Saturday, November 14, 2009

The Credit Miracle Worker At Frank Myers Auto Maxx Presents: The Difference Between Credit Bureaus & How Your Score Is Determined

Rich Little, the “Credit Miracle Worker” at Frank Myers Auto Maxx in Winston-Salem, NC here and I’m back. This time I’m going to tell you the differences between the three credit bureaus and how your credit score is determined.

The three main credit bureaus are for-profit corporations

The big three: Experian, Equifax and TransUnion are in the business of buying and selling credit information and they play no part in the credit repair or restoration process unless they are requested to do so. They are not a government agency, a public service nor do they act as a watchdog and contact you about possible problems with your credit. It’s also very important to know that they are responsive not proactive companies. In other words, you have to go to them to repair any false charges or erroneous information. Until you do, they assume all is well with your credit report(s).

Every time you ask Experian, Equifax and TransUnion to look into problems with your credit report (including disputing information or asking that an item be removed), it costs them money. It only follows that they will sometimes take measures to avoid acting on your behalf.

But with the Credit Restoration service at Frank Myers Auto Maxx in your corner, you’ll be able to deal with the “big three” in the most efficient and effective way possible. We have years of experience with these credit bureaus and know exactly how to deal with them to get real results in the shortest amount of time possible.

Below is a breakdown of the main factors used to determine your credit score. These are approximations. For example, major banks and other lenders may use their own systems to generate your credit score.

Payment History (35%)
Payments due and past due, including how long they are past due.
Your payment history for specific accounts such as installment loans, mortgages, credit cards, and purchases or services.
The number of past due items on file (whether the information is accurate or not).
Adverse public proceedings such as suits, liens, bankruptcy, wage garnishments, judgments, and accounts turned over to collection.
The time that has passed since any public proceedings.
The number of accounts paid per each agreement with dates and amounts paid.
Amounts Owed (30%)
Proportions and percentages of credit lines used.
How many accounts you have with current balances.
Amounts owing on such accounts.
Installments and the balance (proportion) compared to the original loan.
Amount owed on various and specific types of accounts.
Credit History (15%)
Time since accounts were applied for and opened.
Time since the last activity (payment or purchase) for each account.
New Credit (10%)
Accounts recently opened and the proportion of various types of accounts.
Number of recently opened accounts.
Recent credit inquiries from lenders including retail and credit agencies.
Time since your last credit inquiry.
Restoration and repair of positive credit.
Types of Credit Used (10%)
Types of credit: mortgages, installment loans, credit cards, retail accounts (stores) and consumer finance accounts and the prevalence (percentage) of the different types of credit used.

Naturally, my staff and I are fully aware how credit scores are calculated and attend to each and every detail when restoring your credit. We use this information to make sure we have attended to absolutely every aspect of your accounts. The Credit Restoration service at Frank Myers Auto Maxx will help you achieve the highest credit rating possible.