It seems like maintaining a good credit score these days is like some unforeseen natural disaster. Like a comet hurling toward the Earth with its pending doom. You’re moving along with your job just fine and your family is growing. So you decide it’s time to find a new home and meet with a Realtor who tells you that you need your credit reviewed to be sure you qualify. What’s this? Some financial bureaucratic conspiracy? Qualified? What is the Realtor talking about? You’ve heard all of this before from your friends and you understand the basics of credit scores, but you didn’t think it would happen to you. You have a good job, so you think maybe it was the way you dressed when you met with the Realtor. Who knows?
To approve financing for your home purchase, mortgage bankers need to know they can trust you will make your payments. So they judge you on your credit report. Every time you apply for a credit card or other lines of credit, that is, looking for a new car, house, furniture, etc. is listed on this report. These are called hard inquiries, like it’s your fault for just looking for credit. Specifically your credit report contains information on accounts regarding lines of credit you have established such as credit cards, loans, medical payments, etc. On top of that, any judgments, liens, including a bankruptcy, would be listed on this report. To top of this surreal financial monstrosity are recorded late payments. If this doesn’t leave you jaded enough, it is reported that 79% of credit reports contain inaccuracies. Seriously? This is enough to knock any one off their economic equilibrium and, jolt them off their axis of hope.
Your credit report notes your FICO score, or your “middle” score based on the scores of the three primary credit bureaus—TransUnion, Equifax, and Experian—which I call the Unholy Trinity. The ability for you to get a new job, buy a car, furniture or house, is quantified, stored, reported and controlled by them.
So knowing what’s on your credit report and it’s accuracy has now become a transcendent experience. Just as it’s important to have a family doctor, lawyer, and accountant, you must now find a trusted credit restoration specialist to help you repair your credit as needed and to provide you with invaluable financial counsel.
Don’t become overwhelmed with your credit report or ever surrender to creditors, collection agencies, and especially, the credit bureaus. Find it in you to fight back and, become creditworthy; find a professional credit restoration specialist and live a happy life.