80% of Credit Bureaus Contain Errors
Unfortunately when it comes to credit repair there are no magic bullets despite some advertisements you might see. Although credit repair if preformed legally and efficiently will save the average consumer over $100k through out the course of their lives. Our Certified Credit Consultants will walk you through your bureaus while educating you on the different factors that compile into your FICO score.
The Credit Pie resembles how your Credit Score is put together. Credit Forget It works with you to maximize each area of the pie to insure you gain the highest score possible with the items currently reporting.
Inquiries (10%)
When you have given someone permission to pull your credit to make a decision.(Ex: credit card, cell phone, auto loan, mortgage, refinance, etc…)
History (15%)
How long you have been using credit. How long credit has been offered to you. How long you have been paying off loans. (This has the largest impact when first trying to establish credit.)
Mix of Credit(Type Of Credit) (10%)
There are different types of credit, revolving (credit cards), installment (auto loan, student loan, personal loan), real estate (mortgage). The scoring system calculates the different types you have open or have had open. (If you are looking at purchasing a home or a car it helps to have a previous loan of a similar type)
Debt (Utilization/ Credit Use) (30%)
The “revolving” debt you are currently carrying in your personal name and the balances you carry on your credit cards. Collateralized loans on cars, or long term home loans usually do not have as big an impact on your credit score as unsecured revolving debt. This is the area that is quickest to correct and has a large effect on your credit score.
Payment History (35%)
Negative character items that lower your personal credit score are things like late payments, collections and judgments, bankruptcies. This area affects your credit the most and is the area that most people dramatically lower their scores by simply being late on a few payments. Or there being a judgment or medical bill being sent to collections without knowing.
