Credit-Ology

At Kredit Koncepts, we believe knowledge is power. Fixing your credit or understanding your credit is by no means an easy or instantaneous venture. By empowering our consumers with credit education, we help to avert a repeat of their financial crisis. From Frequently Asked Questions, to fun facts and trivia, our free practical, proven tips offers independence from the credit/debt cycle and a better understanding of improving one's score.

Q. What is a credit score?

A. A credit score is a three-digit number lenders and creditors use to determine a consumer's credit worthiness. A higher credit score could qualify an applicant for lower interest rates and better terms on a loan or credit card, which could translate into a savings of hundreds or thousands of dollars over the life of a loan or the duration of a credit card account. Credit scores are calculated based on the data in your credit reports.

Q. Can my employer get my report?

A. Only if you provided authorization. A Credit Reporting Agency may not supply information about you to your employer, or to a prospective employer, without your consent.

Q. What should I know about "investigative consumer reports"?

A. "Investigative consumer reports" are detailed reports that involve interviews with your neighbors or acquaintances about your lifestyle, character, and reputation. They may be used in connection with insurance and employment applications. You'll be notified in writing when a company orders such a report. The notice will explain your right to request certain information about the report from the company you applied to. If your application is rejected, you may get additional information from the CRA. However, the CRA does not have to reveal the sources of the information.

Q. How long can a CRA report derogatory information?

A. Seven years

Q. Can anyone get a copy of my credit report?

A. No. Only people with a legitimate business need as recognized by the FCRA. For example, a company is allowed to get your report if you apply for credit, insurance, employment, or to rent an apartment.

Q. Once negative items are investigated and removed, do they come back?

A. No. Once negative information is investigated and found unverifiable, outdated, misleading or inaccurate, it may not reappear on your credit report. (Fair Credit Reporting Act).

Q. Why does the CRA show different scores for the same accounts?

A. Every credit reporting agency (CRA) reports differently. The end result of this process will be to clear all credit reports of any accounts you placed in the program and remove derogatory remarks on remaining accounts.