CREDIT SCORES

What is a credit score?

A credit score is a three-digit figure that ranges from 300 to 850 and is used to determine your credit risk or how likely you are to make on-time payments on your debts. Your credit score is a factor creditors and lenders consider when deciding whether or not to approve you for a new account. Your eligibility for a mortgage, credit card, vehicle loan, and other credit products, as well as tenant screening and insurance, are determined by credit scores. They are also used to calculate your credit limit and interest rate.

A credit score is based on a person's credit history, including the number of open accounts, the total amount of debt, the history of repayment, and other factors. Credit scores are used by lenders to determine the likelihood that a borrower would make timely loan repayments. The higher your credit score, the better your standing as a borrower is

What is a good credit score?

Credit score ranges and what they signify will differ depending on the scoring mechanism used to determine them. But they are typically comparable to the following:

• 300-579: Poor
• 580-669: Fair
• 670-739: Good
• 740-799: Very good
• 800-850: Excellent

There are numerous credit bureaus in the US, but only Equifax, Experian, and TransUnion are of significant national importance.

Whether you like it or not, credit is a necessary part of contemporary life. And having good credit makes it simpler to secure loans, credit cards, mortgages, and other types of credit. Consumers with fair or poor credit ratings, however, frequently aren't eligible for the greatest lending offers. 

Suppose you're beginning a career in the credit repair industry. In that case, your primary responsibility is to assist your customers in raising their scores. As we all know, customers who come to you will request assistance repairing their credit scores.

In the business credit repair software, you must first incorporate your customer's credit scores from the three major credit bureaus.

To do that, go to the dashboard, then click dispute manager.

On the dispute manager screen, select a client.

Then here, you will see the credit scores section.

Your customer's credit scores from the three major credit bureaus will automatically populate if you do a quick import on their credit report in the credit score section. However, you can also manually put their scores here.

Then in this section, you will see your customer's initial score, score improvement, and current score.

The training videos are also available for you to watch at your convenience.

One figure on your customer's credit report can permanently save them a significant sum of money. They may be eligible for lower interest rates with a good credit rating, which means that any line of credit they take out would cost less. Because of this, it's essential to keep an eye on their credit scores and dispute any negative accounts that affect them.