The following factors have an impact on your Credit Score. The credit reporting agencies use them as basis in their calculations.
- 24-month review of your credit report and history of payment punctuality: DYK? even late payments on medical or cable and phone bills may affect your Credit Score
- the total amount of your available credit: DYK? keeping your available credit higher than your debt helps improving your Credit Score
- the total amount and the type of debt you have: DYK? real estate loans paid on-time may improve your Credit Score
- the number of open and active accounts: DYK? most of the store credit cards report your credit / debit and payment history information which may have an impact on your Credit Score
- the longevity of your relationship with your creditors: DYK? the longer your good standing relationship with your creditors, the better for your Credit Score
Insurers use your credit behavior as a basis for predicting the likelihood that you will file an insurance claim. (Transunion)
Poor credit behavior over a period of time, associated with a lower credit score, may raise your insurance rates for your car, home or, if you are a business owner , for your business. While a credit score is a key determinant of your creditworthiness, insurance companies also examine the information on your credit report.
A credit repair company, such as Fast Credit Solutions, can help you correct any inaccuracies, thus ensuring that your credit data is a true depiction of your credit record and increasing your chances of getting insurance under the best possible terms.
Every creditor has its own definition of what is considered “good” vs. “bad” credit. With more lenders today keeping credit standards tight, you need to do everything possible to get your credit in great shape. A low credit score today does not have to be permanent. (TransUnion)
Call us to find out what you can do to enhance the health of your credit over time.
Continue reading Keeping Your Credit Score High
Correcting errors on your credit report can be a long and tedious process. Here are a few steps that can help speed up the process.
1. Request a recent credit report directly from the credit reporting agencies Transunion , Experian and Equifax since you’ll need this report to send in your dispute and to keep on hand in case you later need to take additional steps.
Make sure you order your report directly from the bureaus, not from a third-party reseller, and avoid relying on a report you got from a lender. Continue reading 5 Steps for correcting errors from your Credit Report
With this blog, we intend to keep our customers informed. We will update this blog on a regular basis, so return often to read useful information about our credit repair services and any related news.