Odds are Good that Your Credit Rating Could Use Fixing

By: Stuart Hunter


A credit score higher than 750 usually means you will be approved for the lowest rates on purchases like mortgages and automobiles. Anything lower than 750 will likely mean you'll have to pay higher interest rates or settle for less than the best terms.

myFICO(R), the consumer division of Fair Isaac, reports that the median credit score in the U.S. is 723. This means that 1 in 2 Americans have a credit score lower than 723. When accounting for people with credit scores between 723 and 750, the majority of Americans have credit scores that are less than ideal.

And increased finance rates are not the only effect of a less than idea. The credit crunch has caused banks and other lenders to become much more cautious with their practices. Just a few years ago, people with below 600 credit scores could still get approved for credit, even if they were restricted to non-traditional mortgage loans and high interest credit cards. Today, lenders are no longer willing to extend credit to high risk individuals. Many Americans with poor credit are now unable to get approved for financing because of their low credit scores.

Fortunately for those who have lower credit scores, there is something that can be done. An increasing number of Americans are discovering steps they can take to legally fix up their credit reports.

Join the thousands who fixed their credit scores

The consumer credit reporting system is far from perfect. Errors, statistical assumptions, and inconsequential information all lend to a scoring model that can make it look like trustworthy people who can be counted on to pay their bills are unworthy of credit.

If you are in a position where your credit score is making you look like a higher credit risk than you truly are, you may be able to increase your credit score by fixing up your credit.

The Fair Credit Reporting Act (FCRA) gives you the right to dispute any items in your credit reports you feel may be inaccurate, untimely, misleading, biased, incomplete or unverifiable ("questionable"). Put simply, you have the right to dispute the questionable negative information recorded in your credit reports you feel are giving people who access them an inaccurate or incomplete impression of your actual credit risk.

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You can work to fix credit on your own or with the help of a credit correction organization like Lexington Law. Since 1991, Lexington Law has been helping clients dispute the questionable negative items in their credit reports and has produced life changing results time and time again. (More about fix your credit)

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