Credit Education

Credit plays an important role in your life — affecting the purchases you make and much more. For more than a decade, Experian has been America’s number one provider of credit information. In addition to credit reports, we offer guidelines to help you successfully manage your credit rating and protect against credit card fraud. The more insight you have about credit, the easier it is to strengthen your financial well-being.

The Equal Credit Opportunity Act forbids creditors from considering race, sex, marital status, national origin, and religion. Lenders and other institutions argue that credit-scoring systems provide a consistent, mathematical system to evaluate individuals. Institutions argue that a credit score is superior to the previous method of evaluation by a loan officer because the loan officer was given too much discretion, which gave rise to problems such as bias. Others argue that the disparate loan denial ratio has not changed since the implementation of the credit score, and the outright discrimination of the past was simply replaced with a more subtle form of discrimination that is built into the credit scoring calculations through the programmers’ judgment calls regarding which factors to consider, and the amount of weight assigned to these factors.

Some clients ask: “How are credit scores calculated?” The amount of money that you owe approximately accounts for 30 percent of your credit score. Ten percent of your score falls under a category is categorized as “new credit” This category reflects factors such as the number of new credit accounts on your credit report.

The more new accounts you have open, the more poorly this reflects on your score. These factors are just a few among many, and your credit score is determined by a complex formula that takes into account over 100 different factors
While different lenders may evaluate scores differently, generally, a score above 680 is considered to be prime. Individuals with scores between 680-575 are likely to receive subprime loans, and individuals with scores below 540 will generally be denied credit altogether.

X-quisite Financial Solutions improves client’s FICO scores within 30-45 days
Remove derogatory accounts appearing on all three major credit agencies; Experian Equifax, and Trans Union
Negotiate on behalf of the client for any outstanding debts
Update all personal history with the three credit agencies
Educate our clients on long-term management strategies