A credit score is a number generated by a mathematical formula that is meant to predict credit worthiness. Credit scores range from 300-850. The higher your score is, the more likely you are to get a loan. The lower your score is, the less likely you are to get a loan. If you have a low credit score and manage to get approved for credit, your interest rate will be much higher than someone who had a good credit score. So, having a high credit score will save you many thousands of dollars.
A credit bureau is a company that collects and maintains your credit information and sells it to lenders, creditors and consumers in the form of a credit report. There are dozens of credit bureaus, we're most concerned with the big three: Equifax, Experian, and TransUnion.
Payment History - 35% (on-time payments vs. delinquencies, more weight on the last 24 months)
Capacity and Amount Owed - 30% (percentage of credit limits available. Keep this below 30%)
Length of Credit - 15% (how long you've had your accounts)
New Credit - 10% (number of inquiries and new accounts opened in the last 12 - 18 months)
Types of Credit Used - 10% (installment loans vs. Revolving)
Everyone's credit situation is completely different, so how long it takes for you to achieve your expected results depends on the number of derogatory credit items on your reports, your participation in getting credit reports to us, and the level of credit bureau cooperation. We will do our part, the auditing and creating dispute letters based on your reports, usually within 48 hours from the date we receive them. Most of the wait-time after is usually spent waiting for the credit bureaus or creditors to respond.
One way to speed up the process is to receive your letters via PDF download vs receiving your letters in the mail. By utilizing the PDF Dispute option, you won’t have to wait for UCES to print, prepare and mail out your letters. Access your UCES account and select “PDF Dispute” and simply click “OPT IN”. Once your letters are prepared, you will receive an email letting you know that they are ready to be printed. When your letters are ready for download, access the “PDF Dispute” section of your UCES account once again and select “Download”. Follow the instructions on the page regarding signing the letters, attaching identity verification and mailing out your letters.
Many of our clients have seen an increase of 100 points or more*; however, the actual amount will vary per customer. There are many factors that affect a credit score besides derogatory items. For example, the ability to pay down revolving debt, the type of credit you have, your length of credit history, even the number of inquiries on your credit file. It is especially important that no current accounts fall into a negative status.* Results may vary by individual.
You will receive updated credit reports from all three credit bureaus after 30 to 45 days. At that time you will see what was deleted and will need to mail the originals to us so that we can continue working on the remaining items. You will actually know what was deleted before we do, which is why it is so important that you forward all credit bureau correspondence within a few days of receiving it. If the credit agency does not respond to your dispute letter, do not be alarmed, a new dispute letter will be generated when your file is reviewed by the processing center every 60 days.
Every 60 days, your file will be reviewed. Based on the documentation received from you, (credit report updates and letters from creditors) a new dispute will be generated and forwarded to you to review and sign. Along with the new dispute document, you will receive a status update report showing the progress and deletion of accounts to date. You can access your account at any time to check for updates through your account dashboard.
The truth is, you want high-quality and effective information about your credit score in order to achieve your financial goals. To learn more about what your credit score means and how to start maximizing your credit potential, click on the link below and download our FREE eBook