The first step in repairing your personal credit.
Today personal credit scores have a dramatic impact on everyone’s lives. If you have a high score you can get loans, buy a house or car that you want and get a great interest rate. if you have a bad score then you may be declined for all of the above, plus be unable to get a great job and/or end up paying onerous interest and large down payments to get the things you need in life.
Needless to say interest in Credit reports and scores has been skyrocketing. Now more than ever before consumers are aware of the impact their credit score can have on their life and are more concerned about knowing in advance what their scores are and if possible trying to improve them.
Credit repair has become a very popular term and we at RMS have been asked to provide some helpful tips to our clients on this subject and we have decided to make them available on our blog.
The first thing you need when considering credit repair is to know what your 3 credit reports contain and what you scores are. However, you need to be away that the 3 major credit reporting agencies (CRA), Experian, Equifax/CSC and Trans Union have changed their scoring methods. The problem is that the new scoring model has not been adopted by the market place so the scores you get from the three bureaus will not be the same one that determines your credit worthiness.
This report on NPR goes into more detail about the new model and is a very interesting listen. What you need to be aware of is that in order to get a accurate score you need to get your report and score from www.myfico.com. Once you have your score you need to make sure you have the accurate account numbers for all your accounts. Also, if you can’t afford a report from myfico.com you can get a free one each year or if you have been declined for credit buy one of the 3 major CRA; just don’t pay extra for their scores.
Tags: CRA create new scoring format, credit repair, new CRA scoring model, personal credit repair