Frequently asked questions about credit in the United States
We grouped the questions that come up most. Each answer stands on its own — feel free to copy and share it.
Credit and score basics
What is a credit score and where does it come from?
It is a number calculated from the information on your credit report. Several models exist, from different companies, and each can produce a different number from the same data. That is why the number in your card app is rarely the one a mortgage lender uses.
What is the difference between a report and a score?
The report is the history: accounts, balances, payments, inquiries. The score is an interpretation of that history as a number. Disputes act on the report; the score changes as a consequence.
How do I get my reports for free?
At AnnualCreditReport.com, the only site authorized by federal law. Be suspicious of any site asking for a credit card to "unlock" your free report.
Why is my score different at each bureau?
Because not every creditor reports to all three. An account may exist on two reports and not the third, or show a different balance. That difference is where many errors hide.
About disputes
What can be disputed?
Any inaccurate, incomplete or outdated information: an account that is not yours, a wrong balance, a wrong date, a wrong status, an improper duplicate, and an inquiry without permissible purpose.
How long does the bureau take to respond?
Generally 30 days, up to 45 in some situations, such as when you submit additional documentation mid-investigation.
Does disputing hurt my report?
No. A dispute is not a credit event and does not lower your score. It can create a temporary "in dispute" flag — which some lenders ask you to resolve before closing a mortgage.
What if the debt really is mine?
Then the path is not a dispute, it is negotiation and documentation. Pretending a real debt does not exist does not work and can sink your financing.
About buying a house
What score do I need to finance a home?
FHA from 580 with 3.5% down (500 to 579 with 10%); conventional usually from 620. Lenders may require more than the program minimum.
Can I buy with a collection on my report?
In many cases yes, especially with FHA, depending on the amount, the date and your overall profile. Some situations require payoff before closing.
How far ahead should I start working on credit?
3 to 12 months. Fixing an error can take one cycle; building history from zero has no shortcut.
Does a car payment hurt home approval?
A lot. It enters the debt-to-income calculation and lowers the home price you qualify for. If the house is the priority, avoid financing a vehicle first.
About the service and contract
How much does it cost?
Free diagnosis. The price is set after the review, in writing, and billed only after the work is performed, as the law requires. See how billing works.
Do you guarantee results?
No, and nobody can. We guarantee method, controlled deadlines and honest information about what is possible in your case.
What languages do you work in?
English, Spanish and Portuguese, including the contract and the reports you receive.
Do you serve clients outside Florida?
Yes. Credit reporting is federal and the work is done remotely. Our city pages exist because we know the Central Florida housing market in detail.
Start with a read of all three credit reports
Within one business day you get an honest read of your credit: what is an error, what is real debt, and what can change before you talk to a lender.
No charge to analyze. We work in English, Spanish and Portuguese.