CREDIT
WHAT IS A GOOD CREDIT SCORE?
Credit bureaus consider a good credit score as anything above a 650. Learn more on what makes a good credit score.
HOW MANY CREDIT SCORES ARE THERE?
Your FICO® Score is used in 90% of all lending decisions, but each of the three credit bureaus also have a customized credit score based on your credit information. Click here to learn more
WHAT IS THE RANGE OF CREDIT SCORES
The main credit scores range from 300 – 850. Click here to learn more
HOW MANY CREDIT BUREAUS ARE THERE?
Equifax, TransUnion and Experian are the three main credit reporting bureaus. Click here to learn more
WHAT IS A CREDIT BUREAU?
A credit bureau is a company that collects information relating to your financial habits, and makes this information available to lending institutions and credit card companies. Click here to learn more
WHAT IS A CREDITOR?
A creditor is someone who provides credit. This includes, but is not limited to, banks, collection agencies and even car dealerships. They report your repayment progress to the credit bureaus, who then use that information to build your credit profile.
HOW CAN I FIND OUT WHAT MY CREDIT SCORE IS?
There are plenty of paid services that will provide you with your credit score, but at CreditZap, we’ll do it for free. Just give us a call at 1-219-465-8741 to get started. Click here to learn more
IS MY CREDIT REPORT THE SAME THING AS MY CREDIT SCORE?
No, your credit score is just one component of your credit report. Your credit report also includes your identifying information, trade lines, credit history, credit inquiries, public record, collections and other late payment information. Click here to learn more
WHAT AFFECTS MY CREDIT SCORE?
There are five main contributors to your credit score—payment history, credit usage, credit age, credit mix and recent credit. The most important of these factors is your payment history, which can be directly influenced by credit repair. Click here to learn more
WHATS ON MY CREDIT REPORT?
Your credit report contains things like your identifying information, trade lines, credit limits, account names, credit history, credit inquiries, public record, collections, late payment information, and of course, your credit score. Click here to learn more
DO EMPLOYERS LOOK AT MY CREDIT SCORE, COULD IT COST ME A JOB?
Employers are allowed by federal law to see a modified version of your credit report for purposes of hiring and promotion, though in California this is limited to jobs with financial or management responsibilities. Your employer, or potential employer, is required to get your permission before accessing your credit report, but yes, it could cost you a job or promotion.
WHAT IS A GOOD AVERAGE AGE OF CREDIT?
While your credit age, or how long you’ve had access to credit, can affect your credit score, there’s no specific amount of time required. Generally, the longer you’ve had a trade line, the better. Click here to learn more
WHAT SCORE DO I NEED TO GET A HOUSE?
There are many factors that go into being approved for a loan, but generally you’ll need at least a score of 650 to be approved for a home loan. With car loans and personal loans, the minimum accepted score will depend on the amount of money being requested. Some lenders will approve scores as low as 500, assuming you don’t mind paying extra money in interest. Click here to learn more
WHAT SCORE DO I NEED TO GET A CAR?
There are many factors that go into being approved for a loan, but generally you’ll need at least a score of 650 to be approved for a home loan. With car loans and personal loans, the minimum accepted score will depend on the amount of money being requested. Some lenders will approve scores as low as 500, assuming you don’t mind paying extra money in interest. Click here to learn more
WHAT CREDIT SCORE DO I NEED TO GET A PERSONAL LOAN?
There are many factors that go into being approved for a loan, but generally you’ll need at least a score of 650 to be approved for a home loan. With car loans and personal loans, the minimum accepted score will depend on the amount of money being requested. Some lenders will approve scores as low as 500, assuming you don’t mind paying extra money in interest. Click here to learn more
WHO LOOKS AT MY CREDIT?
Your credit report is generally looked at by those who are considering loaning you money. This includes banks, car dealerships and credit card issuers.
HOW CAN I IMPROVE MY CREDIT?
There are five factors that impact your credit score—payment history, amount of debt, length of credit history, credit mix and new credit. To improve your score, you can pay your bills on time, pay debt down, maintain your current accounts, get different types of credit and avoid applying for new credit frequently.
Beyond these five factors, your credit reports could contain negative items that are unfair or inaccurate, which can stay on your reports for up to 7-10 years. If you don’t want to wait that long to build your credit, you can try repairing your credit. Call CreditZap at 1-219-465-8741 to get started. Click here to learn more
Beyond these five factors, your credit reports could contain negative items that are unfair or inaccurate, which can stay on your reports for up to 7-10 years. If you don’t want to wait that long to build your credit, you can try repairing your credit. Call CreditZap at 1-219-465-8741 to get started. Click here to learn more
WHAT IS A FICO SCORE?
Your FICO® Score is a three-digit number determined by the information on your credit report. While FICO® doesn’t collect the data themselves, it’s their algorithm that determines your score. Considering their score is used in 90% of all lending decisions, it’s very helpful to know where you stand. Click here to learn more
HOW DO I GET MY FREE CREDIT SCORES?
By law, the credit bureaus have to provide you with a free credit report every 12 months. You can claim this free credit report from http://www.annualcreditreport.com/, or by calling 1-877-322-8228. You will need to provide your name, address, social security number and date of birth to verify your identity.
Outside of this official source, there are many free services that will provide you with your credit score. In fact, you can call CreditZap at 1-219-465-8741 and we will provide you with your score and credit summary, all for free. Click here to learn more
Outside of this official source, there are many free services that will provide you with your credit score. In fact, you can call CreditZap at 1-219-465-8741 and we will provide you with your score and credit summary, all for free. Click here to learn more
WHAT IS A BAD CREDIT SCORE?
Credit bureaus typically rank anything below 580 as a bad credit score. Click here to learn more
CREDIT REPAIR
What is credit repair?
Credit repair is the process of addressing any questionable negative items that could be hurting your credit profile. If the bureaus and your creditors can’t prove these items are fair, accurate and substantiated, they are required by law to remove them
Can credit be deleted or corrected?
You have a right to an accurate, fair and substantiated credit report. If something on your credit is inaccurate or unfair, you can correct/repair it with the credit bureaus and your creditors.
Can my credit be repaired?
While we can’t guarantee your credit will be repaired, we can promise to help you work to address any unfair or inaccurate negative items hurting your credit profile.
How long does credit repair take?
Unfortunately, there’s no way to predict in advance how long it will take to repair your credit, as every credit report is unique. That being said, last year alone, our clients saw millions of negative items removed from their reports, and typically stayed with us for six months.
Also, CreditZap offers a variety of service levels, and the strength and amount of credit repair increases with each upgrade. If you’re interested in a product with more credit repair baked in, give us a call at 1-800-210-9812
Also, CreditZap offers a variety of service levels, and the strength and amount of credit repair increases with each upgrade. If you’re interested in a product with more credit repair baked in, give us a call at 1-800-210-9812
How much does credit repair cost?
Lexington Law offers a variety of service levels to match your unique needs. Some of these services we offer for free. Learn more about our credit repair service levels.
Can I repair my credit on my own?
Absolutely. You can contact the credit bureaus and your creditors to get any questionable negative items removed your credit reports. However, this process is time consuming and confusing. Working with a reputable credit repair firm like CreditZap can help you remove these items from your reports quickly and efficiently. Call us at 1-800-210-9812 to get started.
Is it worth paying for credit repair?
Think of credit repair like an investment. A little effort today could lead to thousands of dollars in savings tomorrow. We offer a variety of service levels to support every budget. Give us a call today and we’ll help you find the right service for your unique circumstance.
Is credit repair legal?
es—you have a legitimate and legal right to a fair, accurate and substantiated credit report. Credit repair is simply the process of challenging and disputing questionable negative items on your report to ensure those three standards are met—fairness, accuracy and substantiation.
While there are many laws that apply to your credit, the Credit Repair Organizations Act (CROA) and Fair Credit Reporting Act (FCRA) are the two laws we leverage the most.
While there are many laws that apply to your credit, the Credit Repair Organizations Act (CROA) and Fair Credit Reporting Act (FCRA) are the two laws we leverage the most.
What are removals?
The credit bureaus and your creditors are required by law to remove any negative items on your report that they can’t prove are accurate, fair and substantiated. When these items are deleted from your payment history, we call that a removal.
What sort of items can be removed from my credit report?
Any negative item that is inaccurate, unfair or unverified can be challenged with the bureaus and your creditors. This includes collections, late payments, charge-offs, liens, bankruptcies, repossessions and more.
What is a negative item?
A negative item on your credit is anything in your credit history that could lower your score. It includes things like collections, late payments, charge-offs, liens, bankruptcies, repossessions and more. Especially if these negative items came as a result of identity theft, divorce, medical debt, student debt or military leave, you may be able to remove them through credit repair.
Do negative items remain on my credit forever?
No. Most negative items will fall off of your report after seven years, though some deletions may take as long as 10. The truth is that the credit grantor or the credit bureau can choose to delete the negative credit listing at any time, especially when you give them a reason to do so. If you’d rather not wait that long, credit repair is a great alternative.
Can deleted items reappear on my credit report?
Yes, even after an item is removed or deleted, your creditors may report the item again. That’s why it’s important to contact both the credit bureaus and your creditors. This will increase the likelihood that inaccurate or unfair negative items will not reappear on your credit. The Fair Credit Reporting Act requires that the credit bureau inform you before they re-report a previously deleted listing. If a questionable credit item is verified at a later point in time, CreditZap will help you challenge the listing again if there are legitimate grounds to do so.
How much does a negative item affect my score?
According to CreditCards.com and CNNMoney, even a single negative item on your credit could cost you over 100 points.
Negative ItemCredit Score Decrease
Late Paymentup to 110 points
Debt Settlementup to 125 points
Foreclosureup to 160 points
Bankruptcyup to 240 points
Collectionup to 110 points
Hard Inquiryup to 15 pointsSources:
- https://blog.equifax.com/credit/can-one-late-payment-affect-my-credit-score/
- https://money.cnn.com/2010/04/22/real_estate/foreclosure_credit_score/ - https://www.creditcards.com/credit-card-news/fico-credit-score-points-mistakes-1270.php
Negative ItemCredit Score Decrease
Late Paymentup to 110 points
Debt Settlementup to 125 points
Foreclosureup to 160 points
Bankruptcyup to 240 points
Collectionup to 110 points
Hard Inquiryup to 15 pointsSources:
- https://blog.equifax.com/credit/can-one-late-payment-affect-my-credit-score/
- https://money.cnn.com/2010/04/22/real_estate/foreclosure_credit_score/ - https://www.creditcards.com/credit-card-news/fico-credit-score-points-mistakes-1270.php
Can divorce affect my credit score?
While filing for divorce will not affect your score, some of the symptoms of divorce may lead to problems for your credit. For example, many people miss a payment on their credit during the frenzy of divorce. Or in the aftermath, it may be unclear who is responsible to pay a debt, and payments may be missed. These missed or late payments could adversely impact your credit score.
Can identity theft affect my credit score?
Yes. When someone takes out debt in your name, it increases your debt utilization ratio and will likely lead to missed payments and possibly collections appearing on your credit. Even after you’ve recovered your identity, these issues could still be lurking on your credit report.
Can medical debt affect my credit score?
Yes. While your medical history isn’t part of your credit report, past-due medical bills can affect your credit. The good news is, there are laws to protect against certain practices in medical debt reporting. If your credit is being negatively affected by medical bills, credit repair may be a solution for you.
Can student loans affect my credit score?
Yes, in both negative and positive ways. Paying your student loan back on time will only benefit your score. Alternatively, missing these payments can cause some significant damage to your credit profile.
When should I repair my credit?
Considering that our average client uses our services for six months, the sooner the better. Especially if you plan on purchasing a home or car within the next year, getting started today can save you a big headache tomorrow.
Should I pay off collections on my credit report?
Unless the collection is being falsely attributed to you, pay it. The collection is likely already hurting your credit score, and leaving it unpaid will only make the damage worse.
If the debt is one that you do not owe, our service levels offer debt validation procedures that can help you get the collection removed from your credit profile.
If the debt is one that you do not owe, our service levels offer debt validation procedures that can help you get the collection removed from your credit profile.
Does paying my bills restore my credit?
You might think so, but unfortunately it does not. When you pay an old debt, the negative credit item doesn’t disappear, but is typically listed as a paid delinquency, charge-off or collection. If your goal is to repair your credit, just paying off your debts won’t get you there. Repairing bad credit is a significant challenge for most consumers and we're here to help. Lexington Law has developed a four-step method for credit repair that has proven to be effective for hundreds of thousands of clients. Just give us a call at 1-800-210-9812 to get started.
