#102 The Good, The Bad & My Credit Report

Credit Scores and conversations about them don’t exactly strike awe or feel super compelling…until you consider how much your credit score affects the amount of money in your bank account.   Think about this, a low credit score could mean a point higher on your mortgage, which translates to a few hundred $’s more a month.  Let’s add to that a higher interest on your credit cards equaling hundreds more in minimum payments a month.  Ohhh and don’t forget about your car payment being maybe a $100 more a month.  All together now your spending close to a $1,000 more than you should.  What else could you do with that money?  Do we have your attention? Dino speaks with Credit Repair expert Derek Boyd from Credit Law Solutions.  Here are some of the questions that Derek answered: Let’s start with can you give us a basic explanation of how credit scores are calculated?  What are the things that create the most damage to a credit score?  Is it the late payments, high revolving balances…?  Cna you break it down for me? If a credit score is really bad, like in the 500’s are low 600’s can you get it up the magic number of 720 that so many creditor’s love and how long will that take? Now, I’m sure there’s a process you’ve put in place that works. What’s the very first thing that you do for a client to increase their score?  What types of things can be removed from a credit report and what can’t? How long will something like a debt collection stay on a credit report?