The Credit Repair Blog

I know choosing a credit score provider can be tricky. With all the different companies out there how do you choose the reporting product that’s right for you? As my readers know I am often critical of many packages out there, and always with good reason. Equifax Score Power is different and it’s what I personally use to track my scores online.

The biggest reason I like them is simplicity. Many companies offer reports that you can barely understand. Score Power does a good job of explaining things in plain English, and providing you with a report that is easy to understand. They also offer simple explanations to terms that can often be confusing, especially for the novice.

Another important feature is their FICO score. Many products offer scores (often referred to as FACO) that don’t really mean anything. They are just based on some proprietary formula devised by whoever is selling the product. With Score Power you will get a score that’s identical to what lenders see. This may seem like a small point but it’s incredibly important to know exactly what your score is when it’s time to apply for that new loan or credit card.

The final strong point of this package is the top notch service provided 24 hours a day, 7 days a week. Overall I can’t recommend this product enough and recommend all my readers pay the small fee for convenient 24-7 access to their scores and reports. So head over to Equifac and give Score Power a shot!

You’ve probably been bombarded with offers to see your credit report and score online for free or a small fee. While reviewing ones credit report is important the best way to get it is directly from the reporting agencies themselves.

An important thing to remember about these offers is that the score they give you is not your actualy FICO score. It’s an approximation commonly known as “FAKO” scores. Unless you are getting the scores from myfico.com you must assume that you are not getting the rel score. Although there are a couple other places to get modified “real” scores. For example Providian (now wamu) customers get to see there PFICO when they log into their accounts. This is just a FICO score provided by TransUnion and weighted more heavily onrevolving accounts.

But besides the lack of real scores what causes most people problems is that the free reports aren’t really so free. In general they force you to sign up for credit monitoring service. Essential this emails you whenever a change has been made to your file. I have had several of these services in the past and have found them completely worthless. They tend to be very inaccurate and miss major changes or constatly alert you when nothing has happened. The best way to monitor your credit report is to sign up for an account with TrueCredit.com and keep an eye on it yourself.

After a pretty big scare my Transunion report seems to once again be in order. As a nice side benefit I got an account that should have been removed a while back dropeed. Seems like they simply ask what tradelines you want reinserted. I listed all of mine that were missing with the exception of a duplicate. Thankfully I have no more negative tradelines but if I did…

The Fair Credit Reporting Act allows any individual the right to dispute any and all items found on your credit report that are inaccurate, unverifiable, incomplaete, or misleading. If the credit bureaus (Transunion, Equifax, Experian) can not prove that the details of your reports are indeed acurate, then they must remove the items in  question immediately.
The law also promises that requesting changes is made as easy as possible. Of course the credit bureaus ensure that it is not the case and often make it difficult. It should come as no surprise that that the FTC gets more complaints against credit bureaus than any other type of business. The credit bureaus are primarily interested in protecting their profits, not helping you get an accurate file. Investigating your disputes consumes their time and thus their profits. Credit bureaus often seem to do everything they can to discourage consumers fand generally make things difficult.
All that said I am still confident that the vast majority of individuals can infact repair their own credit. Read the blog, follow the guidelines and ask questions. Before long you too will have great credit.

One damaging myth that seems to be widely held is that closing old accounts, especially ones with a checkered hsitory, will help raise your score. Couterintuitive as this may be it just flat out is not the case. Age is a very important factor in determining your overall credit score and losing an older tradeline will often do more harm than good. It isn’t unheard of for people to get a negative mark removed only to se their score decrease. In fact I would venture to guess that unless a tradelines comes complete with an annual fee it would be wise to never close any revolving accounts, and certainly not close down ones that are among your oldest.

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