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Credit Score FAQs: All Your Questions Answered

Credit Score FAQs: All Your Questions Answered

Although almost everyone has a credit score, majority of the people don’t know a lot about credit scores and credit reports. While most Americans have a decent score in the 600s, they can hire a credit repair specialist to improve it.

Credit scores can make or break your financial reputation so it only makes sense to learn more about these terms.

  1. What is a Credit Score?

A credit score is just that— a score that determines whether you’re worthy of receiving more credit or not. It is based on a credit report that’s analyzed by a reliable consumer credit bureau.

  1. How is Credit Score Calculated?

Your credit score is determined after analyzing your credit report. The evaluation is based on the following factors:

  • Your payment history
  • The utilization rate
  • Credit activity
  • Length of credit history
  • Outstanding debt installments

Consumer credit bureaus work with your lenders and other credit issuers to devise your credit report.

  1. How often does credit score change?

Credit scores change as the information listed in your credit report changes. If you haven’t ordered an updated credit report to be made, your consumer credit bureau might be displaying the score based on the previous information.

  1. Why do I need a good credit score?

A good credit score lies in the range of 670 – 739, and an excellent credit score exceeds the 800 mark. Having a good credit score will open new horizons for you. It will allow you to avail benefits such as loans, credit cards, lowered interest rates, and insurance discounts.

  1. What affects my Credit score?

Missing loan payments, utilizing too much credit in a short amount of time, and negative information such as charge-offs can lower your credit score.

A good credit score allows you to access credit cards and loans
  1. Can Debt Affect My Credit Score?

Absolutely! Carrying a lot of credit card debt and not making repayments on time can severely hurt your credit score. This ultimately affects your credibility and makes future lenders suspicious of you.

  1. What Can I Do To Improve My Credit Score?

Credit repair companies like 007 Credit Agent can help you get back on the right track.  Experts analyze your credit reports and help dispute any misinformation listed in these reports.

  1. Is Credit Repair Legal?

Federal law allows consumers to dispute any misinformation in their credit reports, thereby making the credit repair process legal. Consumers can dispute these inaccuracies on their own or hire a professional credit repair service to do the job for them.

If you still have a lot of questions regarding credit files, credit scores, or debt, you can reach out to us at 007 Credit Agent. Our credit repair specialists offer free consultation to help solve your queries.

Visit our website to know more about our credit repair services.

A credit report is issued by a consumer credit bureau

Credit Score FAQs: All Your Questions Answered