Understanding Your Credit Report

It is never too late to understand what your credit can do for you!
We can help you comprehend your credit report and how the information is gathered and utilized.

A Credit report is a summary of your credit history. Credit Card companies, Bank Loans, Vehicle Loans and Home loans are all reported to the credit bureaus. The sum of this information helps calculate a score based on several factors.

A person’s credit score varies. Each Credit Bureau has its own name for the Credit Scoring Model. Experian uses “FICO or FICO II,” Equifax uses “Beacon” and TransUnion uses “Empirica.”

There are specialized credit scores that lenders use for specific types of loans. For example, you are applying for a car loan; a lender will review your Auto Enhanced Score. This score will influence the lender’s decision based on your payment history from previous auto loans.

Another influential factor that will appear on the Auto Enhanced Score that event if you paid your monthly bills, mortgage and credit cards in full and on-time; however, your car loan payment was always late, that will still be reflected in your Auto Enhanced score.

Checking your credit often can benefit you in detecting fraudulent charges to your credit and/or Identity Theft. Negative or Bad Credit could cost you thousands of dollars in interests and/or prevent you from getting a job or lose your job.

Do not let bad credit stop you from having your dream car or home!

You can always contact the lender to try and resolve the issue. However, when dealing with large institutions and corporations can be challenging. If you contact them by writing, the companies are required to respond to you in writing. Ensure you have all relevant backup information needed of why you are disputing the charge so it can be removed or corrected.