What Companies Can Improve My Credit Score

Credit Report Scores - Computing Then

Your credit report scores are based on factors that appear in your credit reports. Credit report scores are computed based on a model developed by Fair Isaac Corporation and are typically know as FICO scores. They help lenders determine the risk of extending credit to prospective or existing borrowers.

The following general factors are considered:

Bill payment history -- 35% of your FICO score (Good: on time and for the full amount)
Debt relative to your credit limit -- 30% of your FICO score (Good: few installment loans, Bad: many debts, maxed out credit cards)
Length of credit history -- 15% of your FICO score (Best, entire credit history of 7 years shows no negative reports)
Types of credit -- 10% of your FICO score (Good: mortgage, car loans, Bad: high interest credit card debt)
New credit -- 10% of your FICO score (Bad: many rejected applications, new accounts, or credit inquiries)

All these factors are considered in computing your credit score.

Your credit report contains personal information, credit payment history, credit inquiries made when applying for credit, collections, as well as public record information from courts such as backruptcies, foreclosures, wage attachments, liens and judgments.

Repair Your Credit Report

There are basically three ways to repair your credit report.

You can dispute items on your credit report. This may or may not remove the item from your report.
Arrange with your creditor to pay off the debt in exchange for them requesting the credit bureaus to remove the negative item.
Pay off the debt and wait (up to 7 years) for the item to be dropped.

In addition, a bankruptcy can remove negative items, but the bankruptcy can remain on your report for 10 years.

In addition, you'll want to establish a good credit history by making small loans, paying off your credit cards, paying your utility bills--all on time. A good current credit history of several years can be more important to credit grantors than bad credit items that are older.

Removing Disputed Items From Your Credit Report

You must first obtain a copy of your credit report. You may need to obtain copies from all three credit reporting agencies.

Identify the item(s) in dispute. Make sure the creditor agrees you do not owe for this item. Get written documentation of this from the creditor if possible.

Write a letter to each credit reporting agency whose report contains an inaccurate negative item. Include their credit report with the item circled or hilited. Indicate that the negative item should not be included on your report and indicate why. Include written documentation from the creditor if available.

Keep a written log of all conversations and correspondence regarding this issue so you can detail the history in future communications.

Two Methods that Help You Disput Items on Your Report

For a Powerful One-Time Upgrade of Your Credit Report
Lexington Law is a Law Firm specializing in credit report repair. They have helped over 80,000 Americans improve their credit scores by removing inaccurate, misleading, or unverifiable information from their credit reports.
"It's amazing what a letter from an attorney can do!"
The Lexington Law Firm is member of the online BBB and offers consumers a performance warrantee. From bankruptcies to charge-offs to tax liens, Lexington Law Firm has challenged virtually every credit problem under the sun and deleted over 600,000 such items to date.
Lexington Law's service is backed by a warranty which entitles you to some or all of your money back if enough disputed items aren’t deleted. Put simply, they don’t believe you should have to pay for ineffective service. "If we can’t deliver, you’ll be reimbursed."

Do It Yourself Credit Repair

Credit Secrets is an easy to follow manual that shows you the loop holes and details regarding fixing bad credit, removing negative items that are on your credit report, and adding the elements you want creditors to know about. If you've had late payments, repossession, or even filed bankruptcy, this guide is your ticket to getting your credit report back on track.

You'll learn everything you need to know to repair your own credit, including:

The Inside Secrets of Credit Repair
Six Credit Card Secrets Banks Don't Want You to Know
How to Establish AAA Credit in 30 Days
What to Do to Stop Collection Agencies in Their Tracks!
How to Wipe Out Debts WITHOUT Bankruptcy
Guerrilla Tactics that will Give You a Good Credit Rating
How to Dispute Credit Report Errors
Sample Credit Repair Letters

Get on the right track to Credit Repair today.

Credit Report Scores - Computing Then Insufficient funds?

Your credit report scores are based on factors that appear in your credit reports:

Bill payment history (Good: on time and for the full amount)
Total outstanding debt (Good: non-mortgage loan payments less than 5% of gross income)
Types of debt (Good: mortgage, car loans, Bad: high credit card debt)
Length of credit history (Good: 3 or more years of on time payments)
Credit inqueries (Bad: many rejected applications)

The Equal Credit Opportunity Act (ECOA) prohibits certain factors from being used in determining your credit report score:

Personal details such as sex, marital status, age, race, national origin, or because you receive public assistance income
Sources of income such as regular alimony, child support, or separate maintenance payments

The Equal Credit Opportunity Act provides actions for you to take if suspect unauthorized factors are being used to deny you credit.

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