Credit Repair and Credit Scores Explained by toriola1


									Presented by Daniel Toriola
Credit repair counseling can be employed in many directions; to prevent debt, to get out of debt, and to stay out of debt. Credit repair takes place over a couple of months and there are various steps involved in order to increase your credit score. Click here to know more

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Credit Repair and Credit Scores Explained By Ian Webber

The Credit Bureaus Many people starting a credit repair program are under the misconception that the credit bureaus are in some way connected to the government. It is easy to understand this perception. But, as influential as they are, the credit bureaus have no government blessing, charter, or otherwise. They are big business. There are three credit bureaus that count. They are Experian, Equifax, and TransUnion. They are in the business of gathering credit data about you and selling it to potential creditors. The Fourth Contender There is one other credit bureau of substance called Innovis. Innovis is a significant player in the credit data markets, but is not a concern for your credit repair effort. They specialize in gathering and sorting data for pre-screened credit card offers. The mortgage giants Fannie Mae and Freddie Mac were instrumental in the accent of Innovis when, in 2001, they demanded that their mortgage servicers report payment histories to Innovis. At the moment Innovis operates behind the scenes, but there have long been rumors that they are planning an assault on the consumer market. The Credit Score of Choice Almost without exception lenders use a single type of credit score in making loan decisions. This is called the FICO score and will become a focal point of your credit repair project. FICO is an acronym for the inventor of the score, Fair Isaac and Co. The three bureaus sell these FICO scores directly to lenders and have re-named them for marketing reasons; Equifax calls it a BEACON score; TransUnion calls it an EMPIRICA score; and Experian calls it the EXPERIAN/Fair Isaac Risk Model. Your Scores May Vary At the outset of your credit repair project you may want to benchmark your effort by checking your credit scores. You will notice that your scores with the three bureaus are different. This is because each bureau receives data from a different mix of creditors. Some creditors report to all three bureaus, but many don’t. If you examine your three reports you will see that some accounts are missing on each
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bureau. Reporting schedules also play a roll. Changes in your balances are normally picked up sooner at one bureau than another. The Makeup of Your Score The precise formula for calculating your credit score is kept secret. But Fair Isaac offers a significant amount of information about the rudiments. If you are looking for credit repair results it is wise to familiarize yourself with the basics. As you start to work on optimizing your scores you will begin to develop an intuitive grasp of the nature of the scoring model. Payments Your payment history comes first and plays a major roll. This includes installment and revolving debt payments. The age of each derogatory event reduces the impact it will have on your score. For credit repair purposes, don’t worry about the past, just make sure that you make all payments on time from now on and you will be fine. Fair Isaac says that this category represents 35% of your score. Balances Your balances are the next category, and although in second place, they may be the most important to your credit repair project and to any effort you are making to optimize your scores. Revolving balances carry the most weight, and the relationship between your balance and the limit on your revolving accounts is the key. Installment balances come into play as well; older, time-tested installment debt will help your scores. Fair Isaac indicates that this category makes up 30% of your score. Age The age of your credit plays a role as well. New credit will depress your scores for the simple reason that it is untested. You may need to build new credit as part of your credit repair project, but as each month passes the negative impact of new accounts fade quickly. Old accounts are a credit repair asset and should be preserved. This category makes up 15% of your score. Inquiries Credit inquiries have a negative but small impact on your scores. Inquiries indicate to the FICO model that you are planning to incur new debt. Fair Isaac credit score engineers will lower your scores temporarily when you have inquiries as a warning to prospective lenders that your budget may be facing new challenges. The impact of inquires fade quickly. Fair Isaac weighs this at 10% of your score. The Right Mix Last and least, the type of credit makes up the final 10% of the score calculation. This last category brings to light the fact that there is an ideal mix of debt types for credit score perfection. Fair Isaac does not reveal what the perfect mix is, but when it comes to credit repair success you should focus on building a nice balance of accounts, making your payments on time, and keeping your revolving balances down. Copyright © 2009 Ian Webber. All Content. All Rights Reserved.
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Presented by Daniel Toriola
Ian Webber is a financial consultant and expert in consumer law and credit repair. Ian is a graduate of the London School of Economics and The University of Chicago. Ian consults with one of the leading online credit repair services. For more info see

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Presented by Daniel Toriola
Get Credit Report information and credit questions on-line By Mike Clover

Your credit report is accessible 24/7 on the internet in a few clicks. Equifax just released how the internet is a great resource fore accessing anything about your credit. The internet is amazing in regards to how you can get the information you need to fix just about anything. You can get recipes, commons household items, cars, credit cards, insurance, mortgages, or any common question answered. The internet is so powerful that you could actually stay home and never leave using the internet to buy what you need. The internet being the best channel for credit reports, credit scores and getting free credit repair help, you can rest assure you will have access to what you need securely in a few clicks. If you want to access your credit report, and did it the old fashion way, you would have to wait for your report to come in the mail. I don't know about you, but I know the mail is not safe anymore. You definitely don't want anything with your social in the snail mail if you can avoid it. With the security that has been implement on the internet to get your credit report and credit scores safe and securely. Most people don't know how convenient the internet is. The internet has revolutionized the way we all do business and function in society currently. Let's assume you have credit issues, and you don't know what to do. Most people will search for credit repair sites. You will find that most credit repair sites charge horrendous fees for something you can do yourself for free. If you were to take the time to do some research, you will find that with a little credit education and implementation of what you learn your credit will improve on its own. The internet is just like your local library, it has all the information you could imagine. How easy is it to get credit report on-line? Let's assume you are getting ready to buy something, or just would like to know what your credit scores are. Getting your credit report is so easy that a caveman could do it. Typically when get your credit report you will need to know your credit scores. Your credit scores will typically cost you around $30.00 to have that piece of mind. But it's worth having believe me. In a matter of a few seconds with validating who you are, you will receive your full 3-1 credit report. Pulling your consumer credit report does not affect your credit scores by the way. Credit Repair on the web Let's assume you have credit issues, and you would like to start repairing them right away. You can find all kinds of articles about what the first step would be in the credit repair process. With your credit being the single most important part of your financial health, you can rest assure the answer is on the web. In a few keystrokes you can be reading an article that will pertain to your situation. This is the power and resourcefulness of the web today. Got questions about credit? Just Google it.

About the Author: Mike Clover is the owner of . is the one of the most unique on-line resources for free credit score report, fico score, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

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