Excellent Credit Scores

The FCRA affords consumers many rights relating to their credit. Check out some of the finer points: Access to credit reports. All consumers, regardless of which state they live in, have the right to receive one free credit report annually from Equifax, Experian, and TransUnion. There is also no charge for a credit report if the consumer is (1) unemployed and planning to seek employment within 60 days, (2) on welfare, or (3) the report is inaccurate due to fraud. Otherwise th...Continue reading

The second largest factor in a consumer credit scores is the amount you owe in relation to your high credit limits. If a consumer is carrying high credit card balances, they can actually hurt their credit scores almost as much as paying the account late every month. This is because if they go late they affect 35% of their score that relates to payment history, but if they use a high percentage of their available credit they affect 30% of their scores. This is why you should ...highly recommend to your clients that they get approved for new credit, especially credit cards with decent credit limits even if they are secured. This aspect of consumer credit score has several different factors. The first factor is their relation of balances they owe on all of their accounts in relation to the high credit limits on those accounts. Once again, this takes into consideration balances on all of their accounts combined. Their credit score also takes into account balances in relation to high credit limits on their individual accounts. For example, a consumer will be scored higher if they owe 30% or less on their credit card accounts. This means if they have a high credit limit of $1,000, they will have a higher score if they maintain a balance of $300 or less. For revolving accounts, such as credit cards, a consumer wants to keep the smallest balances while still keeping a balance. They shouldn’t pay the account to 0, and not use it. If they stop using the account their credit score is not increasing. Have clients pay it as close to 1% as they can, but make sure they keep their balances below 30%. Their scores will also be lower due to higher balances on installment loans, car loans, mortgages, and other non-revolving accounts. This is why credit scores will always be immediately lower if consumers open any of these accounts new. A new car loan, for example, will lower their scores once it goes on your report. How much lower depends on their spread of other accounts. As loans and mortgages are paid down over time, the consumer’s scores will steadily increase. This is why one of the best things anyone can do for their credit is open accounts and pay them as agreed. Tell them to not pay those accounts to 0 too quick as they won’t be getting credit for paying that on time each month if that account if they has no balance and no payments due. And remind clients that their score will be affected by how many open accounts have balances, how much of their total credit lines are being used, and how much of a balance they have on installment loans, such as car loans. Clients can directly improve their credit scores by maintaining lower balances on their accounts or spreading balances over several different accounts. They can also get approved for new high-limit accounts to increase their scores.

Equifax’s VP Comments on the reinvestigation Process In a March 2007 deposition, Equifax’s vice president of global consumer services described that bureau’s reinvestigation process: Q: What knowledge do you have as to the mechanics of how a DDC Filipino employee would process an Equifax dispute? [. . .]... A: The electronic image would be displayed on their screen. They would have an ACIS [Automated Consumer Interview System] screen that they would use. They would then look at the electronic image. They would read off the identifying information, enter [. . .] that ID information into the system, access that credit report. At that point, they’d be able to determine if they were looking at the correct file. If they were, they’d go further. They’d read the letter, they gain an understanding of the issues at hand, and they’d look at the credit report to see if the credit report at that time reflects that. If it does, they would send those particular items to the data furnisher or furnishers. They would request that an investigation be started. [. . . .] Q: Right. But they’re not?they’re not going to handle whatever response the creditor may provide? A: That’s correct. Q: Do DDC employees have telephones on their desk? A: I do not believe so. Q: As part of their compliance with Equifax’s procedures, do DDC’s employees telephone consumers as part of conducting a reinvestigation? A: They do not. Q: Do they telephone creditors, the furnishers, as part of conducting a reinvestigation? A: They do not. Q: Do they telephone anybody from outside DDC or Equifax as part of conducting a reinvestigation of a consumer dispute? A: They do not. Q: What about emailing any of those non-Equifax, non-DDC people, creditor, consumer, or third party? A: They should not be?they do not email them. Q: And what about fax machines? A: [. . .] They do not have fax machines either. Q: Under what circumstances will a DDC employee forward the consumer’s actual dispute letter or documents the consumer provided to the furnisher, the creditor, as part of a reinvestigation? A: A mechanism does not exist to forward the actual documents. What makes the process so appalling is that their systems, as described by an Equifax executive, fundamentally cannot comply with the Fair Credit Reporting Act is a travesty of justice for the American consumer. There is no thought given to the information provided by the consumer. Furthermore, no actual information is considered in the investigation at all!

If you have no credit, or even bad-to-fair credit, the summer is a great time to take a look at your credit profile and get it squared away before school gets back in session. Your credit score takes time to build itself up, so take care of setting it up now, so that all semester long you will be working towards an excellent credit score. A student credit card is a great way to improve your credit, as long as you use it responsibly and pay your bill on time each month. TheCap...ital One Journey Student Credit Card is one of thebest student credit cards available and can give you all of the information and tools you need to get your personal credit score on the right track. Remember: It is not about how much money you spend on a credit card, but how good you are at repaying what you spend on time (and hopefully in full to avoid interest) to show that you are responsible with the money you borrow. See more

Bad Credit? Secure Guaranteed Credit Approval Car Loan Fast and Easy! Interestingly, guaranteed credit approval car loan options are exclusively available for people with no or bad credit history. The best part about such loans is that they are available even for students. As far as conventional lending sources are concerned, they may check borrower’s credit report and disapprove loan amount if borrower has bad or low credit score. Most of the traditional banks or lending ins...Continue reading

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Disputing Technical Data Technical data is often a cause of severe credit issues and complications. Technical data errors such as name, address, SSN, can easily cause multiple individuals files to be improperly merged. The merging of file data in most cases will impede a consumers’ ability to obtain the highest credit rating. The most common files to see improper data merged is inter-family.... Creditors do not always need complete information to pull a credit report, if they have enough of the information correct the credit report providers will allow a credit pull. Once the credit pull is complete the data as entered for the pull (Correct or Not) will now be associated with that consumers file ongoing. For example: A consumer named John Scott applied for a credit account with sears, upon entry of the application- the representative from sears entered his name as John Scott several things could happen. If there is a relative at the same address with a similar name and social security number, the records can easily be improperly merged. Additionally on all future reports it is likely that the name Jacob John Scott will appear as an A.K.A- if there is no negative data, this error will not affect the client, but the risk is too great not to simply work on correcting this. Other problems are commonly found with Jr., Sr. and closely named household members- this is a common issue and can typically be quickly remedied. A simple dispute letter requesting a full investigation of the items in question will typically solve the improper account reporting and eliminate the additional names as they appear. Occasionally a credit reporting agency will insist on leaving some of the incorrect technical data in place because they have reports of it from several furnishers. If this happens, you must request a detailed itemization of what credit furnishers are reporting that information.

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With over 43.3 million Americans living with student debt, students and graduates everywhere are dealing with credit scores that have taken a turn for the worse. If you're one of them, our credit restoration services are here to help, Call (844) 232-7368 now to start the path to credit recovery!

Authorized User Accounts For many years adding someone on as an authorized user to a well-established account was the panacea to instant credit score increases and instant approvals. Once it became widely known the great impact of adding additional accounts with high credit limits an lengthy established history, a new business model was quickly created- Tradelines for Sale. Vendors contracted with credit worthy consumers to Rent their positive account history to consumers...Continue reading

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