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It’s about learning the rules of the Fair Credit Reporting Act.

The FCRA(Fair Credit Reporting Act) gives you and me the right to dispute any item on our credit reports If that item can’t be verified it must be removed. Even accurate negative items can often be removed if you challenge them. You just got to learn the rules.

Your credit report

Your credit report is used by many companies to make a decision about you. Credit card companies, banks, mortgage companies’ auto loans and insurance companies. Even landlord and employers check credit reports to check your credit history. WHY? They know if you were responsible in the past, your will be responsible in the future (vice versa).

Credit Scoring

A score above 720 will get you excellent rates, anything below should be worked on.

Correcting mistakes on a credit report in order to repair an undesirable credit score take time.

Who has a perfect credit?

 About 1% of the population has perfect credit. It’s no fancy tricks to obtain it.

People with such scores has these following traits in common:

  • Between four and six revolving accounts (credit cards)
  • At least on “installment” trade line( a mortgage or auto loan) in good standing
  • Several accounts around 20 years with long positive history (10 years of positive account history to get above 800
  • Around 30 years of credit use
  • No late payments(or other serious accounts errors) for at least the past 7 years
  • Few credit inquires( no more than 1-2 in a 6 month period
  • No derogatory notations—collections, bankruptcies, liens, judgements etc..)
  • Debt levels on credit accounts less than 30% of their overall credit limit

Change your ways

Self-inflicted credit wounds, late payments, defaults, will fade over time. You cannot wipe accurate information from your credit report. It is possible to negotiate removal. Your recent behavior carry the most weight on your report so vow from this day forward you do what right and over time your score will grow.

Credit cards are not cash

Debt to income ratio is the measure of how much debt you carry to how much money (after taxes) you have.

  • Correct all errors on the report
  • Be sure that proper credit lines are posted on the report
  • If negative marks on the report, negotiate to have it removed
  • Bring credit cards and revolving credit down below 30%
  • Don’t close old credit cards
  • Don’t apply for new credit
  • Three revolving credit lines and one installment loan

FCRA(Fair Credit Reporting Act) promotes the accuracy, fairness, and privacy of information in the files of consumers reporting agencies.



1 Comment

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