Credit Score
A credit record not only reports how many credit cards you have and if you've made payments on your student loan on time. The credit reporting agencies take that information, add it to the amount of debt you hold, the length of time you've been in good standing, and other factors, and combine that information into a 3 digit number called a credit score. That number is your FICO score. Its a very important and impactful number.
Where Scores Stack Up
How does this 3 digit number relate to your rating?
Under 600
Poor Credit Rating
Poor Credit Rating640 - 680 Fair Credit Rating
Fair Credit Rating680 - 720 Good Credit Rating
Good Credit Rating720+Excellent Credit Rating
Excellent Credit RatingCredit Rating Impact
Every time you apply for credit or a loan, creditors obtain your credit record to verify your worthiness. But, the use of these reports has broadened. Insurance companies have begun to use them to determine premiums or deny coverage. Potential employers may even want to check out your credit worthiness. The moral of the story: a positive credit report translates into low interest rate loans, low insurance rates, and huge savings for you.
How does it really impact your finances? Here's an example - say you want to purchase a new car for $25,000 with a 5 year loan. If your credit score is EXCELLENT, your interest rate could be 8%, making your total payment per month $507. If your credit score is FAIR, your interest rate could be 12%, making your monthly payment $556 (meaning that over the course of the loan, you've paid $2,952 in additional interest payments). If your credit score is POOR, your interest rate might be 16%, making the monthly payment $608 (by the time your loan is paid, you've paid an additional $6,062 in interest payments). Click here for more information about the affects of credit scores.
Or, if you want to purchase a home, in today's market, unless you have EXCELLENT credit, you might not even be able to qualify for a loan.
If its time to find out about your credit situation
and begin to work on it, contact us now:
651.998.0998 or fill out a consultation request.
The Trouble
There can be errors, outdated information, or inaccurate information on your credit report. That will affect your score. The current estimates are that more than 73% of Americans have errors on their credit report! That's more than 70 million people! Some of the questionable items listed on credit reports includes:
Late Payments
Judgments/ Liens
Collections
Repossessions
Charge Offs
Foreclosures
Bankruptcies
Inquiries
Incorrect Personal Information
Identity Theft/ Fraud
The Law and Your Credit Report
As a consumer, you have the right to have an accurate credit report. The Fair Credit Reporting Act (FCRA) gives you the ability to dispute items on credit reports which you feel may be inaccurate, out-of-date, incomplete, or unverifiable (questionable items). If a credit bureau can't verify the accuracy of a disputed listing, then it must be removed from your credit report.
Repairing Bad Credit Ratings/ Credit Scores
The FCRA says that you, as a consumer, can dispute items on your credit report. The trouble is, its a lot of work, its hard to know who to contact, what to say, how to say it. It takes a lot of time and research. It should not be difficult. But, it is to be time consuming, results take tenacity, requires lots of energy to understand the process and it can be a big headache.
Credit ratings do not get better by themselves
and now is the time to start improving your credit record
so that you can get the better loan and interest rates.
Start living your life with fewer limitations and let Credit Rx help you get there. Addressing bad credit is stressful, but ignoring it is disaster.
Give us a call at 651-998-0998 to get started today!
Why Choose CreditRx?
We'll do the daunting legwork. We'll analyze your credit report. We will give you a detailed picture of what is reflecting well and not well on your credit reports. We will give you a thorough action plan, showing you what steps are needed to improve your score. We will give you important resources for you to learn about credit reports, and how to maintain good credit. We'll prepare the correct correspondence to be sent to the credit reporting agencies. We'll follow-up. We will make sure items are delivered to the right agencies. We will let you know the progress that is being made. We make sure you have key information about your rights and our service - especially the FCRA and the Credit Repair Organizations Act (CROA). These are both intended to protect you, the consumer!
MENU
73 % of Americans have SUBSTANTIAL inaccuracies on their credit report!
Make sure you are not one of them!
Call: 651.998.0998Email: info@VillageCreditRx.com
Email: info@VillageCreditRx.comWhat to do or not do:
Village Credit Rx will go over your credit report and give you a detailed explaination of what it looks like to creditors - what is positive and negative about your report. We'll educate you on keeping your score high, and give you an action plan to get there.
We'll provide you with pointers and tips about credit scores. For example:
Apply for new credit carefully. An “inquiry” can go on your credit report when you apply for a credit card. Don't open those in-store credit cards the cashier asks you to apply for! Too many inquiries lower your score because creditors are wary of consumers who amass a lot of credit or who move from card to card. It does not count as an inquiry when you order a FICO report or receive an unsolicited credit promotion.
Get out of debt!
The only way to get on top of your finances is to start understanding your current position. Once you have done that, you must decide that you are responsible and resolve to take control of the situation. DO NOT USE A DEBT CONSOLIDATION SERVICE - it is in the top 3 worst items on a credit report!!!!
Get on track and stay on track. It will give you peace of mind and it can improve your financial condition. Do the following:
Develop a budget
Track your expenses
Compare your budge to your spending
Develop a plan to get in control of your cash-flow
Implement and track your plan
Stick with your budget - and your expense trimming plan - it will help you get in control of your financial situation more quickly than you could have imagined!
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YES! I want to learn more about how to improve my credit report - FREE, and with no obligation!
Your credit score is a numerical value assigned to the consumer that reflects credit worthiness based on some given statistical model. It differs depending on the credit bureau that issues it.
