Consumer Credit Repair
Millions of Americans are desperate for help with consumer credit repair, hoping to avoid the worst. A bad credit score can wreak havoc in your life. Employers, potential landlords, phone companies and even some insurers use this number to make decisions that effect you. Our system was developed to help you with consumer credit repair; here's a look at what you need to know now.
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Your Credit Score
Three major credit reporting bureaus - Experian, Equifax and TransUnion - collect data on your creditworthiness, crunching these numbers into your credit score. Each agency has different information and people who report to them, so your score may vary from place to place. The classic scoring method is called FICO - for its developer, the Fair Isaac Corporation - and is based on a scale from 300 to 850. Most people are at the upper end of this range, the median being 723.
In recent years the reporting agencies have combined to issue the VantageScore, in the hopes of having more uniform scores. It is from 501 to 990, but also uses a grading system. An A is 901-990, anything in the 800s is a B, 700s a C, 600s a D and in the 500s an F. Consumer credit repair means getting your numbers up, and we can help you make sense of your score.
What Determines Your Credit Score
Two factors make up almost two-thirds of your score. Your payment history is 35% of your score - if you are late on payments or miss payments, it has a huge impact. Even utilities, landlords and cable companies can report to the bureaus now, not just lenders.
The next biggest chunk - 30% is based on credit utilization. This is a ratio where your total credit extended (think the maximums on your credit cards or lines of credit) is divided by your total credit utilized (your balances). If you close accounts or have accounts closed on you, it makes a huge impact on your score.
Also, not having any credit can be worse than having bad credit. Consumer credit repair includes taking out or maintaining some lines of credit or credit cards while keeping the balances on them low and paid off promptly. You do this and your score will really rocket.
Theft and Fraud
With the digital revolution has come a revolution in crime. Every ten seconds somebody has their identity stolen, and the debts racked up by thieves can ruin your credit score. There is hope: if you need consumer credit repair to undo foul play, we have the information you need to clear your name and protect yourself in the future.
