If you look closely at your credit report, you may find that some information is wrong. Accounts that do not belong to you, duplicate items and judgments filed against people with similar names can be very common mistakes on consumer credit reports. Other inaccuracies can be more subtle, like debt that is listed as unpaid even when it was paid or was discharged in a bankruptcy.
Professional credit repair companies specialize in assisting consumers in the dispute of these and other inaccuracies to maintain an accurate credit report as well as improve credit scores. The credit repair specialists at Vitesse Financial offer free consultations, no start-up or hidden fees, and a low month-to-month fee.

Most people think about having a good credit score in order to purchase a home someday. In reality, your credit score is used and looked at to make many other decisions besides qualifying for a home loan. Did you know that your credit score is taken into consideration when applying for credit cards, auto loans, insurance rates, cable and phone services, and even employment? Your credit score determines whether or not you will be granted these services and often reflects what you will be charged. Having a higher credit score could mean saving hundreds of dollars on better insurance rates and lower credit card interest rates each year. Not having a high enough credit score could cost you a job that you are qualified for; and you can’t put a price on that!

Ten things you should know to better your Credit report and Score

1) Pay down your credit cards Paying your installment loans on time (mortgage, auto, student, etc.) can help your scores, but typically not as dramatically as paying down -- or paying off -- revolving accounts such as credit cards, the goal is to have revolving paid below 10% of the available balance.
2) Dispute negatives inaccuracies. Like that old collection that was paid, but is still reporting as open. Credit repair companies specialize in this service
3) The older your credit history, the better, keep old credit card OPEN, if they are reported as positive.
4) Remove credit errors. Your credit scores are calculated on all information in your credit report, so any errors there can really cost you.
5) Use your cards lightly. Charging up big balances can hurt your scores, regardless of whether you pay your bills in full each month.
6) Work to establish a good relationship with your creditors. If you've been a good customer, a lender might agree to simply erase that one late payment from your credit history. (Highly unlikely, but worth a try)
7) Review your credit limits. Your credit scores might be lower than they should be if your lender is showing lower limits than you’ve actually have.
8 )Two items you don't need to be concerned about.
• Accounts you closed listed as being open. Unless they have a negative record
• Accounts you closed that don't say "closed by consumer." If they are “closed by credit grantor” this is a negative.
9) Here's the items that's usually worth the effort of repairing your credit with the bureaus:
• Late payments, charge-offs, collections or other negative items that aren't yours.
• Credit limits reported as lower than they actually are.
• Accounts listed as "settled," "paid derogatory," "paid charge-off" or anything other than "current" or "paid as agreed" if you paid on time and in full.
• Accounts that are still listed as unpaid that were included in a bankruptcy.
• Negative items older than seven years (10 in the case of bankruptcy / foreclosure) that should have automatically fallen off your reports.
10) Some of the stuff that you typically shouldn't worry about includes:
• Misspellings of your name.
• Incorrect address information.
• Old employer listed as current.
• Promotional or “soft” inquiries.

While considering your credit score, both bankruptcy and foreclosure can have a very devastating impact. Foreclosure is usually treated as two accounts or tradlines; this would be your mortgage, and the public record. Bankruptcy, on the other hand, usually results in many accounts unsatisfied, which usually is more devastating to a credit report and score than a single foreclosure. While foreclosure is a traumatic experience for many consumers and does damage credit, consumers should keep in mind that it is usually only two negative accounts on a credit report. The negative effect it has on credit does not last forever. For best recover a consumer needs to adopt reliable habits and use the opportunities, like bankruptcy credit repair or foreclosure credit repair, they also have to start building a reliable credit history again.

Many times people find themselves in difficult financial situations. Often time’s consumers will carry and charge credit card debt, thinking difficult financial times will improve. If the situation doesn’t get better, they will eventually run out of credit lines, left holding thousands in debt, and not being able to service it. Typically when this happens, someone usually considers bankruptcy. It’s important to always weigh your options as well as future plans. The most popular options are usually Chapter 7 bankruptcy or working with a credit counseling or debt negotiation service. When considering their options the recovery timeline is very important. Although both are devastating to your credit report and credit score, the bankruptcy will reflect on your report usually 10 years after discharge, and will usually affect your home financing options for four years after discharge date. Debt negotiation can often be a good alternative to bankruptcy, this as well can be devastating to your credit score, and your score recovery time can often be quicker. The timeline of a debt negotiation program largely depends upon the debt amount to be settled, as well as your monthly budget to reach the settlement amount. It’s very important that you take time to educated yourself on the pros and cons of your situation to determine what would be the best for you. Either way it is strongly recommended that you work with an experienced credit restoration service to help in rebuilding and establishing your credit score.

Bankruptcies can on your credit report for 10 years and will damage your credit score. Excess damage can be caused if items involved in the bankruptcy are not being accurately reported to the credit bureaus. Sometimes accounts on your report will show open balances even though they were included in your bankruptcy. If you have any discrepancies involving the accounts included in your bankruptcy, you can contact a credit repair company, such as Vitesse Financial, to get assistance in repairing the inaccuracies.

If you are in the process of getting a divorce or your divorce has been finalized, the best thing that you can do for yourself is to close any account that is joint with your (ex) spouse. Although divorce decrees determine who is entitled to what, the credit bureaus and creditors unfortunately do not care what the decrees say. If an account goes delinquent that you may no longer be entitled to, but are still associated with (your name is still on the account), that negative mark will show up on your credit report. Unfortunately mortgages and auto loans aren’t as easy to take your name off of compared to simply closing a credit card. You must refinance those, but something to keep in mind as a good idea since you will be linked to the payment history of that account. A credit repair specialist may be able to help with these types of issues, but again, it’s always best to remove your ties with accounts that you will no longer be using.

Secured credit cards are a great way to establish credit and improve credit scores. Most major banks and credit unions offer a variety of credit cards. A secured credit card is when you put your own money down as the limit on the credit card, hence making it ‘secured’. Unlike a debit card that is linked to your checking or savings account, the secured credit card will have the limit of what you started with and every time you use it, the available limit will go down. Just like regular credit cards, there will be interest that accrues every month and often fees associated with having it. The best thing to do is shop around for a card that best suits your needs. Be careful of hidden costs such as annual membership fees, etc. This will report to the credit bureaus and with a positive payment history, this can start to establish a good credit score.

There is often confusion about credit scores and bureaus. Some people think that there is only one credit score, possibly only one bureau. When in reality, there are three main bureaus and each bureau has their own credit score. The three major credit reporting agencies are Equifax, Trans Union and Experian. Each bureau works separately and often times the same credit information is not reported from bureau to bureau. Each creditor individually decides which bureau (or bureaus) to report to when sending information about a consumer’s credit account. This is why there are three separate scores to consider, one for each bureau, and no one bureau is more important than another. Since every score is equally as important as another, it is very important to know what your credit scores are, and to do what you can to make sure they are reporting positively and accurately. Vitesse’s credit repair program can help to remove negative errors and inaccuracies that may be dragging down your credit score.

Many people do not realize that credit scores, depending on their type, may or may not be accurate to lenders as it relates to your creditworthiness. Two of the most popular credit scores available today are FICO scores and PLUS scores. FICO scores were developed by Fair Isaac Corp. and simply put, are the scores that lenders look at when considering someone for a loan. PLUS scores on the other hand, were developed by Experian. The PLUS score, as it is written in the disclaimer, “is not an endorsement or guarantee of your creditworthiness as seen by lenders. The different risk levels presented here are for educational use only.” While the PLUS scores are readily available at most online credit score sites, it’s always important that a consumer knows what report and score they are reviewing. Usually any of these online credit reports are helpful in detailing the account information and can be helpful for determining if you are a good client for credit restoration.