| Did you know that there are actually 3 scores and 3 major credit reporting agencies known as Experian, Equifax, and Transunion? Credit reporting agencies do not share information with each other, so what might be a negative report by a creditor on your Transunion credit report may not even show up on your Experian or your Equifax reports! Creditors may report to 1, 2, or all 3 credit reporting agencies. This is why we advise you to check your credit reports every 6 months to a year to view what is being reported on your credit reports and who is doing the reporting so that you may eliminate any inaccuracies that may be present and also intercept any fraudulent activity on your reports. What is a credit report? Credit reporting agencies simply are a database of information collected on you. They actually present a profile or a "report" of accounts past and present, payment histories on these accounts, inquiries that you have made to acquire credit, or an inquiry that a creditor has made about you to offer you credit. Personal information such as your name (maiden and/or alias), addresses(previous and current), social security number, and even dates of employment are also posted on your report. You will also find any tax liens, judgements, or liens that have been filed against you in your report. These reports are only as accurate as the person who enters the information. Taking that into consideration then, you can see where there is room for error. It is your responsibility and your right to make sure that they are reporting accurately. Erroneous or inaccurate information can damage your ability to get the best interest rates or even get credit at all. We recommend a reputable website such as www.truecredit.com for you to access both your credit reports and scores. What is a score? How do I improve my score? A score is a numerical value that is assigned to you based upon several factors found in your credit reports. It can range from 350 being at the lower end and 850 at the high end. If you look at the chart above you will notice that your score is made up of 5 different categories. The most significant of these categories is your payment history. Payment history (whether negative or positive) has the most influence on how your score is determined. Late payments, missed payments or partial payments affect your score negatively. On the other hand, you can significantly improve your score by making your payments on time every month. That being said then, there are no "quick fixes" to improve your payment history because this is determined over the course of months and years. The promise of a "quick fix" to improve your credit in "30 days or less" is unrealistic as some companies advertise and would lead you to believe. However, It is true that if you remove inaccuracies you could boost your score, but that is only one small portion of the picture and there are other factors to consider. Take a look at the chart again and you will see that the second largest factor influencing your score is the amount you owe, or what the creditors call your "debt to income ratio". "Debt to income ratio" is actually a term used for the amount of debt that you currently owe out versus the income coming in each month. The amount of bills you have each month impacts your "debt to income ratio". The more you owe, the less money you have on hand. On the flip side, the less debt or bills you have, the more money you have available on hand. In order to make a significant improvement in your score then, you can begin by making your payments on time every month for starters and then call us and we can discuss your repayment options and advise you on where you can improve your credit standing. By speaking with one of our credit professionals we will help you to determine a budget, advise you about the different programs we have to get you out of debt, establish positive payment history, and educate you on the credit industry. No matter what your needs are, our programs provide an affordable and simple program to tackle all your financial issues. Why not call us now? Our friendly staff are always available to answer questions, and there is no obligation of any kind. |
| What is a credit report? How does it affect your ability to get credit or a loan? |
| What is a "SCORE" ? Why are they important? How can I improve my "SCORE"? |
| Ever feel frustrated because you can't get the answers or help you need? We are here to help! |
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Call us now...
Our credit counselors are
always professional and
resourceful and have
access to a wide range of
financial services. In most
instances if we cannot
help you, then we can refer
you to a christian
professional who can.
Your confidentiality is our
primary concern and we do
not share your information
with any sources.
Our credit counselors are
always professional and
resourceful and have
access to a wide range of
financial services. In most
instances if we cannot
help you, then we can refer
you to a christian
professional who can.
Your confidentiality is our
primary concern and we do
not share your information
with any sources.
Toll free: 888-541-1112 Ext. 1 or
Toll free: 877-5PARADISE Ext. 1
(877-572-7234) Ext. 1
Local: 772-933-3233 Ext. 1
Toll free: 877-5PARADISE Ext. 1
(877-572-7234) Ext. 1
Local: 772-933-3233 Ext. 1
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