The three major credit bureaus maintain credit files on nearly 90 percent of adults in the United States. An alarming number of these files (credit reports) contain serious errors and could cause the denial of credit, a loan, or a job.
Keeping a 'clean' credit report is vital to your financial well-being. Credit reports affect every aspect of our financial lives, including employment opportunities and the interest rates of personal loans such as home mortgages, car loans, and even the interest rates of credit cards. Your credit report is your 'financial fingerprint' and contains information that can be grouped into the categories listed below:
Payment History
Your payment history includes the following types of specific information:
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Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)
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Presence of adverse public records (bankruptcy, judgments, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)
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Severity of delinquency (how long past due)
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Amount past due on delinquent accounts or collection items
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Time since (frequency of) past due items (delinquency), adverse public records (if any), or collection items (if any)
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Number of past due items on file
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Number of accounts paid as agreed
Amounts Owed
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Amount owing on accounts
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Amount owing on specific types of accounts
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Lack of a specific type of balance, in some cases
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Number of accounts with balances
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Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
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Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)
Length of Credit History
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Time since accounts opened
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Time since accounts opened, by specific type of account
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Time since account activity
Types of Credit Used
Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)
New Credit
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Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account
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Number of recent credit inquiries
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Time since recent account opening(s), by type of account
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Time since credit inquiry(s)
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Re-establishment of positive credit history following past payment problems
Contact Us
Repairing your credit report is one of the most important financial decisions you can make. Ovation Law is a trusted law firm that makes the process convenient, personal, and effective. If you have any other questions or need credit report repair services, please contact us anytime:
Phone: 1 (866) 639 - 3426
Email: info@OvationLaw.com