Credit Report Repair Services

These days, your credit report is one of the most important factors that determine your status in society. It's never explicitly mentioned anywhere, but your entire financial life (and even your social life) is heavily influenced by the numbers and factors on a little piece of paper - the credit report. Our credit report repair services help you take steps to proactively influence your credit score. This article explains the basics of the credit report and some of the steps that can be taken to improve it.

Credit Reporting agencies

Credit agencies are legally called Consumer Reporting Agencies (CRA) that collect and maintain information about various facets of your financial history. These companies use these factors in a variety of different ways to obtain what is finally called your Credit Score. Different techniques exist to calculate your final score and the most famous is the FICO score developed by the Fair Isaac Corporation. However, the major bureaus have their own methodologies as well which means that no two agencies are going to calculate your credit score in the same way.

The credit report that is served up by these agencies are supposed to give information to potential lenders about how likely you are to default on a loan that is extended to you.

In this article however, we look at how the FICO score is calculated and what a credit report contains.

Anatomy of a credit report score

One of the two most important factors in calculating your credit score is of course your payment history. A staggering 35% of the FICO credit score is  determined by how recently and how often you have defaulted on your payments.

The actual amounts that are owed are the second most important factor constituting 30% of your FICO score. Here the agencies look at the the outstanding balances that are owed as well as the ratio of the balance owed to the credit limits that have been laid down. This factor is used to assess how much a consumer may be willing to overstep the credit limits imposed.

Also included in the FICO score is whether or not you are engaged in taking on new debt. Controversially, this is measured by how often the agency received inquiries about your credit. A final factor is the mix of credit that a consumer takes on.

Along with the credit score, credit reporting agencies are also supposed to give up to four score factors listing the major reasons why the credit score was not higher.

Our credit Report Repair Services

As you can see above, accurate information in your credit report is of the utmost importance while determining your credit score. Unknown to most people, inaccurate information is more prevalent than you think, as credit reporting agencies are more concerned with accumulating information, than checking it's accuracy. This is always a trade off as any database manager will tell you.

It is our job to ensure that the most accurate information is on your credit report without the inclusion of dubious and disputed items that will disrupt your credit score. This technique is totally legal and risk free and is an extremely legitimate way to improve your credit rating. Contact us for a free consultation.