Dallas, TX -- (SBWIRE) -- 03/18/2013 -- MFI Credit Solutions, a full service credit & lending information company, is pleased to announce some tips for the public on how to correct errors on a credit report and the best ways to increase a credit score.
The prevalence of errors on credit reports has come into the public spotlight recently, largely thanks to the media. Although misinformation on credit reports is by no means a new phenomenon, few people know how to effectively fight it themselves. Incorrect information has damaging effects on one’s credit, but people do not need to be helpless victims of their credit reports. There is hope for those who have errors on their credit report and have low credit scores, which cannot be attributed to errors on their report.
Checking for Errors
Individuals should constantly be monitoring their credit reports, especially since changes can take time to implement. It is especially important, though, to check one’s report several months before applying for a new loan, purchasing a new home or car or applying for a job. Credit reports can influence everything from whether a person is approved for a loan to being hired at a new job.
Thankfully, actually checking one’s credit report is fairly simple. There are three major credit bureaus: Experian, Trans Union and Equifax. Each of these will issue one free report annually. Unfortunately these reports don't include the credit scores unless you pay, not to mention home lenders will not accept free annual credit reports for lending purposes. Thus, obtaining a free credit report is relatively easy just un-useful because you don’t get your actual credit scores, home lenders won’t accept the free credit report for lending purposes, and you might have errors on your credit report but you don’t have the option to tell the company that provided the free credit report so they can have corrected.
Correcting errors on a credit report is a much more frustrating task than simply checking for errors is. Often, correcting known errors requires communications with at least one, if not all three credit bureaus, as well as the credit grantor that supplied the misinformation to the bureaus. Phone calls, letters and sending documents can take weeks, months, or even years and many people do not have the copious amounts of free time to deal with these frustrating issues.
MFI Credit Solutions is a nationwide credit reporting agency with more than three decades of credit experience. MFI Credit Solutions helps borrower’s correct true errors on their credit report by communicating directly with all three credit bureaus directly, on behalf of their clients. Example: A home borrower is trying to get financing from mortgage lender. The mortgage lender orders the home borrower’s credit report from MFI Credit Solutions and gives a copy of the credit report to the home borrower. The home borrower reviews their credit report and discovers an error such as an incorrectly reported late payment etc. The borrower can provide proof of never being late to the mortgage lender, who will in turn give the proof to MFI Credit Solutions so they can have the error corrected with all three credit bureaus (Experian, Trans Union, and Equifax). The credit bureaus will update the borrower’s credit report in an average of thirty days or the credit scores can be updated in a week using rapid re-scoring.
Everyone can benefit from improving their credit score, which is determined by their credit report. After correcting any errors, identifying specific actions people should take to improve their credit is the next-most-beneficial thing to do. Everyone knows paying bills on time is important, but specifically stating actions and their direct impact is better than following general advice.
MFI Credit Solutions uses a combo of their extensive experience and a credit simulator (which is similar to a flight simulator for pilots) to determine the exact actions their clients must to take to increase their credit scores. This exclusive service is called Credit Mapping! It is 99 percent accurate and shows people how their credit score will be impacted by simulated credit scenarios.
Example: A home borrower wants to ensure they get the best loan possible so they have MFI Credit Solutions order their credit report with all three scores. Next MFI Credit Solutions can use their extensive experience and credit simulator to determine the exact actions the borrower needs to take in order to increase their credit scores. The credit simulator will show if the action is helpful or harmful to the borrower’s credit scores and by how many points their credit scores will increase or decrease. On average, Credit Mapping clients see their credit score improve by 35 points in the first month, 70 points after three to six months and 100 points after six to twelve months. MFI Credit Solutions can show consumers how to drastically improve their credit scores and help them correct false information on their credit report.
Click here to order a Credit Mapping, click here to visit their website, or call 877-MFI-DATA.
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