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Everyone's financial situation does not always require credit repair, however, it is extremely
important to audit credit reports before applying for credit with any financial
institution.
The credit analysis determines which are the possible negative elements that affect the
credit history: credit inquiries, debts, repossessions, Bankruptcies, late payments, foreclosures, debts, etc.
At the same time, a goal is set to remove these negative elements and inaccuracies from the credit history and thus ensure that banks and
lenders grant credit.
The credit analysis is the first step to achieve a successful credit restoration,
this is done through credit monitoring.
The credit score reflects the information in the credit report summarized in 3 numbers,
the most widely used credit score is FICO and it's made up of the three main credit bureaus (Equifax, Experian and Transunion),
credit score tells lenders how financially responsible is the person applying for
credit.
After the financial institution or lender that grants credit looks at the client's credit score, it will decide if
it will inquire into more details of the credit history in order to approve the person requesting credit.
The credit score
consists of 5 credit factors: Payment history (35%) Amount owed (30%) Age of credit history
(15%) Combination of credit (10%) New credit (10%)
Since the credit score is reflected in the credit report, changes in the credit report cause the credit score to change. For example,
When you pay bills late or take on more debt, your credit score can go down. However, if an outstanding balance is paid on a credit card, loan or mortgage
helps a positive account in the credit report, the credit score can increase since debts are being paid on time.
Also when negative accounts are successfully disputed and removed
from the credit report the credit score increases because we are eliminating negative elements in the credit report such as: credit inquiries,
debts, repossessions, bankruptcies, late payments, foreclosures, debts, etc.
In some cases, the bank or lender may share the credit score for free when
credit is requested. For example, if you apply for a mortgage, receive your credit score or
scores that were used to determine if the lender approves credit and under what conditions. It also can
receive one or more free credit scores from lenders when you apply for other types of
credit, such as a car loan or a credit card.
YOU MAY ALSO OBTAIN YOUR CREDIT SCORE FROM ANY OF THE CREDIT BUREAUS BY
CALLING OR VISITING THEIR WEBSITES.
Equifax: Calling 1-800-685-1111 or
visiting www.equifax.com/compare-products
Experian: Calling 1-888-397-3742 or
visiting www.experian.com/consumer-products/personal-credit.html
TransUnion: Calling 1-800-493-2392 or
visiting www.transunion.com
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Credfixx is a trusted and reputable credit repair company with years of experience in helping individuals just like you overcome credit obstacles and rebuild their creditworthiness. Our team of credit experts, financial consultants, and dedicated professionals are here to assist you every step of the way.
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