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North Carolina Education on Credit Scores and Credit
By: John Dawson
Feb. 17, 2011 - PRLog -- Here are some facts to think about when working with Credit Scores and Credit  

Is your credit score costing you money?

Here are what some studies have shown concerning your credit report. The 3 Major Credit Bureaus Equifax, TransUnion, and Experian are for-profit organizations that are not government backed. They make more money when your scores are lower then when they are higher.

Here is what this data shows

■85% of credit reports contain some type of error.
■30% of all credit reports contain errors serious enough to result in the denial of credit.
■54% of credit reports contain personal demographic identifying information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect
■30% of credit reports contain credit accounts that had been closed by the consumer but incorrectly remained listed as open.
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Here is how your credit score is calculated

35 percent of your score is based on your payment account history such as mortgage,credit cards,installment loans. etc. Also if you have gone through a bankruptcy,liens,suits. Paying bills on time and being consistent is one of the major factors for grading your score.

30 percent of the score is based on outstanding debt. How much do you owe on car or home loans? How many credit cards do you have that are at their credit limits? The more cards you have at their limits, the lower your score will be. The goal is to keep your card balances at 50 percent or less of their limits.

15 percent of the score is based on the length of time you've had credit. The longer you've had established credit, the better it is for your overall credit score. Why? Because more information about your past payment history gives a more accurate prediction of your future actions. Have good credit history is important that is why removing some credit history can actually harm your score.

10 percent of the score is based on new credit. Opening new credit accounts will negatively affect your score for a short time. This  also penalizes hard pull inquiries on your credit in the past year. Hard inquiries are those you've given lenders permission for, as opposed to soft pull inquiries, which include looking at your own score and have no effect on the score. However, the score interprets several hard inquiries within a short amount of time as one to account for the way people shop around for the best deals on a loan.

10 percent of the score is based on the types of credit you currently have. It will help your score to show that you have had experience with several different kinds of credit accounts, such as revolving credit accounts and installment loans.
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We are the best credit repair service available in the market today. We believe that knowledge is power! Simply fill out the form to the right or call us at 704-877-8739 to get started.

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Award winning company serving credit challenged consumers nationwide. Using our programs our consumers see results that improve credit scores and help them buy a home or refinance. Most results are within 30-90 days depending on the consumer.
Source:John Dawson
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Tags:Creditscoresandcredit, Credit Education, Improve Credit North Carolina, Credit Score Education
Location:Charlotte - North Carolina - United States
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Page Updated Last on: Aug 07, 2011
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