As part of our exceptional services, we provide educational resources and tools to help you not only rebuild your credit, but to keep it. We keep you informed of the latest credit regulations, laws, and more so you are fully equipped and empowered through the myriad of obstacles in the credit world. We work with the top three credit bureaus Experian, Equifax, and Transunion to refute, question, and challenge anything which appears unverified or debatable on your credit report. We communicate with creditors to remove and push forward on your behalf any account mistakes to clear your history and repair credit scores. This enables our clients to secure lower interest rates for home and auto loans, or to finance other sizeable purchases. With our services, clients are able to refinance or secure a home loan faster than the typical wait period of 5-7 years.
We also help our clients understand the importance and meaning of FICO scores. Most clients are unaware of how important your FICO score is and how it is calculated. We walk you through payment history, amounts owed and more so you are fully knowledgeable about how the credit industry works. We have a full source of credit jargon to familiarize yourself with all the ins and outs of the credit bureau industry.
Terms of FICO Score and Credit Industry
Your FICO Score is calculated through a number of different factors and percentages. Here is a general breakdown of how your FICO Score is determined:
- Payment History (35%) includes account payment information, bankruptcy or judgments, duration of overdue payments, amounts past due (if any), and duration of any adverse occurrences.
- Amounts Owed (35%) (30%) includes the amounts owed on accounts individually and totaled together as a whole, the number of accounts with balances,proportion of credit line used and proportion of installment loan amounts still owed.
- Length of Credit History (15%) includes the duration accounts have been open as well as the amount of time since accounts have been active.
- New Credit (10%) includes the number of and duration since recently opened accounts and proportion to total accounts, number of and time since recent credit inquires, and the re-establishment of positive credit history following past payment problems.
- Types of Credit Used (10%) includes the number of various types of accounts, such as credit cards, retail accounts, installment loans, mortgages, etc.