Credit Awareness

Every consumer who uses credit has a credit profile and a FICO score.  Do you know yours?

Every time you apply for credit, creditors obtain your credit report  to verify your past credit history. They use your FICO score and history to determine the likelihood that you will repay the debt. The use of these reports has broadened. Insurance companies have begun to use them to determine premiums or deny coverage. Potential employers may even use your credit report to determine if you’re the right candidate for a job.
And yes — it’s perfectly legal! Nowadays, very few transactions that involve personal finances or any type of loan will not examine your FICO score. It’s that important.

Rising interest in credit scores

Today, a credit record is more than just a dry report on how many credit cards you have and whether you have made your payments on time. Credit reporting agencies distill consumers’ credit profiles into a three-digit number called a FICO score. That number alone can determine the interest rates you’re offered. It’s not surprising that as credit scores become more important, consumers are taking more interest in these three-digit numbers. A high score saves you money, a low score costs you. This fascination with credit scores has led to more interest in credit awareness – giving consumers the knowledge they need to maximize their score potential.

Wouldn’t you like to increase your FICO score?

The need for such a service is obvious. Practically every consumer has inaccurate or outdated information on a credit report from one of the three major credit bureaus, says Steve Rhode, president and co-founder of Myvesta.org, a nonprofit agency that counsels people in financial crisis.
These errors can be costly, and it’s up to the consumer to get them corrected. The credit bureaus are not obligated to root out errors and provide accurate information. Their job is to record the information presented to them by creditors.

Call for help?

So, if your score is low or your credit report is inaccurate, what are your options? Credit bureaus insist that individuals cannot repair their credit without waiting years for negative items to be removed. You can personally write to the credit bureaus and dispute errors on your credit report. If you don’t have time to do this yourself, a credit repair company can do the job for you. Youngblood Law has viable options for you. Many people feel that bankruptcy will destroy their credit for a 7 to 10 year period of time. People have overcome and rebuilt their credit in as little as 2 years. What matters most is not that the bankruptcy happened…it is how you come out on the other side.

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