Frequently Asked Questions about Miracle Credit Repair

How do I know whether my credit is in need of repair?

You cannot know for certain whether your credit is in need of repair until you peruse your credit reports. If your credit score is lower than you had anticipated, or you notice discrepancies in your report, you will want to look into credit repair. Our great credit repair partners can help you through the process.

What is a credit score?

A credit score is (in the United States) a number between 300 and 850 assigned to your credit status-the higher the number, the better the score. There are three major credit reporting agencies-Equifax, Experian, and TransUnion-and they use their preferred scoring models (FICO, for example) for your credit score. Lenders have their own guidelines and plug your credit score (or credit rating) into their particular formula or set of rules to generate your borrowing eligibility.

Does my credit score really affect my ability to secure new credit and new loans?

Each lender and creditor has his or her own requirements for lending. While your score may not be acceptable to one, it could be to several others. If you find that many lenders or creditors are denying your applications for loans and lines of credit, this could indicate your score is too low. Request copies of your credit reports and see whether you are in need of credit repair. You cannot raise your score overnight, but you should not wait to begin the process.

What happens if I do not repair my damaged credit?

Ignoring your damaged credit could result in more declined applications for employment, insurance, credit, loans, and more. The damage may not even be your fault. And if you decide to apply for a loan, mortgage, etc., and have not addressed your credit problem, you may not have the option of a quick and simple resolution.

What in my credit history and credit report can be repaired?

The simplest reparations are the credit report errors that can be disputed and corrected. Whether your personal information or your actual credit history information has been corrupted in some manner, you can and should locate and address them as soon as possible. Accuracies cannot be altered, regardless of their negative nature, but by being advised on how to prevent muddling what has already been muddled, repaying your debts, and building better credit, you can begin the reparation process. Smart choices, good budgeting, and time are your advocates.

Can I repair my credit on my own?

The quick answer is yes, you can. The long answer is yes, but it's a decision you will have to make taking into account your current debts, amount and complexity of credit damage, available free time, and understanding of both your credit reports and the credit system as a whole. Miracle Credit Repair does not wave a magic wand or spirit away your credit problems with a couple of key Latin phrases, but it does provide you with some useful information and connects you with companies who can offer the help you need for your own credit repair journey. Your credit is not a lost cause.

I have paid off all my debts, but my credit still is not good. Why is this?

Aside from the fact that there may be mistakes in your credit history-with the amount of information out there, no agency can be perfect-credit reporting agencies do not look at debt alone, and credit bureaus collect your complete credit history, not just your history of debt. They take into account your income, your credit line, and your purchase history-frequent use, when combined with frequent and timely payments, is better than infrequent use even when paired with timely payments-among other things. Even if that were not the case, and these entities looked at your debt alone, a troubled payment history still leaves its mark after the debt has been paid. Lenders like established patterns of responsibility, and because a shaky payment history indicates irresponsibility, they view you as a higher risk. It is wonderful that you are now debt free or somewhere close to it, but your past cannot be erased, and it does come into play when your credit score is calculated.