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Utah's credit repair resource: CALL US 888-586-7099


Consumer Credit Score Information


Is your credit score just an invisible number? For many Americans this three-digit measurement is a very important factor. Today credit scores are not solely used to determine consumer interest rates on a loan, but are now becoming very important in deciding insurance premiums and even employment. For some people very poor credit equals denial of loan, loss of coverage and unemployment. Even if extended a loan, how much will poor credit cost over a 5 year auto loan or a 30 year mortgage? The answer is thousands of dollars and perhaps a decreased standard of living.

"Credit scores have become firmly woven into the fabric of U.S. society. A blemished credit history can add hundreds or thousands of dollars to a household's annual interest bill. For many others, standard features of modern life such as homeownership and the convenience of credit cards can be denied because of poor credit scores. Even educational success can be threatened when loan access depends on the credit scores of students and their parents. Scores are sometimes the basis for rejecting job candidates." - Source: economy.com

Credit scores are commonly used by all lenders and are becoming more prominent with employers, insurers, landlords, as well as cell phone and utility companies. The reality is that a credit score is black and white. It is a mathematical formula that allows lenders to make a quick decision on the consumer's ability to repay a loan, mortgage or credit card. Supporters of the system argue that it does not discriminate based on race, sex, etc. Those opposed to the system point out that credit scores fail to take tragedies such as medical emergencies or loss of employment into consideration. Although credit scoring is considered nondiscriminatory, many are skeptical that low-income workers, minorities and other segments of the population who can not access credit cards and mortgages may score lower than others. Another major concern is that the accuracy of credit reporting is not a priority of the major credit bureaus and is thus suspect.

Common Questions From the Consumer

  1. How can I quickly improve my credit score?
  2. How can I verify the accuracy of my credit report?
  3. How can I ensure the credit bureaus will correct errors?
  4. How can I ensure that once I fix my credit it will remain intact?
  5. Are there legitimate credit repair companies available?
  6. What does a credit repair service entail?
  7. Is it legal to contract a 3rd party to repair my credit?
  8. Can I repair my own credit?

Your Consumer Rights

The good news is that the law favors the consumer. However, without the correct understanding of the law it becomes difficult and time consuming for the individual to repair their own credit. The Fair Credit Reporting Act allows consumers the legal right to dispute items on their credit reports that may be inaccurate, out of date, incomplete or unverifiable. Furthermore, The Fair and Accurate Credit Transactions Act of 2003 which amended the Fair Credit Reporting Act, requires the Federal Trade Commission (FTC) and other federal financial agencies to study and report to Congress on both credit scoring and accuracy.

These are positive tools for the consumer but it does not include free credit reporting or the ability to simply dispute a low score. On top of that it is still up to the consumer to verify the accuracy and integrity of their own credit score. Unfortunately the FTC does not have the resources to help each individual consumer. The credit bureaus will definitely not help you improve your score; they make more money off of people with low credit scores! Think about it, the person with a lower credit score has to apply for credit more times than the person with a higher one. The credit bureaus make money by selling your credit report to lenders. The more times you apply for credit, the more money they make!

 

Our Mission

Many consumers are turning to 3rd party credit repair companies to help them restore their score and get on with their lives. The consumer law concerning fair credit reporting can be confusing and convoluted for the novice. Credit repair specialists can help consumers repair their credit quickly and effectively at a low cost for service. Our goal is to align consumers with the appropriate provider based on their specific needs. Some companies repair quickly upfront, others utilize credit counseling over many months to a year. Other companies can enroll the consumer in a monthly program in the event of identify theft or extreme credit crisis. Because we are aligned with all and not just one strategy, our incentive is to provide the customer with the service most suited to their needs.

"The first step in the credit repair process is a detailed examination of your credit reports. There is more involved than simply spotting items that do not belong to you. Many of the errors on credit reports may look familiar but should not report as a matter of law. These legal compliance issues require training to identify. Doing the job on your own can be rewarding, but unless you have the time to learn the applicable laws you should consider hiring a reputable credit repair service. A good service will quickly spot the issues that should be challenged as well as providing a plan of action for rebuilding and optimizing your scores."
- Source: ezinearticles.com

Once you have decided that verifying and repairing your credit is the right choice, fill out our contact form or call 888-586-7099 and one of our credit specialists will be in contact with you shortly.

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