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Credit Facts

 

 

Fact: A poor credit score will not haunt you forever. A score is a “snapshot” of your risk level at a particular point in time. It changes as new information is added to your credit file. Scores change as you change the way you handle credit.

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Fact: 29% of credit reports contain errors serious enough to cause credit denial.

 

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Fact: Around 35% of a credit score may be based off payment history. A credit score is negatively affected if bills are paid late or if there is a history of delinquent payments, including matters of public record such as bankruptcy, collection accounts, etc.

 

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Fact: Around 30% of a credit score may be based upon amounts owed or other debt. A credit score can be negatively impacted if the amount owed is close to the credit limit. A low balance on multiple credit cards may be better than a high balance on one credit card.

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Fact: The fair credit reporting act amendments of 2006 were put in place to protect you the consumer. It’s your right to dispute  credit information reporting on your credit file. Let us help you get started TODAY!

 

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