an item cannot be verified it must be removed. This will immediately boost your credit score. Even accurate negative items can often be removed or negotiated away.
How does credit repair work?
79% of all credit reports contain errors. This means that most credit reports can be improved instantly. The next step is to work with creditors to negotiate removal of accurate negative items.
Credit repair is especially effective after a credit score after a collections, delinquency, bankruptcy, divorce, Identity theft or foreclosure. We will guide you every step of the way to order free credit reports, remove errors and negotiate removal of negative items. We create powerful letters written by attorneys that place the burden of proof on the credit bureaus and creditors.
You will monitor your progress every step of the way. Our financial experts will also help you to keep your finances organized so you will never wind up with bad credit again
