Credit Repair Information
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In today's tough economy many consumers are plagued by difficulty in obtaining credit. Lenders are demanding higher credit scores than ever before, and having a lower score means not being able to get a loan, or paying thousands in extra interest. What many consumers do not realize is that they do not have to be stuck with a low credit score. There are ways and programs to improve one's score, and speaking with a credit repair professional is a worthwhile investment in time and effort. Credit Scores Credit scores range from 350 to 850. The average FICO score for a US consumer is 686, which rates as a low “B” grade. FICO stands for Fair Isaac Corporation, a publicly-traded corporation which created the best-known and most widely used credit score model in the United States. FICO scores are calculated with information from the consumer's credit reports provided by the three major credit reporting agencies: Experian, TransUnion and Equifax. How Does My FICO Score Rate? A score of 700 and above is generally considered good, and will guarantee lower rates on most types of loans. While people with lower scores may still qualify for a loan, they will almost certainly be subject to higher rates and a higher down payment. Ways Of Determining FICO Scores The exact formula that Fair Isaac Corporation uses to determine credit scores is secret, but there are several factors which are known to influence credit scores:
FICO Score improvement will happen slowly over time, if the consumer follows these simple steps:
Mistakes and Inconsistencies Remarkably, there may be as much as 100 points difference in credit scores between the three credit reporting agencies. This is due to various factors and costs consumers thousands in interest, fees and down payments. Many of us do not know the statute of limitations on collections, as it varies from state to state. Frequently, a collection may still be reported which can be easily removed by credit repair. Also, we can never assume that simply because something is being reported on our credit report, it is true. Credit reporting agencies are not perfect. There are also governed by a myriad of regulations which are not always followed. This is where a credit repair professional can really help. Credit Repair Help Real credit repair professionals do not offer gimmicks or a false “new start”. They take an in depth look at your credit report and go through each negative item with a fine tooth comb. A good credit repair professional is a worthwhile investment in your financial future. They can make the difference between paying a premium 17-20% and a much lower 5-10% on loans, which amounts to thousands of dollars in interest savings. A credit repair professional knows and understands the laws and regulations of credit reporting rules that may allow them to remove a significant number of damaging items from your credit report. They are able to recognize errors which we, as consumers, may not be familiar with. This service is usually reasonably priced and offers an incomparable opportunity for financial advancement. The mere savings in interest makes the cost of hiring a credit repair professional more than affordable. This is something that most of us cannot do for ourselves as well as the professionals in the credit repair field. In our difficult economic times good credit is more important than ever, so we all need to take a close look at our credit scores and consider how we can improve them. We provide leads on credit repair info, supplies and suppliers. Check out the “Helpful Links” section below for more information.
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