Credit Repair Austin

Credit Repair Austin Texas

Call us today for a FREE Credit Repair Consultation (713) 661-5505

Our Austin TX Credit Repair agents lead our clients in the right financial direction so they can be better equipped and prepared to make the right financial decisions. 700 Plus Credit strives to empower our clients with financial knowledge that affects their credit report and credit score. Credit RestorationYour credit score might be the most important three-digit number in your life! Your financial health and stability are vital. From higher interest rates to denied loan applications, a low credit score can profoundly hurt you and your family, but our Dallas credit repair agents can help! Credit ApprovalEvery client is unique and every situation is unique. We want to help you achieve the resolution that you need to achieve full financial health. Our team can to offer the personal attention and the fully customized action plan you deserve.
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Bad Credit Affects Thousands of Austin Residents

In Austin, we work hard for our money! Unfortunately, everything you buy with credit will cost much more when you have bad marks on your credit report. When negative information is on your report, you will become the victim of higher interest rates and much more. You will pay hundreds or thousands of unnecessary dollars. Our Austin credit repair agents can help you today!

Our Austin Credit Repair Agents Can Help You Remove:

  • Bankruptcies
  • Repossessions
  • Tax Liens
  • Inaccuracies
  • Inquiries
  • Late Payments
  • Charge-Off’s
  • Collections
  • Judgements
  • Foreclosures
There is good news – You have the legal right under the Fair Credit Reporting Act (FCRA) to challenge any item on your credit report that may be misleading, incomplete or unverifiable. If a challenged item cannot be verified, the credit bureaus must remove it. This sounds easy but most find it near impossible to do on their own. Having a 700 Plus Credit working for you can be the most effective method to yield the best results.

Do You need credit repair in Austin

The 700 Plus Austin Credit repair specialists are here to help you! Our Austin Credit repair specialists will work with you to determine if our credit repair services are right for you.

Once we have determined that our services will benefit you, we will immediately start working to restore and repair your credit.

We will lead you in the right financial direction so you can be better equipped and prepared to make the right financial decisions.

Take a moment to fill out or FREE credit repair consultation form and start to rebuild your credit.

Free Austin Credit Repair Consultation – Click Here

700 Plus Credit – Credit Repair in Austin Texas – Is bonded and officially licensed by the State of Texas

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Austin Credit Repair Articles and Blog Updates

Austin Credit Repair Facts – 7 Staggering Facts About Credit Reports

A couple of weeks ago the Consumer Financial Protection Bureau (hereafter “CFPB”) published the results of a study hoping to further clarify the happenings at the three national credit reporting agencies: Equifax, Experian and TransUnion.

These three companies maintain over 200,000,000 credit files each and countless pieces of our personal and financial information.

The numbers from the study are impressive, to say the least.

Monthly updates from 10,000 companies

Each month our creditors update the information for our active accounts.

These updates include balance changes, late payments, adding new accounts, and removing information deemed to be inaccurate.

Credit files contain over 1,300,000,000 accounts

Yes, that’s billion — with a “B.” The massive number of accounts includes auto loans, mortgages, credit card accounts, and student loans.

Of the 1.3 billion accounts, 58% are plastic

That’s right, some 754 million of the accounts on credit reports are credit cards.

The list of cards includes general use credit cards (Visa, MasterCard, Discover) and retail store credit cards. Four percent of the accounts on credit reports are auto loans and seven percent are mortgages.

This makes sense because it’s very easy to have several credit cards, while it’s not as easy (or necessary) to have several mortgages or auto loans.

Disputes are dominated by collections

Consumers have the right to challenge the validity of the information on their credit reports.

In fact, in 2011, the credit bureaus received 8,000,000 consumer disputes, which challenged around 35,000,000 credit file entries and about 40% of those disputes were specific to debt in collections.

According to the CFPB, debt in collections is five times more likely to be disputed than a mortgage loan. But these numbers don’t suggest that credit reports are loaded with errors or that collections are disproportionately incorrect.

According to the Consumer Data Industry Association (hereafter “CDIA”), the trade association of the credit bureaus, some 30% of disputes are submitted by credit repair organizations where collections are a likely target.

We’re not claiming our credit reports

The CFPB’s study suggests that fewer than 20% of consumers “obtain” copies of their credit report each year.

However, in my interviews with the CDIA, the percentage of free credit reports claimed via the only official source, annualcreditreport.com, is closer to 4%.

Regardless, the numbers are abysmal.

The 80/20 rule doesn’t apply

You’ve heard of the 80/20 rule, right? That rule, formally known as the Pareto Rule, means 80% of X comes from 20% of Y.

As a hypothetical example, “80% of car accidents are caused by 20% of drivers.” The rule is meant to underscore that the majority of the volume of something is being caused by a small number of causes.

Well, when it comes to data on a credit report, the 80/20 doesn’t apply…and it’s not even close.

According to the CFPB’s study, 76% of the information contained in your credit files comes from 100 companies.

And, because there are over 10,000 companies providing data to the credit bureaus, the “rule” would be the 76/1 rule, as 76% of credit data is being provided by only 1% of the companies that furnish data to the credit bureaus.

If that’s not impressive enough, 10 companies alone provide 57% of the account information and 72% is provided by 50 companies.

Most disputes require assistance from the original source

When a consumer submits a dispute to the credit bureaus, which happens ~8 million times each year, the credit bureaus are able to resolve 15% of them without involving the furnishing party (normally a lender or collection agency).

That means 85% of the time when you dispute an item with a credit bureau they’re passing your dispute on to the furnishing party asking them to take on the legally required burden of investigating your dispute.

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Credit Repair Austin TX – Checking your Credit

In order to check your credit, you will need to contact one or more of the agencies above. You can visit their websites individually and request a credit report. Alternatively, you can visit AnnualCreditReport.com and request your report from one or all of the big three. You are entitled to one free credit report each 12-month period from each of the three agencies. You can request your report again within that period, but you may be charged a fee.

Once your have your credit score, what does it mean? People talk about good credit and bad credit, but rarely do they list the actual numbers involved. Here is an idea of what the credit score range looks like. Keep in mind that most credit scores range from 300 to 900.

  • Under 500: This is the lowest of the low. It is difficult to get a credit score this low, and once it has reached this point, it is difficult to fix it. You will have a had time getting any loans, and those you do will come with interest rates akin to the worst payday advances. If your score ever reaches this point, you would do well to visit a credit repair agency for assistance
  • 500-580: This range is considered bad credit. You will still be able to secure financing, home loans, auto loans and other borrowing. However, you will find high interest rates across the board. At this stage, a credit repair agency can help quite a bit
  • 580-619: While still considered poor credit, this particular range is more acceptable. You will still encounter high interest rates, but you won’t suffer as much from denied financing. Diligence and monitored financing can improve a score from this level without the aid of a repair agency, but you can still benefit from their help if you have a particular debt or nuisance pulling down your score
  • 620-680: This is a fair credit score, and you won’t have much trouble financing any purchases. You can, however, still benefit from improving your score
  • 680-720: At this range, your credit score is about as high as it will go without detailed monitoring and impeccable financial responsibility.
  • Above 720: At this point your credit score is excellent. No loan will be a challenge and you will have amazing deals with interest rates. This is the level everyone should aspire to reach, despite how much work it entails.