The difference between ReScoring and Credit Repair is similar to that of a surgeon and a lumberjack: One uses a scalpel while the other an axe! Credit repair continues employing the use of outdated (and often illegal) techniques. In that the algorithms that make up your FICO™ credit score are extremely dynamic from day-to-day and year-to-year, outdated credit repair techniques are most often detrimental to that score. As far as your wallet is concerned, the only thing that matters is your real FICO™ score!
Real Credit Scores matter! Although there are many credit scores sold to consumers, 99% of all credit worthiness decisions are determined by the FICO™ score. Buyer Beware! The vast majority of all credit scores sold to consumers are non-FICO™, fake scores— varying from 50-100 points currently costing American consumers $20 Billion per year1.
The three largest credit-reporting agencies (CRAs) each sell their own version of a credit score—varying drastically from the FICO™ score. If 99% of all credit decisions are governed by the FICO™ score, why waste the money on a FAKE-O?
1 Joint Consumer Federation of America & Washington Mutual Study 2007
To understand our services, one must understand the credit reporting and credit scoring systems. As a consumer, you finance various needs and/or wants from a merchant. The merchant is linked with the credit reporting agencies (three of the largest reporting agencies are TransUnion™, Equifax™, and Experian™). These reporting agencies are linked with FICO™ (Fair Isaac Company), who generates the score. This FICO™ score is the only credit score that is considered in approximately 99% of all credit transactions worldwide.
In essence, FICO™ is the top of the credit score food chain. Though the big three reporting agencies have created their own credit score (or credit rating system), these scores have no value in the credit-rating world. If a score is not FICO™, Beacon™, or Emperica™ (all FICO™-owned products) then it is not considered a factor in assessing a loan, despite the fact that the media highways are clogged with “Free Score” offers. If it is not FICO™, it is nothing but wasted time and money.
Currently in the U.S. credit reporting system, it is estimated that 91% of all credit reports contain errors. It is estimated that 46% of these errors affect the credit score by as much as 50 points— costing Americans about $20 billion per year in higher mortgage rates, credit card rates, home and auto insurance rates, etc.
Therefore, our aim is to Manage, Maintain, and Monitor the FICO™ score.