Do Credit Scores Really Matter
Do you really know what a credit score means? Just think about it for one minute.
A while back Americans were surveyed and less than one third understood the impact of great credit scores.
A credit score is a number that helps lenders, landlords, insurance companies, and others predict how likely you are to pay your bills on time.
Your credit score is generated by a mathematical algorithm in case your wondering it's a formula based on information in your credit report, compared to information on tens of millions of other people.
The resulting number is a highly accurate insight of how likely you are to pay your bills.
We all should check our credit reports every six month but we don't do it.
Why? We are generally too fearful or we lack motivation in doing so.
We probably remember that cell phone bill or cable bill we didn't pay last year and think it's too late to do anything.
So we just accept what is and forget about it.
All of a sudden we need to replace a car and here's where we get a rude awakening.
We go shopping for a car and are offered a 15% interest rate or higher and we are shocked.
What is our choice take the high interest rate or live without a car? The finance person is jumping for joy because they just made the dealership a lot of money off our predicament.
Higher interest rates on us mean more money in the pocket of the car dealership.
The same thing applies to a mortgage lender when you go in to see if you can qualify for a home mortgage.
Guess what, low credit scores mean higher and in some cases really high interest rates.
The lender just made a yield spread premium on us and pocketed a nice big pay check from the lender.
The mortgage broker just got rewarded for our low credit scores.
The cycle continues everyday all day long and it never stops.
I really like this one.
Did you know that the credit bureaus and I mean all three of them Transunion, Equifax and Experian offer to help the consumer with their credit report? Yes that's right they do.
But what kind of help do they offer? They will tell you that you can dispute an entry by writing a letter and explaining your side of the story.
What they don't tell you is that it can take up to six months for them to even do anything.
I've seen first hand even after many dispute letters the credit bureaus still will not budge on taking off disputed items.
The law states that they have thirty days to verify the debt and the credit bureaus know this but they drag their feet in hopes you will go away.
Most of us do go away! The fact is we are too worn out and beaten down by the lack of cooperation from these companies.
Banks and credit bureaus want you to believe that once your credit report is scarred with bad credit marks there is nothing you can do about it.
They will tell you the only thing that can repair a bad credit report is time.
Nothing could be further from the truth! Did you know if they can't validate the debt 100% they have to remove it permanently? My company has a proven method that utilizes the Fair Credit Reporting Act and we found the loopholes.
We are helping thousands of people everyday that were on the brink of disaster.
Need a home mortgage, no problem.
Want to buy the car of your dreams, no problem.
You can visit my website in the resource area below for more information.
One day in the not so distance future you will finally say credit does matter.
A while back Americans were surveyed and less than one third understood the impact of great credit scores.
A credit score is a number that helps lenders, landlords, insurance companies, and others predict how likely you are to pay your bills on time.
Your credit score is generated by a mathematical algorithm in case your wondering it's a formula based on information in your credit report, compared to information on tens of millions of other people.
The resulting number is a highly accurate insight of how likely you are to pay your bills.
We all should check our credit reports every six month but we don't do it.
Why? We are generally too fearful or we lack motivation in doing so.
We probably remember that cell phone bill or cable bill we didn't pay last year and think it's too late to do anything.
So we just accept what is and forget about it.
All of a sudden we need to replace a car and here's where we get a rude awakening.
We go shopping for a car and are offered a 15% interest rate or higher and we are shocked.
What is our choice take the high interest rate or live without a car? The finance person is jumping for joy because they just made the dealership a lot of money off our predicament.
Higher interest rates on us mean more money in the pocket of the car dealership.
The same thing applies to a mortgage lender when you go in to see if you can qualify for a home mortgage.
Guess what, low credit scores mean higher and in some cases really high interest rates.
The lender just made a yield spread premium on us and pocketed a nice big pay check from the lender.
The mortgage broker just got rewarded for our low credit scores.
The cycle continues everyday all day long and it never stops.
I really like this one.
Did you know that the credit bureaus and I mean all three of them Transunion, Equifax and Experian offer to help the consumer with their credit report? Yes that's right they do.
But what kind of help do they offer? They will tell you that you can dispute an entry by writing a letter and explaining your side of the story.
What they don't tell you is that it can take up to six months for them to even do anything.
I've seen first hand even after many dispute letters the credit bureaus still will not budge on taking off disputed items.
The law states that they have thirty days to verify the debt and the credit bureaus know this but they drag their feet in hopes you will go away.
Most of us do go away! The fact is we are too worn out and beaten down by the lack of cooperation from these companies.
Banks and credit bureaus want you to believe that once your credit report is scarred with bad credit marks there is nothing you can do about it.
They will tell you the only thing that can repair a bad credit report is time.
Nothing could be further from the truth! Did you know if they can't validate the debt 100% they have to remove it permanently? My company has a proven method that utilizes the Fair Credit Reporting Act and we found the loopholes.
We are helping thousands of people everyday that were on the brink of disaster.
Need a home mortgage, no problem.
Want to buy the car of your dreams, no problem.
You can visit my website in the resource area below for more information.
One day in the not so distance future you will finally say credit does matter.
