Q. What is a "Credit Score"?
A. Your credit score is a numerical value assigned to the consumer that reflects credit worthiness based on some given statistical model. It differs depending on the credit bureau that issues it.
Q. What is a good (or bad) credit score?
A. Above 730 is excellent credit, 700 - 729 is good; 670 - 699 fair, 585 - 669 poor, and below 585 very poor.
Q. What is a "Credit Report"?
A. A credit report is a report generated by a credit bureau that contains that bureau's records on file pertaining to an individual consumer.
Q. How can I get a copy of my credit report?
A. You can get a copy of your credit report from all 3 credit bureaus plus your score at Order Your Credit Report.
Q. What is a "Credit Bureau"?
A. A credit bureau or "Credit Repository" is a for-profit organization that gathers information and keeps records on consumers' credit history.
Q. Who are the 3 major credit bureaus?
A. In the United States there are 3 major credit bureaus: Experian, Equifax, and TransUnion.
Q. What types of information does a credit bureau gather?
A. The types of information gathered include your name, address, birth date, employment history, debts, payment habits, and public records.
Q. How does a credit bureau gather my personal information?
A. Credit Bureaus obtain your public records information from the court system and information on your other debts and payment habits from lenders such as banks, retailers, and collection agencies.
Q. What does a credit bureau DO with the information they gather?
A. Credit bureaus make billions of dollars selling copies of credit reports to potential lenders.
Q. What is meant by "Credit Repair"?
A. Credit repair is the process of improving one's credit worthiness by disputing negative information on his/her credit report.
Q. What is the "Fair Credit Reporting Act"?
A. The Fair Credit Reporting Act (FCRA) is a Federal law passed by Congress in 1972. It gives the consumer certain rights under Federal law regarding credit reporting.
Q. Is Credit Repair Legal?
A. Yes! Under the FCRA the consumer has the legal right to demand an investigation into the accuracy of any information in a credit report.
Q. Is it legal to seek 3rd party help in challenging information on my credit report?
A. Yes, absolutely! Although the credit bureaus would like you to believe otherwise, and have even been known to send threatening letters to consumers to try and scare them away from getting help.
Q. Are Results Guaranteed?
A. Every person's situation is different, and results can never be guaranteed. However, in most cases there will be major improvements to one's credit report and credit score ... improvements that will enable the client to get a mortgage, credit card, or car loan ... and at a much lower interest rate. The goal is always to improve the credit score as much as possible. Sometimes improvement will be more, sometimes less. But some improvement is almost always achievable.
Q. How long does it take to see improvement in my credit score?
A. That will depend on your individual situation. In some cases major improvements can be achieved in just over 30 days, and in others it can take up to a year. But most of the time, you can reasonably expect to see improvement in four to eight months.
Q. What is the likelihood there are errors in my credit report?
A. It's highly likely, although estimates vary. Here's a "run down" of the number of credit reports believed to contain errors.
Attorney General of New York 1/3
Consumers Union 48%
US Congress 1/2
Charles Givens Organization 90%