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Do Credit Inquiries Hurt Your Credit Score?

Do Credit Inquiries Hurt Your Credit Score?
By JT Bryant, President
P.888-454-6660

"Improving Credit One Customer at a Time"


Borrowers in distress often contact many lenders hoping to find one who will approve them. For this reason, multiple inquiries can have a negative impact on a consumer’s credit score. But multiple inquiries can also result from loan applicants shopping for the best deal. The challenge to the scoring system is to distinguish borrowers in shopping mode from borrowers in distress mode.Hard Inquiries Versus Soft InquiriesSelf inquiries, such as ordering a credit report for your own use, don't affect the credit score. Neither do inquiries from your existing creditors, potential employers, or businesses considering whether or not to solicit you. These are sometimes called "soft inquiries". The inquiries that may affect your credit score are those by new credit grantors to whom you have given your social security number along with explicit authorization to check your credit. These are "hard inquiries".  Distinguishing Borrowers in Shopping Mode From Those in Distress: The Ignore Rule Two credit scoring rules developed by Fair-Isaac, which pioneered the development of credit-scoring models, are designed to protect the scores of borrowers who shop multiple lenders for the best deal. The quotes below are from www.FICO.com
The “ignore rule” is that “the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring.”  The 30 days includes the day of the score, which is not evident from the wording. It is a good rule but borrowers are not warned about other types of credit that are not ignored. A very important one is credit cards. Because I happened to need a new business card while researching this article, I decided to see what impact my card shopping would have on my score. I had a mortgage lender friend make a credit inquiry to obtain my score, then I shopped two card issuers and had my friend inquire again. My score had dropped 13 points. All credit card inquiries are treated as indicators of distress.Mortgage borrowers today face the hazard that the 30-day period can expire while their loan is still being processed. If the lender decides to recheck the borrower’s credit, which some do as a standard practice, the mortgage inquiries that had previously been ignored, will then hit the score.  Distinguishing Borrowers in Shopping Mode From Those in Distress: The Consolidation RuleThe “consolidation rule” is that “the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score.”The consolidation rule is expressed in such a way that most readers interpret it to mean that mortgage, auto and student loans are consolidated together. That is how I read it originally. In fact, what it means is that all mortgage loans are consolidated, all auto loans are consolidated, and all student loans are consolidated. If you shop for one of each type, they constitute 3 inquiries.The shopping period during which inquiries are consolidated is 15 days in one version of the scoring model and 45 days in another. Since borrowers don’t know which model is being used by their credit grantor, they should assume the period is 15 days. But the most serious concern about the consolidation rule is whether or not the scorers can accurately associate inquiries with the correct loan type – especially in the case of mortgages.Does Consolidation Always Work?One of the motivations for this article was a claim made to me by Jack Pritchard, a long-term mortgage veteran, that mortgage inquiries were not always consolidated because the reporting system did not always identify them accurately. I posed this issue to Fair Isaac and was told that “the credit reporting system is a voluntary one and.… lenders report what they choose to report to the bureaus, and each bureau represents that information a little differently on its credit reports.” While this reply confirmed that proper identification could be an issue, Fair Isaac claims that their systems work around this problem by giving the borrower the benefit of any doubt. If the system is not sure, it consolidates. But this leaves open the possibility that the system has no doubt but is wrong. Pritchard pointed to mortgage inquiries from credit unions and finance companies as particularly prone to misclassification because other types of loans are originated out of the same offices. At his suggestion, I asked Fair Isaac what would happen if a mortgage shopper generated an inquiry from a credit union and a finance company? 

The reply was that “the credit inquiries would in all likelihood be de-duplicated by the FICO scoring algorithm. Inquiries from both credit unions and finance companies areeligible for de-duplication.” The italics are mine, and clearly suggest that there is no assurance that “de-duplication” (Fair-Isaac-speak for consolidation) will occur. Bottom Line For NowA case can be made that loan inquiries should be added to the list of borrower characteristics, such as sex, race and ethnicity that, as a matter of public policy, can’t be used in developing credit scores. The information could continue to be compiled and provided to lenders, but could not be used by the credit scoring algorithm.Meanwhile, borrowers shopping for credit should minimize the number of hard inquiries by ordering their own score, which does not count as an inquiry, providing that score to all the vendors they shop. You tell them that they can check your credit when you are ready to authorize it. This will reduce the number of hard inquiries to one, from the vendor you finally select. And do not seek new credit cards during the period you are shopping for a loan.  

I hope this article helps- Please contact us if we can be of assistance. 

How to protect yourself from identity theft (for free)


JT Bryant
JT Bryant Credit Solutions
www.CreditSolutionsJTBryantinc.com
888-454-6660
JT@JTBryant.com

You asked me for a deatiled report- well here it is-

It's a bad time to be living in U.S.A-if you value your privacy. A hacker struck all 3 Credit Bureau's and Major Banks- and stole 3.6 million Social Security numbers and data from 387,000 credit and debit card accounts.The sad part is that this was the third successful attack in two months! That doesn't really inspire confidence.South Carolina, as well as most states, is providing those affected with one year of free credit monitoring, but that's a small comfort when hackers have your information. All that stands between you and complete identity theft is one bad password or missed computer patch in a government or corporate office.Does that mean you should rush out and purchase identity theft protection? Not necessarily.You’ve probably seen ads touting identity theft protection services. For a monthly fee, your credit report is locked and you receive copies of your credit reports annually. The services also promise to insure you against identity theft.Unfortunately, those monthly fees add up quick, and you can accomplish the same thing for less through the credit reporting agencies. Plus, you don’t need to disclose personal data to a third party.Free credit reportsKeeping an eye on your credit report is your first step to protecting yourself.Federal law grants you a free credit report each year, and each of the three major credit reporting agencies must provide one.I recommend staggering your credit report requests. For example, request a report from Experian. Four months later, request one from Equifax. After four more months, request it from TransUnion.Credit activity should appear on all reports. However, there may be discrepancies among reports from the three bureaus. Also, be aware that a credit report doesn't include your credit score.You can request your free reports at AnnualCreditReport. Be sure you go to the correct site! Many sites use the word Free in their names, but for free reports mandated by Congress, you want AnnualCreditReport, period.Freezing your creditIf you want another level of security, you can freeze your credit report. This prevents new creditors from accessing your credit report.That means they're less likely to issue credit to an identity thief. Of course, that assumes that the creditor consults a reporting agency.Companies that already have your business can still access your report for fraud investigation, collection, account review and the like.Plan carefully if you freeze your credit because you can’t apply for new credit with a freeze in place, and credit limits cannot be increased on existing accounts.You can lift a credit freeze; however, it may take three days or longer to take effect.A freeze can be lifted temporarily for a particular creditor. You just need to call the credit agencies, verify your identification, provide a special PIN and then you name the creditor. You may need to provide a second PIN to the creditor as well.If you plan in advance, you can lift a freeze for a set amount of time ranging from 1 to 30 days. This is helpful if you are comparing credit card or mortgage rates.You must freeze your credit with each of the three major agencies. In most cases, you will pay $10 to freeze your credit. The amount depends upon your state of residence, and some states limit freezes to seven years.There is also a charge for lifting a freeze permanently. Again, this is usually $10.Things are different if you can prove that your identity was stolen. Fees for credit freezes and removals are generally waived.Credit reporting agencies do not always make freeze information easy to find. I have direct links to the required steps at EquifaxExperian and TransUnion.Monitoring your creditFor more security, you can sign up for credit monitoring. You’ll be able to spot the first signs of identity theft. You’re alerted to any changes in your credit reportsAll three reporting agencies offer monitoring services for $15 monthly. And the benefits outshine those offered by third-party services.Unlike credit freezes, you only need to sign up with one agency.You’ll also receive insurance against identity theft (the insurance is not applicable to New York residents). Start at the home pages of Equifax, Experian and TransUnion and search for credit monitoring.Want even more ways to protect your identity? I also operate an online store where I handpick each item we carry. Click here to check out various products that will make your life more secure..

Read more: http://www.foxnews.com/tech/2012/11/03/how-to-protect-yourself-from-identity-theft-for-free/#ixzz2BHRZ0Fhz

Debt collectors pursue an estimated 40 percent of Americans for medical debts, which can stay on credit reports up to 7 years

JT Bryant Credit Solutions- www.CREDITSOLUTIONSJTBRYANTINC.com
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Let us sue the Collection Companies-- Get you Paid- and Raise  your Credit Score-"READ THIS ARTICLE"

Few in Congress who now debate the merits of stripping negative medical debts from credit reports know the woman who inspired the original bill.Julia Mueller never publicly told her story, until now. But in 2008, the Ohio State University student was drowning in the fallout of medical debt and later sent a letter to then-U.S. Rep. Mary Jo Kilroy asking for help.Mueller was working graveyard shifts and plowing her way through a chemical-engineering degree when doctors ordered a sleep study to combat her chronic fatigue.Her health-insurance company reneged on a promise to pay for the study, causing the $6,200 bill to fall delinquent and onto her credit report.She managed to pay it off with help from others, but the debt still haunts her financial history today.And it will follow her until 2013.The medical bill was turned over to a debt collector, who reported it to the credit bureaus. As a result, the interest rate on Mueller’s credit card jumped by 18 percentage points, and she was forced to use what little cash she had left to pay for a used car.The Columbus native’s story compelled some members of Congress in 2009 to press for changes to the Fair Credit Reporting Act. Their effort came up short, but the bill was reintroduced in 2011 and is now in committee hearings.The bill would erase paid medical debt from credit reports. Those debts can remain on reports for up to seven years.More than three years after the bill was first introduced, an alarming percentage of Americans — estimated at up to 40 percent — have medical bills on their credit reports that have been turned over to debt collectors. Many of the debts are for less than a few hundred dollars, but even one for $20 can be financially devastating.A Dispatch investigation and studies by government and private-sector researchers show that medical debt is crippling some consumers.More than half of the 220 consumers who complained to the Ohio attorney general about a medical debt in collection between January 2009 and July 2012 blamed their insurance company or health-care provider for the problem.Some of the medical debts, like Mueller’s, involve a dispute with an insurance company or workers’ compensation.Others are for medical bills they never received or had paid long ago.The Federal Reserve reported in 2003 that 31 percent of all credit reports had a collection account and that half of them were related to a medical debt.The Commonwealth Fund, a private foundation in New York City that advocates for an improved health-care system, reported two years ago that 30 million consumers were called by collection agencies over unpaid bills. That’s up from 22 million in 2005 — a 36 percent increase.People can’t control when they get sick and often are overrun by the expenses. But they are even more helpless in a national credit-reporting system that treats all debts in collection equally.Medical debt differs from other types of debts, such as car loans, mortgages and credit cards, because it often involves a third party — a health-insurance company.It also differs from those other traditional debts because it generally comes without a monthly statement that spells out the payment due date and amount. Patients often have no idea when the bill for services will arrive and then may have to argue with the provider or the insurance company.“This is not like someone has defaulted on credit-card payments for buying a flat-screen TV,” said Mark Rukavina, of The Access Center, a Boston-based resource center for health-care issues. “False medical debts or debts that have been paid shouldn’t linger on someone’s credit report.”The three big national credit-reporting agencies oppose efforts by Congress to strip paid medical debt from credit reports because they say such debts help predict the creditworthiness of a consumer.Yet Equifax, Experian and Trans-Union rarely, if ever, report on medical bills that are paid on time because hospitals, doctors and other health-care providers aren’t furnishers of information to the credit-reporting agencies.So consumers never receive a good mark for paying medical bills on time. Rather, they are affected only by delinquent medical debts, because they have been turned over to debt collectors who routinely report to the credit bureaus.Industry insiders say that reporting delinquent medical debt actually helps consumers.“Isn’t it true that a household that is under serious financial distress is not well-served by being extended additional lines of credit that put it further into debt?” said Norm Magnuson, vice president of public affairs for the Consumer Data Industry Association, the trade organization in Washington, D.C., that speaks for the credit-reporting agencies.The Consumer Data Industry Association is opposed to removing paid medical debts from credit reports.It says there’s ample time between when an account becomes delinquent and when it’s sent to a consumer’s credit file to resolve problems.“An average of 135 days elapses prior to the reporting of a delinquent medical debt to a credit  bureau, which suggests a very robust vetting process, even if there are complexities regarding insurance companies,” Magnuson said in a written statement to The Dispatch.Only 0.2 percent of those who filed a dispute with the credit-reporting agencies did so because of a delay in payment from an insurer, he wrote.Wide-ranging effectsCredit reports today are used for many purposes beyond getting loans, such as determining who gets a job and what price a consumer pays for car insurance.Julia Mueller believes she is caught in an unfair system.“It is frustrating, because I should not have to delay full adulthood because of a bad system, and getting the runaround on erasing medical debt that wasn’t my fault,” said Mueller, 29, now working on a doctorate at the University of Queensland in Australia.Her debt from the sleep study was paid off mainly because of the compassion of OSU’s student insurance program, which took care of the bulk of Mueller’s bill after hearing her story. Her doctor’s billing office also forgave a smaller piece of the debt.Even so, the medical debt remains a part of her credit history more than four years later.When she returns to the United States, she said, she fears that high interest rates are waiting for her.The words she wrote in a 2009 letter to Kilroy still ring true today: “I am financially responsible, and I would like to be treated that way.”Complaints to state and federal officials about debt collection often reflect tales of devastating consequences of wrongly assigned medical debt.More than 12 percent of consumers who complained to DeWine’s office about a medical bill in collection said the debt did not belong to him or her. It’s an often-cited complaint to the FTC, too.A Virginia woman injured in a car crash that was not her fault found that a medical bill had been turned over to a collection agency and landed on her credit report.“This is not an error on my part, and I am not at fault. Because of this, my credit score has suffered a huge blow, and I need this problem fixed. Please help me; my future is on the line,” the woman wrote to federal officials.A credit-card company denied an application from a 21-year-old man in Lorain County in northeastern Ohio because of an unpaid doctor bill. “I was 12 years old then,” he wrote.A University of Michigan student wrote that the loan he needed to pay for his senior year of college had been jeopardized by a $130 collection account. The student had been injured at his job, and the medical bills should have been covered by workers’ compensation.“My parents have since paid the $130 to the collection agency, being that it was ruining my credit; however, because this has shown up on my credit report, I am unable to receive the loan that I need for this upcoming school year,” he wrote. “I will not be able to graduate. I am completely devastated and at a loss for options as to how to fix this issue.”Such stories prompted federal lawmakers to reintroduce the bills to make changes to the federal credit-reporting law and ease some of the consequences of delinquent medical debt.“The consumers in this country are fighting an unknown entity,” U.S. Rep. Don Manzullo, R-Ill., said at a House Financial Services Committee hearing last month on a pending medical-debt relief bill. “In time after time after time again, things show up on the credit report and people have no idea it’s on there.”Stunned in TexasCongressional hearings may not have happened if not for Texas mortgage banker Rodney Anderson.In 2008, Anderson was working on a mortgage for a couple in their 70s when he discovered a 100-point drop in their credit score because of a false $150 medical debt. The couple paid thousands of dollars in closing costs beyond the norm to obtain the loan.Another client, a lawyer who Anderson said made $1.3 million a year, was denied a loan because a $30 medical debt dropped his credit score below 700.After seeing dozens of people denied loans or forced into higher interest rates, Anderson conducted a study of medical debt.The findings stunned Anderson: More than 45 percent of the 1,701 consumers applying for loans from him had some type of medical debt weighing down their credit reports.So Anderson dove into Washington politics and began crusading for a bill that would erase paid medical debt from a consumer’s credit report.He eventually connected with Kilroy, the bill’s first sponsor. The bill won approval in the House but time ran out in the congressional session before the Senate could act. The bill died, Kilroy lost re-election and the measure seemed dead until Anderson found a new supporter.The bill was reintroduced in June 2011 and has bipartisan support.“This bill would lift a huge financial weight off so many Americans,” said Anderson, who added that he has spent $1.6 million of his own money pushing the issue. “It would help creditworthy borrowers have access to the best interest rates and closing costs and improve consumers’ overall financial health.”At their mercyThe bill could have saved Ed Browning’s credit.During a routine appointment after a colonoscopy, Browning paid the $43 co-pay for the doctor’s visit.Nineteen months later, the Worthington resident received a bill from the pathology medical office saying he still owed $43. He disputed the bill and a short time later received a notice from a debt collector.He feared the false debt would end up on his credit report, so he paid the $43 again so it wouldn’t become a bigger financial headache.“I thought it would go away if I just paid it,” Browning said. “But it just got worse from there.”Browning was among the 13 percent of consumers who wrote to DeWine’s office complaining that they were pursued by debt collectors even after they paid off the debt.Browning discovered the debt had been applied to his credit report in August 2010 when his application for a credit card was denied.He sent evidence to each of the three credit-reporting agencies showing that the bill had been paid. One, however, was unconvinced and refused to remove it from his credit report, lowering Browning’s once-impeccable credit score.“As a consumer, you have no control over what the collection company or credit agencies will do,” Browning said. “We are at their mercy.”The law currently allows that debt to remain on Browning’s credit report until 2014.Consumers in situations similar to Browning’s across the U.S. also say they are at the mercy of a system that has cost them jobs, loans, insurance and higher interest rates.When Terry Story of Dallas went to Anderson to refinance his mortgage earlier this year, he learned that a lingering $20 medical debt would have cost him $8,600 in additional fees.Story was contacted by a debt collector in 2011 who said he owed the $20 for what likely was a co-pay for a doctor’s visit by his daughter in 2008. The Texas man still is unsure there was ever a doctor’s visit by his daughter, but if it happened, he is certain they would have paid the $20 co-pay.But like Browning, Story paid the small bill to avoid further credit trouble.He then found the paid medical debt on his free credit report when he went to refinance his mortgage.Story, 45, vice president of operations for an elevator company in Texas, said three other people in his office also suffered financially from similar medical-debt problems. Story said his credit report also listed a mobile home that he never purchased, a job he never held and other accounts that didn’t belong to him.“That’s why I call this a racket,” Story said. “The information is not right, I still paid the debt even though I didn’t think it was legit and it still ends up hurting my credit.”




Credit Score Improvements- We average 178 point increase

Credit bureaus sometimes provide Americans with credit scores that are different from those that lenders use in deciding whether to offer a loan and at what interest rate, the government’s consumer watchdog found in astudy released Tuesday.
Researchers at the Consumer Financial Protection Bureau found that the discrepancy happens for as many as one in four people.
The consumer agency issued the study five days before it will begin supervising credit-reporting firms. That will give the bureau oversight of about 30 companies that make up the majority of the $4 billion industry.Credit agencies have come under greater scrutiny as consumer advocates question the accuracy of the scores, which affect the ability to get a mortgage, car loan, credit card and sometimes even a job. The scores aim to measure the likelihood that a consumer would repay a debt based on his or her record.Given the widespread use of the scores, even small variations can have huge consequences. Discrepancies could lead some lenders to deny applicants student loans or mortgages, or offer terms that are worse than warranted, the study concluded. “When consumers buy a credit score, they should be aware that a lender may be using a very different score in making a credit decision,” Richard Cordray, the CFPB’s director, said in a statement. The study was based on a random sample of 200,000 credit files from the three major credit reporting agencies — Experian, TransUnion and Equifax. Consumer advocates said borrowers are unlikely to know about any discrepancy in their credit scores, although reporting firms should make them aware.“The report illustrates how opaque the process is in determining credit scores,” said Bill Sermons, director of research at the Center for Responsible Lending. “The deck is stacked against consumers because they don’t know what information is being used to determine how much they pay for credit.”The advocates called on Congress to grant Americans free access to the score most widely used by lenders, FICO. In some cases, consumers are provided scores different from the FICO measure.If they ask, consumers can pay to see their FICO scores from TransUnion and Equifax. Experian does not make the FICO score available.“It’s like a student applying to college and not knowing whether the school uses an SAT vs. an ACT score. And the student doesn’t even have the right to find out what his or her ACT score is,” said Persis Yu, a lawyer with the National Consumer Law Center. The consumer bureau recommends shopping around for the best loan terms. Even if lenders are provided the same score, their terms may vary based on individual risk assessment and competitive pressure, the report said.Speaking on behalf of the three major credit firms, Stuart Pratt, chief executive of the Consumer Data Industry Association, said that consumers should also ask questions about the credit scoring model used when purchasing reports. “The credit score is a valuable educational tool and can enable consumers to better understand their creditworthiness relative to other consumers,” he said. Pratt said the CFPB’s study confirmed the value of the scores. “The study sheds new light on why consumers can trust the credit score disclosures they receive and the products in the commercial marketplace,” he said.
 
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CFPB finds discrepancies in credit scores provided by credit bureaus

The consumer agency issued the study five days before it will begin supervising credit-reporting firms. That will give the bureau oversight of about 30 companies that make up the majority of the $4 billion industry.Credit agencies have come under greater scrutiny as consumer advocates question the accuracy of the scores, which affect the ability to get a mortgage, car loan, credit card and sometimes even a job. The scores aim to measure the likelihood that a consumer would repay a debt based on his or her record.Given the widespread use of the scores, even small variations can have huge consequences. Discrepancies could lead some lenders to deny applicants student loans or mortgages, or offer terms that are worse than warranted, the study concluded. “When consumers buy a credit score, they should be aware that a lender may be using a very different score in making a credit decision,” Richard Cordray, the CFPB’s director, said in a statement. The study was based on a random sample of 200,000 credit files from the three major credit reporting agencies — Experian, TransUnion and Equifax. Consumer advocates said borrowers are unlikely to know about any discrepancy in their credit scores, although reporting firms should make them aware.“The report illustrates how opaque the process is in determining credit scores,” said Bill Sermons, director of research at the Center for Responsible Lending. “The deck is stacked against consumers because they don’t know what information is being used to determine how much they pay for credit.”The advocates called on Congress to grant Americans free access to the score most widely used by lenders, FICO. In some cases, consumers are provided scores different from the FICO measure.If they ask, consumers can pay to see their FICO scores from TransUnion and Equifax. Experian does not make the FICO score available.“It’s like a student applying to college and not knowing whether the school uses an SAT vs. an ACT score. And the student doesn’t even have the right to find out what his or her ACT score is,” said Persis Yu, a lawyer with the National Consumer Law Center. The consumer bureau recommends shopping around for the best loan terms. Even if lenders are provided the same score, their terms may vary based on individual risk assessment and competitive pressure, the report said.Speaking on behalf of the three major credit firms, Stuart Pratt, chief executive of the Consumer Data Industry Association, said that consumers should also ask questions about the credit scoring model used when purchasing reports. “The credit score is a valuable educational tool and can enable consumers to better understand their creditworthiness relative to other consumers,” he said. Pratt said the CFPB’s study confirmed the value of the scores. “The study sheds new light on why consumers can trust the credit score disclosures they receive and the products in the commercial marketplace,” he said.
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I hope that this message finds you well. As your Credit Consulting Company, I am constantly made aware of the importance of a healthy credit rating. As a part of my professional services program, I am forwarding an article on "How to Get a Perfect Credit Score" that you may find helpful!


How to Get a Perfect Credit Score
By JT Bryant, President JT Bryant Inc.
JT Bryant Credit Solutions - www.CreditSolutionsJTBryantinc.com
 
Health, Life, Major Medical, Dental-
JT Bryant Insurance Solutions- www.JTBryantInsurancesolutions.com
 
888-454-6660 
Email- JT@JTBryant.com


There are certain things that we discover are just an illusion as we grow up: Santa Claus, the Easter Bunny and the Fountain of Youth are a few. However, much like Big Foot, one myth that persists well into adulthood, is the perfect credit score. Some swear they've seen it, others think it's impossible.

"Never in my life have I met anyone with an 850 credit score," JT Bryant of JT Bryant Credit Solutions, who has worked in the credit industry for years, tells MainStreet.
According to FICO, the company that designed our current credit model, these overachievers are out there. Craig Watts, senior manager for Public Relations for FICO, tells MainStreet that while most people score in the middle-to-low 700s on their credit scale, less than 1% of the U.S. population (about 1 million people) do, in fact, net a full score of 850.
"They tend to be more conservative and a little older," Watts explains. He adds that these individuals also tend be rather humble, which may explain the near mythic status they have inadvertently achieved.
"We don't get too many of them in our forums," he admits. "They aren't the type of people who stand up on a bus and tell everyone they scored an 850."
 
People who don't share their score aren't likely to share their secrets for attaining it either. Which is unfortunate, considering that the credit elite obtain the lowest annual percentage rates, get the best credit card rewards programs and qualify more readily for large loans.

"It's a noble goal to try to achieve," McClary says. However, he explains that you don't need to reach perfection to be considered among the credit elite.
"In reality, you don't have to have an 850," says John Ulzheimer, a former FICO employee now with Credit.com. Those with a FICO score above 760, he says, are typically privy to the same benefits as those with perfect credit.
Of course, a score that high isn't easy to achieve either. To reach the top tier you have to master not just the basics — maintaining positive payment history and a low debt to credit ratio, but you must pay attention to the details as well. In an effort to help those with lofty credit aspirations, MainStreet has put together a profile of what these credit superstars look like.

They Have a Long and Impressive Payment History and a Clean Record 
The bulk of your credit score is determined by your payment history and the amount of debt you may or may not have currently on file. Unsurprisingly, those with perfect credit scores use credit regularly while paying it off on time, every time. They also have a squeaky clean record. Ulzheimer explains that the credit elite have no debt to speak of. "No liens, no bank repossessions, no settlements," he says. "Nothing."

They Maintain a Diverse Set of Accounts 
According Bryant-, credit lines fall into two major categories. Installment accounts are closed-ended and require consumers to pay a fixed amount each month until the entire balance has been depleted. These typically include mortgages or car loans. Revolving accounts, on the other hand, limit the line of credit, but have balances that fluctuate. These essentially are the accounts tied to the credit cards in your wallet.
Top credit scorers have a careful balance of both accounts on record. "They'll have a mortgage, a car loan and a few credit cards on file," Bryant explains.

They Have a "Well-Aged" Credit Report
When I pulled my own credit report a few weeks ago, I was surprised to learn that my score, though quite good, still paled in comparison to my financial mentors, good old mom and dad. The truth is, unless they should both decide to stop managing their credit so meticulously, I stand little to no chance of ever surpassing them.
"One advantage to being older is that you tend to have a longer credit history," Bryant says. Keep in mind, though, that it's not your age, but the age of your oldest credit account on file that influences your overall score. As such, you may want to keep open that store charge card you opened up on your 21st birthday.

They Have a Very Limited Number of Credit Inquiries on Record
On the other hand, those without a store charge card shouldn't simply open one frivolously. While having large number of credit card inquires on file won't dramatically decrease your score, it can keep you from joining the credit elite, especially if several inquiries are recorded over a short period of time. This is why Ulzheimer advises that you refrain from opening up a litany of store accounts during the holiday season, no matter what type of discount the retailer is offering as an incentive to do so.
"Applying for credit organically as you need it is fine," Ulzheimer says, before cautioning "never use your credit score to get a 10% discount at the mall."


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I hope you enjoyed the article and that you found a couple of tips that you can use to help improve your credit score!

We'll be glad to review your credit and see what needs to be done to help you meet your financial goals and needs. Give us a call or email us with any questions - Toll Free - 888-454-6660 , email - JT@JTBryant.com
Also Visit our Face Book Page-  https://www.facebook.com/JTBryantcreditsolutions 
 
Stay tuned for more credit tips!

JT BryantJT@JTBryant.com


www.JTBryant.com888-454-6660 MAIN817-900-8604 FAXJT Bryant Insurance and Credit Solutions
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How To Get A Perfect Credit Score

Thanks choosing JT Bryant Credit Solutions- I hope this article may help you understand more about the credit industry-

I hope that this message finds you well. As your Credit Consulting Company, I am constantly made aware of the importance of a healthy credit rating. As a part of my professional services program, I am forwarding an article on "How to Get a Perfect Credit Score" that you may find helpful!


How to Get a Perfect Credit Score
By JT Bryant, President JT Bryant Inc.
JT Bryant Credit Solutions - www.CreditSolutionsJTBryantinc.com
 
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There are certain things that we discover are just an illusion as we grow up: Santa Claus, the Easter Bunny and the Fountain of Youth are a few. However, much like Big Foot, one myth that persists well into adulthood, is the perfect credit score. Some swear they've seen it, others think it's impossible.

"Never in my life have I met anyone with an 850 credit score," JT Bryant of JT Bryant Credit Solutions, who has worked in the credit industry for years, tells MainStreet.
According to FICO, the company that designed our current credit model, these overachievers are out there. Craig Watts, senior manager for Public Relations for FICO, tells MainStreet that while most people score in the middle-to-low 700s on their credit scale, less than 1% of the U.S. population (about 1 million people) do, in fact, net a full score of 850.
"They tend to be more conservative and a little older," Watts explains. He adds that these individuals also tend be rather humble, which may explain the near mythic status they have inadvertently achieved.
"We don't get too many of them in our forums," he admits. "They aren't the type of people who stand up on a bus and tell everyone they scored an 850."
 
People who don't share their score aren't likely to share their secrets for attaining it either. Which is unfortunate, considering that the credit elite obtain the lowest annual percentage rates, get the best credit card rewards programs and qualify more readily for large loans.

"It's a noble goal to try to achieve," McClary says. However, he explains that you don't need to reach perfection to be considered among the credit elite.
"In reality, you don't have to have an 850," says John Ulzheimer, a former FICO employee now with Credit.com. Those with a FICO score above 760, he says, are typically privy to the same benefits as those with perfect credit.
Of course, a score that high isn't easy to achieve either. To reach the top tier you have to master not just the basics — maintaining positive payment history and a low debt to credit ratio, but you must pay attention to the details as well. In an effort to help those with lofty credit aspirations, MainStreet has put together a profile of what these credit superstars look like.

They Have a Long and Impressive Payment History and a Clean Record 
The bulk of your credit score is determined by your payment history and the amount of debt you may or may not have currently on file. Unsurprisingly, those with perfect credit scores use credit regularly while paying it off on time, every time. They also have a squeaky clean record. Ulzheimer explains that the credit elite have no debt to speak of. "No liens, no bank repossessions, no settlements," he says. "Nothing."

They Maintain a Diverse Set of Accounts 
According Bryant-, credit lines fall into two major categories. Installment accounts are closed-ended and require consumers to pay a fixed amount each month until the entire balance has been depleted. These typically include mortgages or car loans. Revolving accounts, on the other hand, limit the line of credit, but have balances that fluctuate. These essentially are the accounts tied to the credit cards in your wallet.
Top credit scorers have a careful balance of both accounts on record. "They'll have a mortgage, a car loan and a few credit cards on file," Bryant explains.

They Have a "Well-Aged" Credit Report
When I pulled my own credit report a few weeks ago, I was surprised to learn that my score, though quite good, still paled in comparison to my financial mentors, good old mom and dad. The truth is, unless they should both decide to stop managing their credit so meticulously, I stand little to no chance of ever surpassing them.
"One advantage to being older is that you tend to have a longer credit history," Bryant says. Keep in mind, though, that it's not your age, but the age of your oldest credit account on file that influences your overall score. As such, you may want to keep open that store charge card you opened up on your 21st birthday.

They Have a Very Limited Number of Credit Inquiries on Record
On the other hand, those without a store charge card shouldn't simply open one frivolously. While having large number of credit card inquires on file won't dramatically decrease your score, it can keep you from joining the credit elite, especially if several inquiries are recorded over a short period of time. This is why Ulzheimer advises that you refrain from opening up a litany of store accounts during the holiday season, no matter what type of discount the retailer is offering as an incentive to do so.
"Applying for credit organically as you need it is fine," Ulzheimer says, before cautioning "never use your credit score to get a 10% discount at the mall."



I hope you enjoyed the article
 and that you found a couple of tips that you can use to help improve your credit score!

We'll be glad to review your credit and see what needs to be done to help you meet your financial goals and needs. Give us a call or email us with any questions - Toll Free - 888-454-6660 , email - JT@JTBryant.com
Also Visit our Face Book Page-  https://www.facebook.com/JTBryantcreditsolutions 
 
Stay tuned for more credit tips!

JT BryantJT@JTBryant.com


www.JTBryant.com888-454-6660 MAIN817-900-8604 FAXJT Bryant Insurance and Credit Solutions
Health,Life, Medical, Dental-www.JTBryantinsurancesolutions.com
JTBryant Credit Solutionswww.Creditsolutionsjtbryantinc.com
COMPANIES ARE A DIVISION OF JT BRYANT INC A TEXAS CORPORATION IN GOOD STANDING-

Credit Repair- Who is qualified?

A Professional Credit Consulting Firm - License in all 50 states- Credit- Insurance- Financial Services- Series 3, 6 , 7, 63- Financial License , Certified Financial Planner- If you find a better qualified Credit Restoration- Credit Consulting Company - We will do your credit file for free- 
JT Bryant Credit Solutions works to ensure that your credit scores and credit reports are in your own hands.
By law, information reported about you to credit bureaus must be fair,accurate,relevant,substantiated and verifiable. Through our simple but powerful 4 month program, we help to ensure that credit companies can't abuse these standards.It's actually that simple-
JT Bryant , - 888-454-6660 JT@JTBryant.com
www.creditsolutionsjtbryantinc.com- Improving Credit One Customer at a Time-
www.JTBryantinsurancesolutions.com- Simply the Best at Life- Health- and Dental Coverage in the U.S.

Credit Repair, Why it so hard to remove negative credit

So Why Is It So Hard to Remove Negative Credit??.JT Bryant Credit Solutions- 888-454-6660 JT@JTbryant.com

The simple answer: Money. In order not not lose profits from the credit grantors, the credit bureaus fight consumer disputes with enthusiasm.Their first move is normally to bury the consumer in paperwork including requests for clarification, repeated identification requests, or requests for more information. It can be fairly overwhelming and confusing, and most people give up before they really get anywhere. The credit bureaus count on it, in fact. If a person does finally get a credit reportt, figure out the confusing tables and coding, write a brilliant dispute and get it mailed, the bureaus will probably still find some way to disregard it. The  system is perfectly designed to discourage the consumer, and it works.One misconception that many people have when taking on their own credit repair is the idea that the credit bureaus must complete their investigation within a certain time frame, or be forced to remove all disputed information.  Some even think they can sue the credit bureaus if they don’t finish the investigation within a certain time frame. This is absolutely false. Nobody forces the credit bureaus to do anything.BUT, if a proper dispute letter is filed along with other proper paperwork, and the credit bureau does end up investigating your dispute, the chances of success are fairly good.  This is true regardless of accuracy, which doesn’t have very much to do at all with the deletion of negative items. If the credit bureaus cannot verify an item before completing an investigation, that item will be removed. It comes back to the credit grantor. Many times the grantor is simply reluctant to take the time to verify the data in the dispute.  Credit bureaus are in the business of reporting credit histories, and grantors are not.

We are Endorsed by The Ethical Credit Repair Alliance 
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JT Bryant Insurance and Credit Solutions
JT Bryant , President and Owner-
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Credit Repair, Common Mistakes, Credit Scores

Write your
Common Mistakes that Hurt Credit

Some of the common mistakes consumers make when trying to improve their credit are:
• Closing accounts – this could actually raise your debt to total credit ratio, an unfavorable factor when calculating a credit score.

• Stop using credit cards altogether – this prevents new credit history information from being obtained and could result in the credit card issuer closing the account, thus increasing your debt to credit ratio.

• Debt consolidation – Although debt consolidation offers savings in low interest rates, consolidating credit cards impacts your debt to credit ratio, bill payment history and types of credit in force.
The best approach to debt management is to do it slowly. If you have to close any accounts, do so one at a time over several years.

How to Repair Credit

Complete the following to-do list, or subscribe to a credit repair service to have a professional perform the tasks:

  • Collect your credit reports from the three major credit reporting agencies.
  • Locate errors or disputable points on your reports.
  • Collect evidence to argue that the erroneous entries exist.
  • Properly dispute the errors in accordance with the credit bureaus' procedures.
  • Improve your debt-to-credit ratio.


Your Credit Score

It’s only a three digit number, but it means so much. A credit score, commonly known as a FICO score, is what creditors and others use when deciding whether to do business with you.
An individual has three credit reports, plus three FICO scores, one from each credit reporting agency. FICO scores change as the data changes in your credit reports.
Most lenders look at a FICO score from one or more consumer credit reporting agencies, as well as their own score from analyzing your credit report, when making lending decisions.
A FICO score ranges from 300 to 850 and is based on the following:
• Bill payment history
• Ratio of debt to total credit amount available
• Credit history
• Types of credit in force
• Credit inquiries made by lenders.
A high credit score means better interest rates, favorable lending terms and a greater amount of credit extended.
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