Just what is a "Credit Bureau"?
And what is a "Credit Report"?
A "Credit Score"?
What does all this have to do with me?
How do you help?
But isn't it illegal to use 3rd party help?
How much improvement can I expect in my credit score?
Am I guaranteed results?
How long will it take?
Just what is a "Credit Bureau"?
A "Credit Bureau" (also called a "Credit Repository") is a private company that assembles and stores records on the credit history and payment patterns of millions of people. They generate profits in the billions of dollars by selling these records to potential lenders who request them.
Credit Bureaus have no legal authority as they are in no way affiliated with the US government. But they nevertheless have enormous power and influence over the lives of individual Americans!
There are three major credit bureaus in the United States. They are:
Experian
Equifax
TransUnion
And what is a "Credit Report"?
Information from public records, lenders, debt collectors and the court system is collected by the credit bureaus. They put together this information on individual citizens into a file called a "Credit Report."
Your credit report contains information on your accounts with mortgage and car loan lenders, merchant lenders and credit card companies.
It also contains public records such as liens, repossessions, court judgments, foreclosures and bankruptcy.
Now when a lender is evaluating a loan applicant on his credit worthiness he will contact one (or more) of the credit bureaus and buy a copy of the credit report for that person. Based on the information in the credit report and "Credit Score" the lender will decide whether the borrower is a good risk or a poor one.
The lender will decide whether to grant the loan based on the credit report. If the borrower is granted a loan, his credit report and score will determine what interest rate he will have to pay.
A "Credit Score"?
Based on the information in your credit report, each credit Bureau will assign you a "Credit Score" a 3 digit number meant to be a measure of your credit worthiness. The higher your score, the better.
This table will give you some idea of what constitutes a good or a bad score.
Below 585 Very poor
585 - 669 Poor
670 - 699 Fair
700 - 729 Good
Above 730 Excellent
The individual bureaus have different ways of determining a credit score, and so your credit score will vary depending on which Bureau is reporting it. But they are likely to be in the "ballpark".
To get your credit score and credit report right now click here.
In calculating your credit score the credit bureaus will consider five basic factors in various degrees, approximately as follows;
History of Payments 35%
Have your bill payments been timely?
Have you made payments late?
Just how late?
How often have payments been late?
Are there accounts in collection?
How many collection accounts are there?
Does your report show repossessions?
Have you declared bankruptcy?
Present Debt Level 30%
What is the total amount of all your debts?
Length of Credit History 15%
How many years have you carried debt? Lenders prefer to see a long history (of accounts paid on time) rather than a shorter one
Types of Credit 10%
Most accounts are either "revolving" or "installment" accounts.
Car and mortgage loans are installment loans. You pay at predetermined intervals and pay a set amount each payment.
Credit card accounts are revolving accounts. You have flexibility as to how much you pay each time, but they often do require a minimum payment.
Lenders like to see a "healthy mix" of these two.
Pursuit of New Credit 10%
Have there been lots of recent "inquiries" (have potential lenders recently purchased your credit report)?
Lenders don't like to see a lot of recent inquiries. That could indicate the borrower is in jeopardy of overextending himself.
What does all this have to do with me?
Credit bureaus keep records on millions of people, so it's no surprise if a few mistakes creep into credit reports. But sadly there are more than just a few. In fact, it's estimated that anywhere from a third to a staggering 90% of all credit reports have mistakes.
Let's state it differently - even using conservative figures there's a 1 out of 3 chance that your credit report has errors!
Considering how important your credit score is those are NOT very good odds - and that's considering the LOW estimate!
And do you want to know how many mistakes it would take to negatively impact your credit score?
............ It takes only one ............
Now a person would think that regarding something as critical as your credit ... something that is as critical to your personal and financial life ... that the credit bureaus would take accurate reporting more seriously.
"There ought to be a law" you may be thinking ..."
Fortunately there is! The United States Congress passed one to address the problem ... the Fair Credit Reporting Act, or FCRA.
Under the FCRA citizens have the right to challenge the accuracy of information in their credit report. And when you contact one of the credit bureaus to dispute such information they have 30 days under the law to investigate. If after 30 days they have not verified the accuracy of the information, they are required to remove it.
Although the FCRA gives consumers some protection, it's not perfect.
Looking at it from the credit bureaus' perspective it's an unwelcome law. There's absolutely no advantage for them. It just means lost time, money and productivity.
And for that reason they don't go out of their way to make it any easier for consumers. The FCRA as a "loophole" that the credit bureaus know how to utilize, the "frivolous" issue. The credit bureaus are not required to investigate a dispute they deem "frivolous".
And who initially decides if the dispute is frivolous? Why, the credit bureaus!
Talk about putting the fox in charge of the henhouse!
As you might imagine the bureaus will often label a challenge frivolous even though it is not. And although the consumer can always take them to court if he can afford to, most people lack the funds to hire the high priced lawyers the credit bureaus can ... especially those who are paying outlandish interest rates because of mistakes on their credit report!
How do you help?
We're well skilled at tackling the obstacles the credit bureaus use to frustrate citizens and obstruct their efforts to get mistakes deleted from their credit report. Utilizing your rights under the Fair Credit Reporting Act we aid you in challenging the correctness of information on your report to, delete items that could be negatively impacting your credit score.
We know how to deal with the credit bureaus and make things happen!
But isn't it illegal to use 3rd party help?
Although the credit bureaus don't want you getting help in challenging the accuracy of your credit report, don't ever let them convince you that you can't legally do so. It unquestionably is NOT illegal to get 3rd party help!
Another trick they employ is to reply to your dispute telling you that using help is wasting your money, and that credit repair companies are all crooks! And while it's true that some are, what the bureaus are trying to do is NOT to protect consumers ... it's to protect credit bureau profits by putting roadblocks in the consumer's path!
Under the FCRA every consumer has the right to challenge - on his own - information on his credit report. But likewise, everyone also has the right to prepare his own tax return, and yet many people would rather hire a professional accountant due to the difficulty of navigating the complexities of the tax code.
By allowing an expert to take care of your credit you stand the best chance of helping your credit score ... and getting back the good credit you deserve!
How much improvement can I expect in my credit score?
There are going to be variations in results, but there will usually always be some major improvement.
And don't forget!
When it comes to your credit, ANY improvement could have a huge impact on your personal and financial life ... impact in the form of lower interest rates, the ability to get loans when that ability was previously lacking, and less stress and mental anguish.
Am I guaranteed results?
No one (who's at all honest) can guarantee results when it comes to fixing bad credit. And no REPUTABLE company will.
Everyone's situation varies. But in most every case there will be major improvement to one's credit report and credit score ... improvement that will enable the client to get a mortgage, credit card, or car loan ... and at a much lower interest rate.
Don't forget - depending on your situation even ONE mistake on your credit report could mean a difference in your credit score - and in whether or not you can buy a home.
How long will it take?
It will depend on your situation. It took many years to form your current credit history, and it's not realistic to expect exemplary credit overnight.
Nevertheless, there are cases where it takes barely over a month to see some very major improvement. Other times it takes more time. It can take a year or longer, but this is rarely the case.
But in most cases there should be some major improvement in your credit in 4 - 8 months time. | 
