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Below are some answers to frequently asked questions about credit reports. You can also go to our services tabs for more information.

What is credit?

Credit is the privilege and the ability to tap into the financial means of another party that requires evidence you can repay the credit. With good credit ratings, you will receive credit and favorable interest. However, a poor rating may prevent you from getting credit at any price.

What is a credit report?

There are three credit report producing companies: Experian, Equifax and TransUnion. They prepare your FICO credit report which you can obtain for free once a year at www.annualcreditreport.com.

What does a FICO score mean?

The acronym stands for Fair, Isaac and Company, the first generators of credit reports. The company began in 1956.

What are the elements of a FICO credit report?

• Payment History (35% weight)
• Debt Ratio (30% weight)
• Credit History (15% weight)
• Type of Credit (10% weight)
• Number of Credit Inquiries (10% weight)

The weight indicates how much that factor contributes to your credit score.

What is considered a good credit score?

• Very good or excellent credit: 720-850
• Good credit: 680-719
• Average or fair credit: 620-679
• Poor credit: 500-619
• Bad credit: Below 500

The above information is according to Credit Land.

What is credit restoration?

Mistakes and other inaccurate information on your credit report aren’t your fault and, in a perfect world, wouldn’t affect you. Our world is not perfect, however, and while you may not be responsible for some or all of the items in question on your credit report, you are probably being held accountable for them.

Stop being blamed for things that aren’t your fault. Check your credit report and make note of any misleading, inaccurate or outdated information. Our team of professionals can help you dispute these items and ultimately get them removed from your credit report.

Why should I restore my credit?

Your credit report impacts your life. A good credit rating can simplify the process of purchasing the things that make life worth living, especially big-ticket items like homes, cars, and furniture often purchased with long term loans. A good credit score also helps secure revolving credit to use at stores. A poor score drastically reduces your chance of buying anything.

Adverse credit reporting can remain on your credit report for 7 to 10 years and have a significant impact on your score.

What are some things that can negatively impact my credit score?

• Bankruptcy
• Charge Offs
• Collections
• Debt Settlements
• Foreclosures
• Identity Theft
• Judgments
• Late Payments
• Liens
• Repossessions
• Short Sales

These situations can remain on your credit report for 7 to 10 years and drop your score dozens of points.

Please let me know the benefits of using Benchmark Credit Resources to restore my credit.

We are staffed with trained individuals in the credit field, including attorneys specializing in consumer and business debt relief. Our office is in full compliance with all credit reporting guidelines and regulations.

Is there a credit plan?

Yes, and it’s customized to your situation. It may include:

• Negotiating with collection agencies
• Disputing erroneous items on the report
• Educating our clients on the responsible use of credit
• Helping our clients establish or re-establish credit