Credit reports and scores come from credit bureaus. The three major credit bureaus are Experian, Equifax, and TransUnion. Credit reports are an explanation of an individual’s consumer credit activity. Because the information requires substantial analysis and is often subjective. Credit bureaus have developed credit scores, to represent each consumer. Your credit scores are calculated based on several factors. These factors are payment history, credit utilization (the amount you owe compared to your total lines of credit), the number of credit lines you have open, the age of your credit, and the number of inquiries for new credit. The information collected is analyzed according to proprietary algorithms that produce your credit score.
FICO score is the most often used by creditors and lenders. Our FICO scores can range between 300 and 850 points. A poor credit score is considered below 600 points. An average credit score would be between 600 and 700 points. A good credit score is usually anything higher than 700 points, and an excellent credit score would be 750 points or higher. The higher your credit score the easier it is to get approved for a loan and get the lowest interest rate possible for your range of credit.
All three of the major credit bureaus have their own way to analyze your credit score and each bureau can give you a different score. The reason for this is that not all creditors report to all three bureaus. An example could be that a collection shows up on your Experian report but may not be reported to the other two bureaus, then your Experian credit score will be lower than your other credit bureaus scores. It is important to always check your reports for inaccuracies. By identifying these inaccuracies, you will be able to fix them before they become a problem.
Here at Credit Services of America we work with all three credit bureaus making sure that we work hard on your negative accounts that are affecting your credit score. We personalize our disputes for better results and make every round of dispute about our client’s credit needs.
A Goal without a Plan is just a Wish. Give us a call TODAY at 844-FIX-URCR or click on the following link to schedule your FREE consultation and create your personalized plan to achieve your credit and debt GOALS!
*Individual results may vary. Please call for details and to discuss your own individual situation.