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More Information About Our Services
Credit Correction Program
OmniVista works with you to identify and remove any inaccurate, erroneous, or obsolete information from your credit reports. OmniVista provides a one-of-a-kind service. Personal Guidance and Direction. We work with you throughout the entire credit correction process.
Credibility
OmniVista offers you the utmost in professional and personal credibility. No Fancy Gimmicks! There's no secret to what we do. We help you exercise your legal rights. What we offer is a one-of-a-kind approach to customer service and follow-up that turns an otherwise time-consuming and cumbersome task into a workable solution.
No Empty Promises! If we can't do it, we won't tell you we can. We're up front about what we can and cannot do. And if we fail to improve your credit rating, we offer a real money-back guarantee. Call today 817-861-5100 for FREE consultation!
| Your Credit Score |
| It's all in the numbers. A good credit score can open doors to better loans and insurance rates. As a result, consumers are becoming more aware of credit scoring and its effect on their financial lives.
Although credit scoring has been around since the 1940's, scores became widely available in the early 1980's. Credit bureau scoring is a scientific way of assessing how likely a borrower is to pay back a loan. The formula compares factors associated with accounts that have been paid on time against those that have not been paid on time, to see what factors each type of consumer has in common. The number that comes out of this analysis is used in different ways to predict risk to the lender or company requesting the score. It is not a measure of a borrower's income, assets or bank account, although those and other factors are still considered by lenders. |
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| Types of Scores |
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There are different types of scores, many are developed by the Fair Isaac Company, Inc. These are commonly referred to as FICO scores. Your credit score can be different depending on the formula used by the lender or credit bureau that calculates it, and it can change over time. Even a FICO-based score will be different depending on why or how it was prepared. The generic scoring models are basically the same for each credit bureau, although you may have heard them called a different name. Equifax calls their model a BEACON score. Transunion calls theirs an EMPIRICA score. Experian simply uses the name Experian/Fair Isaac Model.
Your credit score is not permanent and it changes from day to day, from industry to industry, and differs from one credit bureau (or lender) to another. In addition, credit scoring systems evaluate all of the information on your credit report, whether the information is accurate or not. If there are errors on your credit reports you could wind up paying a higher interest rate for a loan or a credit card than what should be available to you because of these errors.
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| It's The Past 18 Months That Really Count! |
Lenders are not looking at the past seven years when determining your credit worthiness; they are really looking at the last 18 months. This could be good or bad news; if most of your mistakes are beyond 2 years old it could be easy to qualify for credit. But if your credit mistakes are within the past 18 months getting credit will cost you - in high interest rates. It is important for you to know that the past 18 months are what count the most. Even people with bankruptcies more than 18 months ago can apply for credit and often get it.
Improving Your Score!
Assuming you have already established credit and are working on improving your score be very careful not to open a lot of new accounts too soon. Opening new accounts and responsibly paying them off on time will increase your score. The longer you pay your bills on the time the better your score. The biggest factor affecting your score is payment history. 35% of your score is affected by the way you pay your bills. Your score is negatively affected if you have paid bills late, had an account sent to collection or declared bankruptcy. The more recent the problem - the lower your score. A 30 day late payment today hurts more than a bankruptcy five years ago. |
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