What is a Credit Report Review?

Are you planning on applying for something like a house, car or even a credit card? Knowing your credit score and how to improve it may help you get the best rates and products. A Credit Report Review offered by Debt Reduction Services is a detailed analysis of your credit report with an action plan to reach your goals. Our counselors will go over each account and explain how it contributes to your score. The standard fee for this educational service is $49.00; however, this fee can be waived or reduced depending on household income.

CLICK HERE to Get Your Credit Report Review

How is this different than Credit Repair?

Credit Repair companies typically charge you monthly. There is nothing a credit repair service can do that you cannot do yourself. Credit repair companies offer quick fixes that may not be ethical or effective.

Credit Report Review offered by Debt Reduction Services is educational and empowers you to take control of your credit. You will be armed with all the resources and direction to correct errors on your credit report and boost your score fast!

How do I boost my FICO score FAST?

Pay your credit balances to below 30 percent of the credit limit. 10 percent is even better. Balance & Limit is the ratio between how much you owe to credit available on each account. You want to utilize as little of your available credit as possible. This accounts for 30 percent of your credit score. Making an impact here will boost your score the fastest!

Pay your bills on time! Payment history accounts for 35 percent of your credit score. Make all your payments on time and in a few months your score will rise. After about 6 months you could be in a very good credit score position!

How is the FICO credit score determined?

The FICO score is composed of your payment history, balance and limit, length of credit history, new credit, and credit mix. Payment history and balance and limit compose 65% of your credit score.

 

 

Payment History

Make each and every monthly payment before the due date. Doing this for as little as three months will start to rebuild your credit score.

Balance and Limit

This is the ratio between how much you owe to credit available on each account. You want to utilize as little of your available credit as possible. If possible, keep balances below 30% of the available credit. Consider this even if you pay your bill in full each month.

Age

The time you maintain an active account. Closing accounts impact your credit score for the balance and limit as well as the time you had the account. Carefully consider closing older accounts.

New  

You may find the term “hard inquiry” used when discussing credit reports. A hard inquiry is a request for new credit. This request along with newly established accounts over the last two years impact your credit score. The more time from when these are reported the better the score.

Mix

Your mix of credit cards, retail accounts, secured and unsecured installment loans is calculated. This item isn’t a key factor for your score and the more impactful items should be the focus for rebuilding or boosting your credit score.

 

What is the difference between the credit analysis and credit repair?

Credit analysis offered by Debt Reduction Services is educational and empowers you to take control of your credit. Credit repair companies offer quick fixes that may not be ethical and attempt to “fix” credit issues.

 

Is there a way to review my credit report for free?

AnnualCreditReport.com will provide a free no strings attached credit report from all three bureaus once per year. You will not receive your FICO score; however, you may review your report for accuracy which is paramount to calculating your score.

 

How do I dispute inaccurate items and errors on my credit report?

Contact each of the bureaus to launch a dispute:

Equifax
All disputes are handled online by Equifax.

Experian
All disputes are handled online by Experian

TransUnion
By phone: (800) 916-8800
Mail: TransUnion Disputes
2 Baldwin Place, PO Box 1000
Chester, PA 19000