What is Your Credit Score Really Telling You?

“I have no idea how to build my credit in Philadelphia.”

If a bad credit score is stopping you from purchasing a new house or car, it may not be all your fault. Perhaps you forgot to pay a bill once or twice or you didn’t pay the full amount. Maybe you didn’t pay every one of them on time. Are those truly the reasons why you are being denied by creditors to borrow money?

Before you take it out on yourself for neglecting to pay a bill on time or coming up a few dollars short once or twice, consider the following:

They aren’t always 100% accurate. Studies show…

– 25% contain errors that can result in credit request denial

– 30% incorrectly show credit closed accounts as still being open

– 54% contain personal information that is misspelled, outdated, or false

– 79% have at least one mistake

According to those numbers, there is a good chance that your credit report contains inaccuracies that are holding you back. If you seek debt relief, our professionals will pinpoint these mistakes to assist you in removing information that is not correct.

If a company provides you with services and sends you a bill, they are responsible for what constitutes your credit score. That includes cable and internet providers, cell phone providers, and banks, as well as companies that offer insurance, credit cards, mortgages, car loans, insurance and utilities. Whether you pay your bills on time or not, it will go on the record.

The following factors contribute to figuring out your credit score:

  • Payment History
  • Amount Owed
  • Length of Credit History
  • New Credit
  • Types of Credit Used

Our team can instruct you on debt settlement, debt negotiation and debt consolidation. Use this information to lower your credit score and escape from the constraints of a bad credit score.

Additionally, we can offer advice and other resources to help you improve your decision-making when it comes to your finances. Don’t hesitate to find out more about what your credit score means, how to get out of debt, and how to help build credit in Montgomery County, PA. To do so, give us a call at 888-399-3898 or continue browsing our website.