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CREDIT CAN BE INTIMIDATING.

Why does it exist? How much of it do I need? What's even on there?

We get it. Credit is confusing. Thankfully, PennCorp, LLC is not. We'll teach and guide you in everything you need to know.

WHAT EXACTLY IS CREDIT?

Your credit is compromised of two main parts:

YOUR CREDIT SCORE

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YOUR CREDIT REPORT

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WHAT IS A CREDIT SCORE?

WHAT IS A CREDIT REPORT?

HOW CAN I IMPROVE MY

CREDIT?

WHAT IS A CREDIT SCORE?

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Q: WHAT DOES THESE THREE NUMBER MEAN?

Your primary credit score, also know as myFICO, is a 3-digit number between 300-850 and is a reflection of your five credit factors. It's almost like a financial reputation of sorts, and lenders use it to determine what kind of loans of credit cards you qualify for.

Q: HOW IS THIS SCORE CREATED?

Sometimes it feels that way, but your credit score is actually generated from the information on your credit report. Five main credit factors are combined to form your score. Lenders and banks use this number to gauge how likely you are to repay them.

WHAT IS A CREDIT REPORT?

Q: WHAT'S ON MY CREDIT REPORT?

Your credit report contains things like your name and address, your loan information, credit limits, account names, credit history, credit inquiries, public record, collections, late payment information and of course, your credit score. It's basically your entire financial history.

Q: HOW DOES MY CREDIT REPORT AFFECT MY CREDIT SCORE?

Every item on your credit report is factored into your credit score. They're 100% connected. That's why with credit repair, we focus on making sure your reports are fair, accurate and substantiated, by challenging creditors and the bureaus to verify questionable items. For your benefit, we've compiled a list of credit resources to assist you on your credit journey. 

HOW CAN I IMPROVE MY CREDIT?

REMEMBER THESE FIVE FACTORS 

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  • Work to get questionable, negative payment history removed from your credit report (that’s what we do!)

  • Pay down your debt to reduce your utilization ratio

  • Be older (sorry can’t help you there). The longer you’ve had credit, the better

  • Work to get any inaccurate hard inquiries removed from your credit report!

  • Diversify your credit to have a mix of revolving, installment and other types of accounts

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