Many people ASSUME that because Equifax, Trans Union, and Experian are referred to as “The Credit Bureaus” or the “Credit Reporting Agencies” – that they are Government Agencies established to look out for you and your Credit Score.
Wrong! The “Bureaus” are not Government Agencies! They are Corporate Giants and make BILLIONS per every year. And guess what 2 of their HUGE income streams are? 1. Selling your data to marketing companies and 2. Charging your creditors to process the responses to all 3 BILLION plus disputes per month made by consumers like you!
If you are following this, you’ll understand that “The Credit Bureaus” make more money when your credit score is LOW! 2 big reasons: 1. More disputes to charge the creditors who have to respond and 2. Your “lead” (your info that they sell) is more valuable if you have a lower score who is going to pay more interest in financing any product or service!
Enter your information for a list of the Top 26 Credit Myths, and you also have access to a FREE credit consultation.
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Your salary makes a difference in your credit score is another myth. The credit scoring models do not take salary as a factor in ANY way. They do not want to discriminate based on income or wages.
Myth #26: Adding a consumer statement to your credit file makes a record, and ultimately, does not make a difference in your credit score at all.
In reality, having that statement would just reaffirm the fact that is should have been there in some way, shape, or form. Given that you have the right to dispute derogatory items, making that statement works against you, so it’s better off not telling your side of the story.
Besides, no one reads the statement anyway, so there’s no reason to notate it anyway, especially since it could work against you if you dispute the negative item.
Many people think credit repair is illegal or don’t think there is any way to remove negative items from a credit report.
The TRUTH is that the Credit Reporting Agencies (CRA’s), Trans Union, Equifax, and Experian violate the law a lot. So much so, that up to 79% of all credit reports contain errors.
To protect consumers, the Fair Credit Reporting Act (FCRA) was made federal law in 1970 with some powerful provisions!
It is a common misconception among creditors and consumers that once an item is on a credit report, it must remain for 7-10 years. That is certainly not the case. If the creditors or the CRA’s cannot prove negative items to be 100% accurate, 100% Verifiable, or report the item within the allowable reporting period; they MUST DELETE the negative item!
There is no law requiring a negative item to remain on your credit report for ANY length of time. The law only stipulates that the negative items may NOT stay on your report any longer than an allotted time (7 years for a 90 day late, for example).
Yes! You can have your credit repaired quickly and legally!
What is a Credit Score?
A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. The most common of the credit score standards is the FICO score created by Fair Isaac. The FICO score ranges from 300-850 and is intended as a predictor of whether or not you will be 90 days late on a loan obligation within the next 24 months. Fair Isaac uses thousands of credit reports to calibrate the FICO scoring model and is very secretive of the exact formula.
Here is a percentage breakdown of a FICO score:
- 35% – Payment History
- 30% – Debt Ratio
- 15% – Length of Credit History
- 10% – Types of Credit
- 10% – Number of Credit Inquiries
When you hire us, we will work on removing negative, inaccurate items from your payment history. We will also show you how to maximize your debt ratio score, even if paying off credit cards is not an option. Our Company even has methods of increasing your credit history with positive rated accounts that will improve your score. We can also work on removing credit inquiries from your credit report.
Most people are aware of the three credit reporting agencies TransUnion, Equifax, and Experian. The average difference in scores between the highest and lowest of your three FICO scores is 60 points. This is the result of each of the credit bureaus having different items on their report, which may be correct, incorrect or are not reported in full compliance with credit law.
According to the Government Accountability Office, 80-90% of credit reports have serious errors on them and this does not even include the more minute errors for which we look. If we cannot remove at least 25% of the negative, inaccurate credit items from all three of your credit reports, we will refund 100% of your fee.
How can I find out my credit score?
Visit www.myfico.com and order the same credit score a mortgage company uses for approvals. Requests for one’s own FICO score at www.myfico.com is considered a personal inquiry and will not hurt the credit score. We cannot pull your credit score for you.
How can I get a free copy of my credit report?
By law, all consumers are entitled to a free copy of their credit report from each of the three credit bureaus once per year. Visit www.annualcreditreport.com to get your report for FREE. (This is for the credit report only and does not include the credit score.) How long will the items be reported on my file?
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