Below are some answers to frequently asked questions about credit reports. You can also go to our services tabs for more information.
Credit is the privilege and the ability to tap into the financial means of another party that requires evidence you can repay the credit. With good credit ratings, you will receive credit and favorable interest. However, a poor rating may prevent you from getting credit at any price.
There are three credit report producing companies: Experian, Equifax and TransUnion. They prepare your FICO credit report which you can obtain for free once a year at www.annualcreditreport.com.
The acronym stands for Fair, Isaac and Company, the first generators of credit reports. The company began in 1956.
The main elements of the most common credit report (FICO) are as follows:
The weight indicates how much that factor contributes to your credit score.
According to Credit Land, in general, the breakdown of credit scores is:
Mistakes and other inaccurate information on your credit report aren’t your fault and, in a perfect world, wouldn’t affect you. Our world is not perfect, however, and while you may not be responsible for some or all of the items in question on your credit report, you are probably being held accountable for them.
Stop being blamed for things that aren’t your fault. Check your credit report and make note of any misleading, inaccurate or outdated information. Our team of professionals can help you dispute these items and ultimately get them removed from your credit report.
Your credit report impacts your life. A good credit rating can simplify the process of purchasing the things that make life worth living, especially big-ticket items like homes, cars, and furniture often purchased with long term loans. A good credit score also helps secure revolving credit to use at stores. A poor score drastically reduces your chance of buying anything.
Adverse credit reporting can remain on your credit report for 7 to 10 years and have a significant impact on your score.
There are several:
These situations can remain on your credit report for 7 to 10 years and drop your score dozens of points.
We are staffed with trained individuals in the credit field, including attorneys specializing in the Fair Credit Reporting Act. Our office is in full compliance with all credit reporting guidelines and regulations.
Yes, and it’s customized to your situation. It may include: