| The Science and Math Aspect | | | | restoration company, it can be determined the precise |
| Creditology as we may refer to it, is the mathematical | | | | number of new accounts to open, with the exact |
| equations and algorithms utilized to produce a score | | | | credit limits and balances to maintain to optimize the |
| from a compilation of huge amounts of data that is | | | | score. |
| supposed to predict the tendency for a borrower to | | | | Most people are aware of the three credit reporting |
| default on a loan. This ambiguous and often arbitrary | | | | agencies TransUnion, Equifax and Experian. The |
| rating system has kept many Americans in a state of | | | | average difference in score between the highest and |
| helplessness, and allowed banks and insurance | | | | lowest of your three FICO scores is 60 points. This is |
| companies to charge higher fees and rates based on | | | | the result of each of the credit bureaus having |
| a number that often times makes no sense, and is | | | | different items on their report, some correct, some |
| actually incorrect. An extremely valuable industry has | | | | incorrect and some that are not being reported in full |
| arisen, that is empowering the consumer to have | | | | compliance with credit law. |
| control over this number, it is called creditology credit | | | | According to the Government Accountability Office, |
| repair. | | | | 80-90% of credit reports have serious errors on them, |
| How does Creditology Credit Repair Work? | | | | and this does not even include the more minute errors |
| Quality credit industry professionals have access to | | | | that a quality credit restoration company looks for. |
| software that runs mathematical equations similar to | | | | How can I get a free copy of my credit report? |
| the credit bureaus equations, except in reverse, to | | | | By law, all consumers are entitled to a free copy of |
| determine the optimum levels of credit limits against | | | | their credit report from each of the three credit |
| balances, types of accounts to maintain as open, | | | | bureaus once a year. However, this is merely a record |
| length of time to keep accounts open, etc. | | | | of accounts on the credit report and a general |
| What is a Credit Score? | | | | reference to status, ie "good standing". Specifics are |
| A credit score is a number generated by a | | | | not offered such as delinquent dates, and most |
| mathematical formula that is meant to predict credit | | | | importantly the actual score. For this information, the |
| worthiness. The most common of the credit score | | | | consumer must pay the bureaus approximately a $40 |
| standards is the FICO score by Fair Isaac. The FICO | | | | fee. The law that was supposed to help consumers |
| score ranges from 350-850 and is intended as a | | | | monitor their credit has become nothing more than a |
| predictor of whether or not you will be 90 days late on | | | | bait and switch to entice consumers to get their "Free |
| a loan obligation. Fair Isaac uses thousands of credit | | | | Credit Report", only to realize the vital information is not |
| reports to calibrate the FICO scoring model and is very | | | | free! |
| secretive of the exact formula. | | | | The bottom line is that there are very different |
| Here is a percentage breakdown of a FICO score:o | | | | versions of credit profile enhancement, including |
| 35% - Payment Historyo 30% - Debt Ratioo 15% - | | | | removing reporting of negative accounts, where |
| Length of Credit Historyo 10% - Types of Credito 10% | | | | possible, removal of erroneous reporting, and frivolous |
| - Number of Credit Inquiries | | | | reporting by creditors, as well as the mathematical |
| It is very possible to remove negative items from your | | | | dynamics behind creditology credit repair. The |
| payment history through a credit restoration service, or | | | | consumer must utilize a company that has ALL of the |
| even on your own, with the right guidance. Consumers | | | | resources necessary to optimize all aspects of the |
| can increase their credit history with positive rated | | | | credit profile, not just mail out dispute letters. |
| accounts that will improve score. With a good credit | | | | |