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 350-850 and is intended as a predictor of whether or not you will be 90 days late on a loan obligation. 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 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 credit items from all three of your credit reports, we will refund 100% of your fee.
How can I get a complete copy of my credit report?
Through our consultation we can refer you to a company that will provide you one. We cannot pull one for you.
Is there anything that cannot be in my credit report?
Certain information cannot be in a credit report, including:
- Medical information (unless you provide consent)
- Notice of bankruptcy (Chapter 11) more than ten years old
- Debts (including delinquent child support payments) more than seven years old
- Age, marital status, or race (if requested from a current or prospective employer.
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