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- Looking to fix your credit rating? You're not the only one
Looking to fix your credit rating? You're not the only one
- By Stuart Hunter
- Published August 12, 2009
- Finance
- Unrated
Stuart Hunter
Providing credit repair services since 1991, Lexington Law has helped over 500,000 clients legally take on their credit. Last year alone, Lexington Law helped clients remove over 600,000 negative items from their credit reports.
View all articles by Stuart Hunter
A credit score higher than 750 usually means you'll be approved for the lowest finance rates on purchases like mortgages and vehicles. Anything less than that will likely mean you'll have to pay higher interest rates or settle for less than the best terms.
www.myFICO.com reports that the median credit score in the U.S. is 723 meaning 50 of Americans have a credit score below 723. When accounting for people with a credit score between 723 and 750, most Americans have credit scores that will likely exclude them from getting approved for the best interest rates.
And increased finance rates are not the only consequence of a less than idea. The credit crunch has caused banks and other lenders to be much more conservative with their lending practices. In years past, people with credit scores below 600 could still get approved for loans and other credit account, even if it was restricted to non-traditional home loans and sub-prime credit cards. Today, financial institutions are no longer willing to extend credit to high risk individuals. Many Americans with bad credit are no longer able to get approved for loans because of their low credit scores.
Fortunately for people who have credit scores with room for improvement, there is something that can be done. An increasing number of Americans are discovering steps they can take to
fix up their credit reports.
Become one of the thousands who fixed their credit scores
The credit reporting system is not perfect. Credit reporting errors, math based assumptions, and irrelevant data all contribute to a scoring model that can make it look like trustworthy borrowers who can be counted on to repay their debts are not deserving of credit.
If you are in a position where your credit score is making you look like a higher credit risk than you truly are, you may be able to improve your credit score by fixing up your credit reports.
The FCRA gives you the right to dispute any information in your credit reports you feel may be inaccurate, untimely, misleading, biased, incomplete or unverifiable ("questionable"). In essence, you have the right to dispute the questionable negative items recorded in your credit reports you feel are giving people who access them an inaccurate or incomplete impression of your true credit risk.
You can work to fix a bad credit score on your own or with the assistance of a credit correction organization like Lexington Law. Since 1991, Lexington Law has been helping clients dispute the questionable negative items in their credit reports and has produced life changing results time and time again.
www.myFICO.com reports that the median credit score in the U.S. is 723 meaning 50 of Americans have a credit score below 723. When accounting for people with a credit score between 723 and 750, most Americans have credit scores that will likely exclude them from getting approved for the best interest rates.
And increased finance rates are not the only consequence of a less than idea. The credit crunch has caused banks and other lenders to be much more conservative with their lending practices. In years past, people with credit scores below 600 could still get approved for loans and other credit account, even if it was restricted to non-traditional home loans and sub-prime credit cards. Today, financial institutions are no longer willing to extend credit to high risk individuals. Many Americans with bad credit are no longer able to get approved for loans because of their low credit scores.
Fortunately for people who have credit scores with room for improvement, there is something that can be done. An increasing number of Americans are discovering steps they can take to
Become one of the thousands who fixed their credit scores
The credit reporting system is not perfect. Credit reporting errors, math based assumptions, and irrelevant data all contribute to a scoring model that can make it look like trustworthy borrowers who can be counted on to repay their debts are not deserving of credit.
If you are in a position where your credit score is making you look like a higher credit risk than you truly are, you may be able to improve your credit score by fixing up your credit reports.
The FCRA gives you the right to dispute any information in your credit reports you feel may be inaccurate, untimely, misleading, biased, incomplete or unverifiable ("questionable"). In essence, you have the right to dispute the questionable negative items recorded in your credit reports you feel are giving people who access them an inaccurate or incomplete impression of your true credit risk.
You can work to fix a bad credit score on your own or with the assistance of a credit correction organization like Lexington Law. Since 1991, Lexington Law has been helping clients dispute the questionable negative items in their credit reports and has produced life changing results time and time again.