Is your credit score lower than it could be?
Do you have inaccuracies on your credit report?
Credit repair - All you need to know
Simple definition: Credit Repair is the process of improving creditworthiness with creditors.
The top three credit bureaus in the U.S. are Experian, Equifax, and TransUnion.
A credit bureau collects and researches individual credit information, then sells it to creditors so they can make decisions about granting loans.
The companies or agencies that help to legally clean-up bad credit information in order to give a fresh start to the consumers are known as credit repair companies or agencies.
FAQ's
What is Credit?
Credit is something that is established when you make purchases and agree to pay back the amount you borrowed, usually with interest. Your credit is reported to the main three Credit Reporting Agencies (Equifax, Experian, and Equifax), and as you begin to establish credit in the very beginning, you are given a Credit Score. Continuing to build and establish credit will allow you to increase your credit score, which, in turn, will allow you to be approved for making future purchases such as a home or car. The ultimate, long-term goal while building credit is to pay your financial obligations on time.
What is a Credit Score?
A Credit Score is a rating number that is provided based on how you manage your credit. This score tells creditors how creditworthy you are. The higher your score, the more trustworthy you are. Your credit score will range from 300 to 850 and the higher the number, the better. The three main reporting agencies - Equifax, Experian, and Transunion - all provide different scores based on their reports. The credit score model used most widely by lenders to determine your creditworthiness is called "the FICO score".
What is Considered Good Credit?
A Credit Score over a 660 is considered "good" credit. This is the score that most lenders will approve you with a good interest rate. Once you have good credit, you'll want to increase your credit score over time to get over a 720 credit score (or higher), as this will help qualify for the best approvals and interest rates.
What is Considered Bad Credit?
Any score under a 620 is considered "bad" credit. Having bad credit can really affect your ability to have any creditor or lender approve you for a loan. Working to increase your credit score to at least a 660 will help keep you from having to pay high interest rates on future loans.
How do I get my Free Credit Report?
You can access a free copy of your credit reports from Annual Credit Report, but they do not provide credit scores and their reports are hard to access and download. A site we recommend to all our clients is mySCOREIQ. Their credit reports are the most accurate, with the most information, and they are super easy to access.
What is Credit Repair?
Credit Repair is the process when you dispute accounts on your credit report that may not be accurate or valid, and have the accounts removed or updated on your credit reports. Credit Repair is extremely effective for so many people and can help you save thousands in unnecessary interest payments and fees.
How long does Credit Repair take?
Credit Repair can take anywhere from two weeks to two-six months, it simply depends on how fast the creditors and collection agencies will take to respond to disputes and before offering resolutions.
Is Credit Repair Expensive?
It can be...if you hire the wrong company that uses the wrong process. Over 95% of the credit repair companies charge never-ending monthly fees, whereas we ONLY charge for the items we pursue. Not only does this make us one of the least expensive companies in the industry, but also the fastest! It's important to call around to different companies and inquire how their process works - you'll notice most companies will take 8-12 months to do something that takes us only 1-3 months.
