What Is Financial Literacy?

 

Financial literacy is the ability to understand and effectively apply various financial skills, including personal financial management, budgeting, and making investments. Financial literacy helps individuals and families become self-sufficient so that they can achieve financial stability and generational wealth.

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What is Credit?

 

The actual definition of “Credit” is: Confidence in a purchaser's ability and intention to pay, and entrusting the buyer with goods or services without immediate payment. 

 

Why is Credit Important? 

 

Your credit is your reputation, once you mess it up - it takes some time to restore it. Your credit impacts virtually every aspect of your life. Your credit score is also a direct reflection of what risk you are and how much you’ll pay in interest. If you want a home or a car, credit is the first thing the bank will ask about. 

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What Is Credit Repair?

 

Credit repair is the process of addressing an individual’s poor credit report(s) that may be in poor standing for a variety of different reasons. Repairing an individual’s credit standing may be as simple as disputing information with the credit agencies. Identity theft, and the damage incurred on some accounts may require extensive credit repair work.

 

How Long Does Credit Repair Take?

 

Credit repair for the average individual normally ranges from three to six months to resolve disputes. Recent studies show that 79% of credit reports contain some sort of error. 

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Are The Credit Bureaus A Branch Of The Government?            

 

No, all three credit bureaus companies are private, FOR PROFIT businesses. They operate for the purpose of making money. No one is required by law to report to the three bureaus, they are only required to report accurate and fair information if they choose to report.

 

 

Can My Credit Be Repaired Legally? 

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Yes, the Federal Government passed the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACTA). These laws give citizens the ability to contact the three credit bureaus in regard to any questions they may have about the items on their credit report. By enforcing their legal rights many citizens have been able to restore their credit and live a life of financial freedom.