Bad credit repair requires strategy and a copy of your Equifax credit report. Discover why your Equifax credit report holds the secrets to improving your credit.
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To improve your credit, think strategy.
That’s right, think MORE about strategy and LESS about firing off dispute letters that cause people just like YOU to get sued!
Click READ MORE below to find out why I’m asking you to grab a copy of your Equifax credit report.
And what the heck does strategy have to do with credit repair.
WHY ALL THE FUSS ABOUT YOUR EQUIFAX CREDIT REPORT?
Here’s why you need to focus on your Equifax credit report.
You first need to understand HOW your credit file results in a 3-digit number. And wouldn’t you know it: the BIG 3 are all about trying to confuse us consumers.
Each of the 3 big credit reporting agencies has its own name for its credit score and scoring range.
For instance,
Experian calls its score the Fair Isaac…and its scoring range is 330 to 830.
Equifax calls its score the Beacon…and its scoring range is 300 to 850.
Transunion calls its score the FICO…and its scoring range is 350 to 934.
BTW, are you aware Experian no longer will sell us consumers our credit SCORE at myfico.com (site owned by Fair, Isaac & Company)? We can get our Equifax and Transunion scores but not our Experian score!
In another post, I’ll explain what appears to be going on with the BIG 3 trying to cut Fair, Isaac out of the picture. And this includes the FICO scoring algorithm. The BIG 3 have created their own scoring model called the VantageScore and are trying to shove their VantageScore down our throats.
So what, you ask?
In terms of credit, who cares what each bureau calls its credit score: Fair Isaac, Beacon or FICO.
Who cares?
I don’t and neither should you. I call all of them a “FICO.”
What should interest you is each bureau’s scoring range, i.e. from 300 to 934.
Now follow along with me, because this is important and you clearly will see with your own eyes why you must concentrate on your Equifax credit report…and why you must think strategically about improving about improving your credit.
Your Experian score most likely will be your lowest score!
By nature of Experian’s score range, i.e. 330-830, you have LESS range (i.e. 500 points) to overcome bad credit.
On the other hand, your score from Transunion most likely will be your higher score.
TransUnion’s score range (i.e. 350-934 or 634 points) is GREATER than Experian’s score range.
TransUnion’s score range is MORE forgiving of derogatory credit listings than Experian’s, i.e. more score range vs. less score range.
Therefore, your Beacon score from Equifax typically will be your middle score. You want to improve your Equifax score.
Let me be even clearer about the importance of your middle score. Mortgage bankers, in particular, look at all three of your credit scores but take only your MIDDLE score.
Your middle score!
If your scores are 540, 620 & 690, mortgage bankers will consider you to be a “620″ even though you have a 690 high score.
Focus on improving your middle score, which most likely will be your Beacon. Realize that strategy plays a huge role in improving credit.
One other strategic tip is to ask a potential creditor from which bureau or bureaus they pull credit. You might be surprised to know that creditors don’t always pull from all 3 bureaus. Car dealers for instance typically do NOT pull from all 3 bureaus.
Depending on in what part of the country you live determines from which bureau creditors pull credit.
I have more to share with you on this topic. Specifically, I want to tell you about a credit bureau that REPORTS your on-time rent, electric, water, cable TV, telephone, insurance payments on time. Shouldn’t you get help on your credit scores from the Big 3 for on-time monthly payments for all these bills?
Scroll down a bit and drop me a question or comment. Do you understand why strategy is important? What strategic question do you have for me?
Bad credit repair, to be clear, requires STRATEGY. Your creditors are not obligated to report to all three bureaus; therefore, your scores (and your reports) are the not the same with all 3 bureaus. Raise your middle score (Equifax’s Beacon Score) and you get approved. This is strategic credit repair. Not difficult at all, is it?
Welcome back! Got a question for me...or an experience to share? Please go to the bottom of this article to ask a question or share an experience. :) Thank you!
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{ 2 comments… read them below or add one }
Hi Mike,…Wow! Great information that you have here,…I got a question, How can I get a “rapid rescoring” done? I called “Acranet”, the company that has all my info on my credit report, and they said that they don’t do that anymore, and that I would have to call the credit cards companies and the cra’s??? Is this true? and is there another way to go about getting my correct credit info onto my credit report quickly?
Thank you in advance,
Mark-
Thanks, Mark, for stopping by! You’re talking about ACRANet at http://creditdatasystems.com/company_overview.html. Correct? I’m familiar with them. If they no longer provide that service, they need to update their website. (Almost) any potential creditor with bureau access will be able to order a rapid rescore, i.e. car dealers, mortgage lenders, etc. No, you don’t call the bureaus to rapid rescore. Go through your “lender.”
Thanks again for asking your question,
Mike