FAQ

Credit is when you receive money, a good or a service, and you agree to pay for it in the future—usually with added interest. Nowadays, we use credit to buy lots of things, from houses and cars to groceries and clothing. If you use it responsibly, credit can be a useful tool. But if you don’t, you’ll have to face some negative consequences that will make your life harder.

Your credit score is a 3-digit number on a scale of 300 to 850 that suggests how creditworthy you are—meaning, how good you are with credit and how much you can be trusted to pay back what you borrow. Potential lenders will use this number to decide what kinds of credit cards and loans to offer you. Generally, the higher the score, the better the offers. There are a few different types of scores, but the two best-known are your FICO Score and your Vantage Score. They’re calculated based on the information that shows up on your credit report.

There are five main contributors to your credit score–payment history, amount of debt, length of credit history, credit mix and new credit. Managing your credit wisely by paying your bills on time, paying debt down and maintaining your current accounts could improve your score. Beyond these five factors, your credit could contain negative items that are unfair or inaccurate, which can stay on your reports for up to seven to 10 years. If you don’t want to wait that long, you can try repairing your credit.

We often refer to credit scores as a single number, but that’s not actually the case. Each of the three credit bureaus gives you a customized credit score based on the information on your credit report, and you have a FICO® Score as well.

The three main credit bureaus are Equifax, Experian and TransUnion. When lenders want to see your credit report, they will request it from one or more of these reporting agencies. Your report and score can differ from bureau to bureau because they don’t always have the same information, so we recommend you check each report separately to confirm that everything is on the up-and-up.

No, your credit score is just one piece of your credit report. Your credit report also includes identifying information, trade lines, credit history, credit inquiries, public records, collections and other late payment information.

There are five main factors to your credit score–payment history, credit usage, credit age, credit mix and recent credit. Your payment history is the biggest contributor on the list, and can be directly affected by credit repair.

Your credit report is generally only looked at by those who are considering loaning you money, like a bank, car dealership or credit card issuer.

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 verify these items are fair and accurate, they are required to remove them. Also, it’s our name.

The law entitles you to an accurate, fair and substantiated credit profile. If something on your credit isn’t right, you can correct or repair it with the credit bureaus and your creditors.

PBS offers several services to match your particular needs. Some of these can even be free. ASK US HOW!!

Anything 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.

No, but it might feel like it. Most negative items will fall off of your report after seven years, though it could take as long as ten years. If you’d rather not wait that long, credit repair is a great alternative.

Because your credit record will influence your qualification for credit in the future, and could possibly affect rates for your current credit lines. Accordingly, if your credit report is incorrect, the reparation of the credit file will help improve your chances. A good credit score helps you obtain low interest rates and long-term loans, like home loans or car loans. Lenders may charge high interest rates or impose undesirable repayment plans for you. Given the stakes and the consequences involved, it is clearly to your advantage to work toward recovering from a bad credit rating.