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      June 16, 2019

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Repair Companies

  1. Ovation Credit Services
  2. Credit Firm
  3. Credit Saint
  4. MSI Credit Solutions
  5. The Credit Pros
  6. Lexington Law
  7. The Credit People
  8. Credit Repair
  9. Credit Assist Network
  10. Pyramid Credit Repair
  11. E Credit Attorney
  12. Credit Repair Consult
  13. Veracity Credit

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What is a Credit Score and Why is it Important?

Age may just be a number, but a credit score can make or break your financial future.

What exactly is a credit score? The easy answer is that itís a number assigned to an individual consumer based on their credit history. Failure to pay back debt in a timely fashion or, worse yet, defaulting on a loan or payment entirely is likely to result in a very low credit score. A stellar credit report, which includes a consistent history of on-time bill payment and loan repayment, will result in a high credit score.

The more complex answer to the question of what is a credit score is that it is a three-digit number assigned through a mathematical algorithm using information pulled from a consumerís credit report. The numbers range from a low of 300 to a high of 850. The number is supposed to predict the risk associated with doing business with that particular individual. A credit score higher than 700 is a good indicator that the consumer has an excellent credit history and is in the low-risk category for defaulting on a loan or payment.

Creditors with scores in the 500 and 600 ranges are considered medium risk and may have a history of failure to pay or consistently paying late. Scores below 500 indicate a high-risk consumer. These are the folks who may find they are having trouble obtaining loans, utility services or even employment due to their credit scores. They have consistent histories of failure to pay or of paying late, making them undesirable with which to do business.

Every credit score consists of five criteria: payment history, amounts owed, length of credit history, new credit and types of credit used. Payment history counts for 35 percent of the total score, and includes things like account payment information. The balance owed to creditors consists of 30 percent of your score, and is a reflection of how much is owed on every open account a consumer holds. The length of the credit history is 15 percent of the total score. This covers how long ago accounts were opened and how often they register activity by the consumer. The types of accounts the consumer holds counts for 10 percent of the total score and new credit consists of the remaining 10 percent.

A consumerís age, sex, race, address, marital status, income level or employment status have no effect on the credit score. However, there is one credit-score model that dominates the industry Ė FICO. Over 90 percent of all U.S. financial institutions use FICO scores when determining credit worthiness.

Consumers who wish to review their credit score can do so by requesting it from any of the three credit reporting agencies (Experian, Equifax and TransUnion) or from www.myfico.com. While federal law requires that all consumers receive one free credit report annually, that provision does not cover the receipt of a credit score. Credit scores cost $20 and up, depending on the agency used to obtain them.

There are pitfalls in credit counseling

It is at these times that borrowers who are heavily in debt turn to the resources of credit counseling or credit repair services. A credit counselor - a trained professional who helps people develop ...

Published:  Fri, 14 Jun 2019 09:41:00 GMT



Lies Some Credit Repair Companies Tell

You know, you can repair just about anything and that includes your credit. But before you go to a credit repair company, you better watch this video. ...

Published:  Wed, 05 Jun 2019 07:00:00 GMT



Free Bike Repair Kits Available To Check Out At Denver Public Libraries

Bike repair kits are available at all Denver Public Library locations. (credit: Denver Public Library) The Denver Department of Public Health and Environment has teamed up with Denver Public ...

Published:  Wed, 12 Jun 2019 14:14:00 GMT



Best Credit Repair Companies: What To Avoid

If you're struggling with bad credit, you may have heard about credit repair service companies. But you might not know exactly what they do. Or, you might have heard that credit repair companies can ...

Published:  Sun, 09 Jun 2019 20:02:00 GMT



BEMG Subsidiary Get Credit Healthy Executes MOU with ChoiceTrade Holdings, Parent Corporation of ChoiceTrade

Through their collaboration, a dedicated customized online platform for registering new customers will be created to gain access to a larger base of investor and credit repair clients seeking to ...

Published:  Wed, 12 Jun 2019 05:00:00 GMT



Did credit repair companies get customers in 'misleading' way?

Two of the largest credit repair companies in the country are targets of a Consumer Financial Protection Bureau complaint. PGX Holdings Inc.and subsidiaries Lexington Law Group, Creditrepair.com and ...

Published:  Fri, 31 May 2019 06:06:00 GMT



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