Secrets That Lawyers and Large Credit Repair Facilities Know

The credit repair secrets that lawyers and large credit repair use entail the elements of a credit score. Understanding how your credit is calculated can help you, as a consumer, better manage your credit to avoid bad situations.

Credit Reporting Agencies and FICO

Consumer credit scores are maintained by the 3 major credit reporting bureaus, which are Equifax, Experian and TransUnion. Under federal law, a consumer is able to request a free copy of their credit report, which contains their FICO  score. FICO scores are numbers between 300 to 850.  The higher the score is, the better the credit risk of the consumer.

Elements of Your Consumer Credit Score

The elements of a FICO are:

  • Credit history, which is 33 percent of a consumer credit score.
  • Debts, which is 33 percent of the score.
  • Length of credit, accounting for 15 to 20 percent.
  • Type of credit, which is 10 percent.

Understanding these aspects of your consumer credit report helps you know what a lawyer and credit repair service looks at when offering you advice. You can address the areas that affect your credit rating the most.