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Bad credit can overshadow any financial transaction you are about to make.

Most companies will go through your credit reputation before they plan to get into business with you.

For this reason, individuals with a diminished credit history normally want to turn things around by looking at hiring a credit repair company in Chicago.

Credit repair companies are a viable option for getting you a favorable credit score.

You may be told that you can improve your credit on your own, it may be helpful to work with a company with experience in credit repair for the best results.

One of your options, is to work with the trusted leaders in credit repair, Lexington Law Firm.They communicate with the bureaus and creditors on your behalf to challenge unfair and inaccurate negative items. Call today for a free credit repair consultation!

1. It Starts With Your Current Credit Score

Credit repair means that you have to work on improving the information in your credit report. A credit report has accurate information on how good your credit score is – which is what makes you eligible for taking loans and applying for a line of credit.

A good score means you are reliable while a bad score won’t get anywhere, especially when it comes to applying for a credit card or taking out a mortgage. Evaluating the information in your report is the first step you need to take prior to deciding whether you are going to turnover your credit score or not.

You can get a copy of your credit report from credit bureaus such as TransUnion, Equifax and Experian. This can be done by looking for information on www.annualcreditreport.com

it's about your credit
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2. Your Credit Score Is the Threshold

The information in your credit report makes up your credit score which then acts as a threshold to establish the condition of your credit. A low credit score is an indication that your credit history is not the best. This information is based on 5 factors, which are:

  • Recent applications
  • Type of credit accounts
  • The age of your credit history
  • Payment history
  • Debt history

Purchasing your credit score every time you need to check up on the info can get costly. This is why you can use companies such as Credit Karma or Credit Sesame to give you a free overview of your report. When signing up for a service that allows you to monitor your credit report, search for an option that does not require credit card based payments. This can lead to monthly charges even when you are signing up for free trails. However, you have to understand that this won’t be your actual credit score that they will be monitoring, but a precise estimate.

3. Removing The Bad Stuff

Removing “accurate” negative or positive information is more of a hassle than you would think.

You are allowed to remove any inaccurate information that may be a part of your credit report and credit will help you do it. However, an accurate report added by a credit bureau is impossible to edit or remove. And even if you try to do that – the credit will be obligated to report it as an offense.

The best way to steer clear of any discrepancies is to use your debt validation accounts to view all your valid payables. Plus, you will also be able to remove any information not consistent with your credit report.

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4. Leave It As It Is If You Can

It is not necessary that a bad credit will follow you forever.

The negative information will be a part of your credit report for up to 7 years. However, bankruptcy and tax liens that fall under Chapter 7 may remain in your report for 10 years.

What Are Credit Scores And How Do They Work?

how credit scores work?

A credit score is essentially a financial tool used by lenders or creditors to assess the risk of crediting assets or money.

Financial institutions use it as a decision-making tool to mitigate the risk of incurring bad debts as much as possible. This method is valid for all kinds of lending procedures including loans, credit card issuance and other debts.

A good credit score is a kind of insurance that you are willing to pay your debts and have the financial standing for it.

Depending on where you are living, most credit companies will use a specific score to rate whether you are eligible for a granting credit. Scores in most countries needs to be around 300 onwards to 850. The higher your credit score the easier it is to get a loan or a credit card. Some lender rates refer to how your credit is rated, for example between the levels of Poor credit, Average credit or Good credit.

A credit score below 630 is considered poor, from 630 to 690 it is considered average and good credit lies between 690 to 720. Anything above 720 can be considered excellent or most favorable credit.

Impact Of Credit Scores On Financial Products

credit cards

Your credit score can impact any credit-related financial products to a large extent.

In fact for loans, mortgages, credit cards and any other transaction in which lending is involved, your credit score will be considered a threshold that determines whether you get the funds or not.

If your credit score lies below 630 you will not be cleared for any funds, you may have to go the credit repair route for this.

What's Affects Your Credit Score?

Your credit score is not just determined by how much you have paid back or failed to pay, there are other components that also affect this rating. Your credit score will consist of the following components

credit cards

History of Payments

Burden of Debt

Length of Credit

Credit Type

Latest Credit Searches

1. History of Payments

Your history of repaying loans or debts makes up most of your credit score. This is a track record of your previous transactions and whether you have paid them back in the designated period. Paying on-time will be considered as a positive element – and will help increase your overall credit history. However, if you have delayed any payments even a little, it will become a part of your bad reputation as a borrower.

Delayed paybacks along with defaulted payments are aspects that translate into negative payment history.

A negative credit history means that the risk is greater for the lenders (such as banks) and they will consider their options more thoroughly before they give you a green light for a loan or mortgage. You may even disqualify for most credits.

2. Burden of Debt

Your debt burden at the time of application for a loan is calculated. This is done in relation to all the other factors that influence a credit score. This means that it does not matter whether you just need to pay a little or a lot – every factor will be taken into consideration.

3. Length of Debt

Your credit history comprises of all the accounts that have been in credit-based transactions under your name. This is considered one of the most effective ways to determine whether the potential borrower is willing and financially stable enough to pay. The longer the history of your transaction the more historical data creditors have to base their decisions on.

4. Type of Credit

The types of credits you have been exposed to are considered by the lenders. This is done to check whether the borrower has been exposed to different procedures and rates of interest. If you have been able to pay all those credits on time this may work in your favor whilst getting a new loan.

5. Credit Searches

This refers to the number of times credit bureaus or lending institutions have done a complete search into your finances and borrowing activities. This can also affect your credit score and the decision that lending bodies will take.

How Is Credit Score Calculated?

Now that we have established what matters in a credit score, we will see what weightage each factor is given by credit bureaus to determine your credit score. Bear in mind that your credit score can vary when calculated by different bureaus even if the same model for calculation is used.

History of Payments

Your payment history makes up for 35% of your credit score

Debt Burden

Your debt burden will make up 30% of your credit score

Credit Inquiries

This will make up 10% of the score

History of Payments

This makes up for 35% of the credit score

Types of Credit

This influences the credit score up to 10%

how is score calculated

How To Keep A Good Credit Score?

 

Lexington Law Credit Repair will help all of those who are looking for a credit repair company.

Despite your financial expertise, credit repair is best left to a company with years of experience. One of your options, is to work with the trusted leaders in credit repair, Lexington Law Firm.

Lexington Law will evaluate your credit reports and customize a plan that is unique to your situation. They will also communicate to creditors and all three credit bureaus on your behalf. Past customers of Lexington Law have seen an average of a 40-point score improvement in the first four months of being on their service.

how does credit repair work

This is what you can expect

  • Work to improve your credit reports
  • Receive a free summary report and credit score
  • Talk with a credit consultant about your reports
  • Access online dashboard with updates

Lexington Law Firm’s Stories

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You were very professional and willing to help with my situation. Lexington Law does not pass judgement and I can hear the care and concern of my situation. Sympathetic Joshua B

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Results on solving my issues have been excellent. The Customer Support has been overwhelmingly fantastic! Choosing Lexington Law has been by far the best choice I could have made, I look forward to our continued success in repairing my credit.Gail L

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Results have been fantastic! In such a short amount of time, I am so impressed with Lexington Law, I would recommend it any and everyone. We are hoping to have the credit to purchase a home this time next year. The client dashboard rocks, so informative.Andrea P

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You Will Be Able To

780 credit score
Work to improve your credit reports
780 credit score
Receive a free summary report and credit score
780 credit score
Talk with a credit consultant about your reports
780 credit score
Access online dashboard with updates