Your credit score is determined by an algorithm developed by the Fair Issue Corporation (hence its other name of FICO score). Three corporations, called “credit bureaus”, specialize in collecting and reporting on financial histories. Those three companies are Equifax, Experian and TransUnion. While, the exact formula used to calculate your credit score is a tightly guarded industry secret, these companies provide general guidelines about financial behavior that can affect your credit score.

Thirty-five percent of your credit score is made up by your payment history. This includes late payments, collections, and even bankruptcies and tax liens. Each type of account will stay on your credit report a specified period of time and each type of derogatory will hurt your score differently. Shoreline Credit works to remove accounts that are not 100% accurate OR not 100% verifiable.

Your debt ratio is the amount of revolving credit (i.e. credit cards) you owe in relation to the amount of credit you have available. For instance, if your credit limit is $10,000 and your current balance is $2,000, your debt ratio would be 20%. While, ideally, you would have your debt ratio at 0%, we usually recommend you are at least at 30% or lower.

Your length of credit is how long you have had credit. At face value, this seems like something you couldn’t really do anything to fix. However, there are ways you can hurt yourself here. If you close out your older cards, even if they have higher interest rates, it will hurt your score. The credit scoring model has no memory of credit cards you close: if you close out that fifteen year old card you will get no credit for it!

Types of credit include revolving, installment and mortgage loans. By having different kinds of credit open, you show creditors that you are responsible and able to handle different kinds of responsibilities.

Inquiries are marked on your credit report when you ask for new credit (i.e. when you apply for a home loan). Inquiries made by yourself or for unsolicited offers do not count against your score, but are shown on your report. It is important to note than when searching for a home you are allowed unlimited inquiries over a 45 day period since it is assumed you are rate shopping.

The process takes anywhere from 6-12 months. It also depends on each clients personal credit history. No individual credit report is the same and it takes lots of TIME and PATIENCE to remove negative items from the credit report.

I have assisted many clients in the removal of bankruptcies, collections, charge offs, reposessions, medical bills, late payments, inaccurate personal information, students loans and inquiries.

Each state has a statute of limitations and Louisiana's is 3 years. A debt collector cannot collect on a debt that is more than 3 years old. The FCRA has strict guidelines against reporting items that have already been removed. So in short, yes. I encourgage my clients to settle debts after they have been deleted from the credit report. The prevents the information from being purchased by another debt collector and placed back on the credit file in the future. It also settles the debt completely.

As a client, please pay your Credit monitoring on time. If you are having difficulties, please contact me directly and I will work with you. You will need to be enrolled in a credit monitoring service (you can find a direct link on the financial products page) and actively send updates once a week. Every month you will need to update your proof of address document that you uploaded in your client portal.