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a l l a b o u t c r e d i t

source: myfico.com

1)   What is a 'Credit Score'?
2)   What are the key components of my credit score?
3)   Who uses my credit score?
4)   What are the drawbacks of credit scoring?
5)   How can I maintain a good credit score?
6)   What is a 'Credit Bureau'?
7)   What can I do to improve my credit scores?
8)   What can I do if a creditor is misreporting my credit information?
9)   Sign Up Now...

Did You Know?
"Since allowing third parties to assist consumers will likely lead to the expedited correction of credit reports, it will further the purposes of the [Fair Credit Reporting] Act."
- Judge J. Wexler

source: myfico.com

To request your credit report by telephone for FREE
(By law you can request these reports once a year for free):

Call toll free:
1–877–322–8228

1) What is a 'Credit Score'?

A credit score is calculated using a mathematical algorithm that takes into account certain aspects that affect your credit (see above graph for a breakdown of the components of a credit score). Based on previous data from billions of people over the years, these scores are a rather accurate way of calculating whether or not you're likely to pay your bills, credit card, loans, etc. That is why many financial institutions and companies use credit scores to evaluate you as a potential customer or client. The higher your credit score is, the better, and the more likely you'll get that next mortgage or loan for your car, or credit increase, and the lower your interest rates will be.

The scale of a credit scores goes from 300 to 850, but most people have scores between 600 and 800. Any score of 720 or above will get you a stellar interest rate.

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2) What are the key components of my credit score?

If you look at the above graph, it shows exactly what goes into making up your score. Here's a breakdown:

35% - Paying Your Bills: Paying your bills late is bad, on time is good. Having your bills sent to collections is really bad.

30% - Outstanding Debt and Available Credit: How much money you owe on credit cards, loans, mortgages, etc. and how much credit is available on your current credit cards or loan applications - the more of these factors, the worse it is for your score.

15% - Credit History: The longer you've had credit, the better, especially if you've built up a long lasting positive relationship with certain creditors.

10% - Credit Inquiries: An 'inquiry' is when you apply for credit - i.e. credit cards, loans, etc. Having alot of inquiries on your report is bad for your score because they indicate that you may be in some kind of financial trouble or may be taking on a lot of debt. The more recent these inquiries are, the worse for your credit score.

10% - Credit Diversity: In general, the more different types of credit you have, the better - for example, having a few credit cards, a car loan, a mortgage, and a bank loan is much better than having just 14 credit cards.

THE FOLLOWING ARE NOT COUNTED INTO YOUR CREDIT SCORE: age, race, job, length of employment at your job, income, education, marital status, whether you've been turned down for credit, length of time at your current address, whether you own or rent a home.

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3) Who uses my credit score?

Just about everything we do in life involves credit scores. Everything from renting an aparting, mortgaging a house, getting a cell phone, turning utilities on at your house, insurance companies, and even certain employers, all look up your credit score to determine your viability as a customer.

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4) What are the drawbacks to credit scoring?

The main problems with credit scores is that they often contain errors and incorrect information that can reduce your score and cause problems for you. That's why its important for you as a consumer to learn about credit scores and reports and take action if you feel there are errors. That's where Evolution Credit comes in - we'll help you check and clean up your credit report using our easy-to-use online manager that submits and tracks your credit report disputes. It is VITAL that you check your credit report at least once a year, and always 3-6 months before any major loan request (thus giving you time to clean up the report if there are errors found).

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5) How can I maintain a good credit score?

The first is the most obvious. Pay all your payments on time. The second is, don't apply for any new credit unnecessarily. Every time you sign and return a new credit card offering, or open that second account at a department store because you get a 15% discount, an inquiry will be generated and that will reduce your score. The third is that if you must maintain credit card balances, try to keep them at a level that is 35% - 40% of the maximum credit limit. In other words, if the credit limit is $1,000, try to keep your running balance below $400. Believe it or not, consolidating all your credit cards onto one can hurt you, if the balance is at the credit limit. The fourth is, if you get into a dispute with the phone company and it isn't a huge amount, pay it and move on. Having one or more collections, even if they are small amounts, can really hurt your score. (source: americanloansearch.com)

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6) What is a 'Credit Bureau'?

Please see our page about Credit Bureaus.

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7) What can I do to improve my credit scores?

It is essential that you PAY YOUR BILLS ON TIME.
Obtain your credit report and thoroughly review it, looking for any errors and inaccurate information. Once you've located the invalid information, you must files disputes with the creditor. Following this process diligently and correctly can result in major increases to your score. click here to find out more...
Your credit card balances should be reduced to 75% or less of your available credit (25% is ideal).
Only allow inquiries on your credit report if they are absolutely necessary. Remember, The more inquiries, the lower your score.
DO NOT open new credit card accounts for the sole purpose of increasing your available credit hoping it will increase your credit score.
Nowadays, since the ratio of your debt to your credit limit is becoming more of a credit score factor, it DOES NOT benefit you to close old accounts or consolidate several cards into one. In fact, doing so can even hurt your score because creditors look at the debt-to-credit limit ratio. So, DO NOT close old credit card accounts just because you don't plan on using them.
The average age of your accounts is also a key factor that creditors consider, so definitely keep those old accounts open and active.

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Disclosure Statement

Consumer Credit File Rights Under State and Federal Law

Terms and Conditions

1. Cancellation Terms
• General
o You may cancel this contract without penalty or obligation at any time before
midnight of the 3rd business day after the date on which you signed the contract.
See the attached notice of cancellation form for an explanation of this right.

2. Service Terms
• Service Defined
o Credit Dispute Services are defined as initial preparation and initial mailing of
APPLICANT(s) dispute letters to the Credit Reporting Agencies. We will continue
these disputes on the provided tri-merge credit report for up to one year at no
additional charge. Services are defined as completed upon date of delivery of
dispute letters to the U.S. Post Office or other mail carrier. All additional work is done
at no charge and is guaranteed for up to one year from start date.
o Credit Mediation Services are defined as initial preparation, contact with
creditors, or initial mailing of APPLICANT(s) mediation letters to the Credit
organizations listed on your credit report. We will only mediate the information one
time at which it is the APPLICANT(s) responsibility to pay the amounts agreed to
settle for in the time frame provided by the credit organizations contacted. Services
are defined as completed when all agreed upon items have reached a settled
amount with the credit organization.
• Estimated Time of Service Completion
o Services will be completed within 5 business days of the last cancellation day.
• Example:
o Contract Date is Monday.
o Last Cancellation Day is Thursday (3 business days after date of contract).
o Service will be completed Thursday of the following week (5 business days after last
cancellation date).
• General
o Applicant(s) agree to supply additional information upon request
o All Applicant(s) must provide the following identification
• Copy of current drivers license, passport or state issued ID
• Copy of Social Security Card
• Copy of Utilities Bill

3. Payment Terms
• Fees
o Credit Disputes
• 299.00 per individual
or
• 199.00 per individual for each co-applicant (398.00 total)
o Credit Mediation
• 299.00 per applicant
• Special fees can be arranged for special circumstances.
o Flexible Payment Plan
• You may pay overtime without interest for up to 60 days from the start contract date.
• After 60 days, In the event APPLICANT(s) fail to make payment in full when due pursuant to the terms of this agreement, interest shall accrue at the rate of 1.5% per 30 days on the unpaid balance and interest until paid in full.
• Accepted Forms of Payment
o Cash
o Cashiers Check
o Personal Check
o Certified Check
o Money Order
o Credit Card
• General
o Payment (in full or partial) must be received within 5 business days of
completion of services as defined in Terms and Conditions.
• Example:
o Contract Date is Monday
o Last Cancellation Day is Thursday (3 business days after date of contract).
o Service will be completed by Thursday of the following week (5 business
days after last cancellation date).
o Payment must be received by Thursday of the next week (5 business days
of completion of services).
o Failure to send payment will result in a Breach of Contract
o All non-cash forms of payment are to be made out to:
Evolution Credit, L.L.C.
o Please mail all payments to:
Evolution Credit, L.L.C.
2900 S. Brentwood Blvd
St. Louis, MO 63144

4. Guarantee Terms
• General – Credit Disputes
o Evolution Credit, L.L.C guarantees your average tri-merge middle score
will increase or a full refund will be given.
o This assumes no new or unknown or cancelled derogatory or positive
tradelines, collections or judgments are added to the APPLICANT(s)’s credit
report during, prior, or after time of contract.
o This assumes balances on current accounts on credit report are less than
or equal to balances at time of application and no new credit inquiries have
incurred since time of application.
o This assumes all credit lines and limits have not changed since time of
application
o Refunds are always subject to review by Evolution Credit, L.L.C.
o Refunds must be applied for by mail to:
Evolution Credit, L.L.C.
2900 S. Brentwood Blvd
St. Louis, MO 63144
• General – Credit Mediation
o Evolution Credit, L.L.C guarantees your bad debt defined as collections,
charge-offs, profit and loss, judgments will be settled in sum for less than the total
amount reporting on your credit report or a full refund will be given.
o This assumes no new or unknown or cancelled derogatory or positive tradelines,
collections or judgments are added to the APPLICANT(s)’s credit report during,
prior, or after time of contract.
o This assumes balances on current accounts on credit report are less than or
equal to balances at time of application and no new credit inquiries have
incurred since time of application.
o This assumes all credit lines and limits have not changed since time of
application
o Refunds are always subject to review by Evolution Credit, L.L.C.
o Refunds must be applied for by mail to:
Evolution Credit, L.L.C.
2900 S. Brentwood Blvd
St. Louis, MO 63144

5. Interest on Late Payment
o In the event APPLICANT(s) fail to make any payment when due pursuant to the terms of this agreement, interest shall accrue at the rate of 1.5% per month on the unpaid balance and interest until paid in full.

6. Fees On Late Payment
o In the event APPLICANT(s) fail to make any payment when due pursuant to the terms of this agreement, the APPLICANT(s) will be accessed a 30.00 late fee per month

7. Attorneys Fees
o In the event APPLICANT(s) fail to make payment or APPLICANT(s) fail to
otherwise perform any obligations to Evolution Credit, L.L.C. pursuant to
the terms of this agreement, APPLICANT(s) shall be responsible for all costs,
including court costs and reasonable attorneys' fees, incurred by Evolution
Credit, L.L.C., in enforcing its rights under this agreement.

8. Choice of Venue/Choice of Law
o This agreement has been entered into in the State of Missouri and shall
be construed and interpreted pursuant to the laws of the State of Missouri,
and the parties hereto agree that jurisdiction and venue for any dispute
arising

o under this agreement shall exist exclusively in the Circuit Court of St. Louis
County, Missouri.

9. Severability
o In the event any provision, or portion of any provision, in this agreement
is held to be invalid, illegal, unenforceable or in conflict with the law of any
jurisdiction, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

10. Merger Clause
o This agreement contains the complete and entire agreement between
the parties. The parties acknowledge that they are not relying on any
representations not expressly included herein.

11. Company Information
• Mailing Address
o Evolution Credit, L.L.C.
2900 S. Brentwood Blvd
St. Louis, MO 63144
• Contact Numbers
o (314) 961-8024 - office
o (866) 961-8024 - toll free
o (314) 961-8025 - fax
• Contact Information
o support@evolutioncredit.com
o www.evolutioncredit.com

12. Definitions
• Applicant(s)
o Person(s) applying for service
• Credit Reporting Agencies
o TU is abbreviated for Trans Union
o EFX is abbreviated for Equifax also known as CSC
o XPN is abbreviated for Experian
• Creditor and Credit Organizations
o The are the companies for which the applicants are requesting
mediation and/or disputes

You may cancel this contract without penalty or
obligation at any time before midnight of the
3rd business day after the date on which you
signed the contract. See the attached notice of
cancellation form for an explanation of this right.

You have a right to dispute inaccurate information in your credit report by contacting the credit bureau directly. However, neither you nor any ''credit repair'' company or credit repair organization has the right to have accurate, current, and verifiable information removed from your credit report. The credit bureau must remove accurate, negative information from your report only if it is over 7 years old. Bankruptcy information can be reported for 10 years.
You have a right to obtain a copy of your credit report from a credit bureau. You may be charged a reasonable fee. There is no fee, however, if you have been turned down for credit, employment, insurance, or a rental dwelling because of information in your credit report within the preceding 60 days. The credit bureau must provide someone to help you interpret the information in your credit file. You are entitled to receive a free copy of your credit report if you are unemployed and intend to apply for employment in the next 60 days, if you are a recipient of public welfare assistance, or if you have reason to believe that there is inaccurate information in your credit report due to fraud.
You have a right to sue a credit repair organization that violates the Credit Repair Organization Act. This law prohibits deceptive practices by credit repair organizations.
You have the right to cancel your contract with any credit repair organization for any reason within 3 business days from the date you signed it.
Credit bureaus are required to follow reasonable procedures to ensure that the information they report is accurate. However, mistakes may occur.
You may, on your own, notify a credit bureau in writing that you dispute the accuracy of information in your credit file. The credit bureau must

then reinvestigate and modify or remove inaccurate or incomplete information. The credit bureau may not charge any fee for this service. Any pertinent information and copies of all documents you have concerning an error should be given to the credit bureau. If the credit bureau's reinvestigation does not resolve the dispute to your satisfaction, you may send a brief statement to the credit bureau, to be kept in your file, explaining why you think the record is inaccurate. The credit bureau must include a summary of your statement about disputed information with any report it issues about you.

The Federal Trade Commission regulates credit bureaus and credit repair organizations.

For more information contact:
The Public Reference Branch
Federal Trade Commission
Washington, D.C. 20580

8) What can I do if a creditor is misreporting my credit information?

If the creditor is misreporting your information you could make some money off of the creditor. Take them to Small Claims Court. To do this call your county courthouse and ask about the proper procedure to follow to get a court date. It's very easy and you can do it all yourself. You'll be asked to fill out one or two simple forms stating your complaint. Be specific in your complaint and have proof of your claims. Within your complaint, always ask for the creditor to remove the item from your credit file.

After you receive a court date, take note of it in your calendar and make sure to appear at the proper time, place and date. Bring in any proof you have. Be sure to organize it before entering the court room. Also bring receipts for the expenses you incurred because of this complaint and incorrect information on your report. You can also claim embarrassment and emotional stress. If the creditor does not have proof that this is your account you will win and the account will be removed from your credit file. Alternatively, if the creditor is out of state or does not show in court, you win by their default.

Creditors may be simply far too busy to waste time on one person when they have thousands of other people to be concerned with. However, if the creditor is putting up a fight, you may want to contact an attorney in your area for a free consultation about what your rights are concerning your particular situation. Remember, a Credit Repair Company that is a law firm is not necessarily under obligation to represent you. This will likely be much extra.

source: americanloansearch.com

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