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How To Become Debt Free!
"The Debt Relief Secret"


How your credit score is determined is top-secret! No one knows how it's figured. Okay, there are about two people who know, but they're not telling. By having your credit history compiled into a number, you and those checking on you, can more easily understand how your credit history compares to others. Individual lenders and credit bureaus have their own formulas. With Equifax it is called a beacon score, with Trans Union it is called a empirica score and with Experian it is called a FICO® score.

While the exact formulas are secrets this much is known. Approximately 35% of your score is based on you bill paying habits. 30% is based on how much you owe vs. how much credit you have available. 15% of you score is based on how long you have managed your credit. 10% is based on the mix of credit you have. Having a mix of types of credit is seen as good. Only 10% is based upon your pursuit of new credit.

What’s a FICO® score, you ask? A FICO® score, developed by Fair, Isaac®, is the credit score used by creditors to determine your credit risk. If you want to improve your credit report it's important to understand how to improve your FICO® score. You can now find out your FICO® score and learn how to improve it. Know your FICO® score and get the interest rates you deserve

Understanding and Improving Your Credit Score
Here is a great article written by Andrea Villarreal from Better Scores Better Rates. It will help you understand your credit report and imporove your credit score. Read Credit Tips

Other Credit Report Issues
Under Reporting Your Good Information

Here's a little trick your credit card company may use to make you look less attractive to other companies. They will simply not report your credit limit. So what? Well the ratio of how much credit you are using to how much you have available is an important factor in determining your credit score. It's 30% of your entire score. So if your credit card company doesn't tell the credit bureaus what your credit limit is then when Fair Isaac calculates your score they will substitute your highest reported balance for your credit limit. This in many cases makes it look like you are closer to being maxed out than you really are.

This lowers your credit score. And that makes you less attractive to competing credit card companies. Of course it also means you'll pay more for a new home mortgage, your insurance rates may rise, and you may not get hired for that dream job. Other that that, it is probably no big deal.

Identity Theft
Because of identity theft (it's happened to me) you must be aware of what's on your credit report. You should get a copy of each report at least once a year.

Thieves have been known to open up accounts in their victims name and make small purchases and pay the bill. Why? So that they can build up the credit limit before they go for the kill. If you see any irregular activity on your credit report you must report it immediately. There's only one way to know if it's there - you've got to look.

Pre-Approved Credit Offers
Ever wonder where the credit card companies get the information about you that they use in those pre-approved credit offers? Hey, you guessed it; they get it from the credit reporting agencies. If you want to keep getting informed of various credit opportunities you need do nothing, they'll keep on coming. But if you'd like them to stop, pick up your phone and call the automated Opt-Out Request Line at 1-888-567-8688.

The Fair Credit Reporting Act
A little help, please! In 1970 Congress passed the Federal Fair Credit Reporting Act to protect the consumer from credit reporting abuse. It requires that your information be accurate, complete and verifiable and gives you the right to challenge and have removed information that is not accurate, complete or verifiable.

Here's the full text
and an online brochure

Make The Law Work For You
It's up to you to make sure your credit report is accurate. Not only can you challenge the information on your report but you can file a complaint against those reporting it if they don't obey the law.

Need to file a complaint? File it online here


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How To Become Debt Free!
"The Debt Relief Secret"

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Debt Calculator

See how long it will take for your debt to get paid off with one of these four options. We have listed a standard debt amount as a default on the debt calculator. You will need to enter your current personal or business debt amount below to see what your debt payoff amounts will reflect.

What's Best For You: Minimum Payments?

Debt Consolidation?

Credit Counseling? Debt Settlement?
Total Unsecured Debt $30,000.00 $30,000.00 $30,000.00 $30,000.00
Months To
Get Out Of Debt
430 60 60 36
Interest Rate 18.9 % 12 % 10-12% Ave None
Total Interest Paid $49,978.53 $10,040.01 $21,300.00 None
$900.00 $667.33 $855.00 $458.33
Total Cost
To Be Debt Free
$79,978.53 $40,040.01 $51,300.00 $16,500.00
Monthly Payments   Months To Get Out Of Debt   Total Cost To Be Debt Free
Minimum Payments Debt Consolidation Credit Counseling Debt Settlement
Enter Your Debt Information Here:
Your Total
Unsecured Debt:
Your Average
Interest Rate:
Months To
Be Debt Free:


PLEASE NOTE: This calculator gives you an estimate of how much it will cost you to get out of debt, how long it will take and how much your monthly payment may be with the different options to pay off your debt. Keep in mind "Minimum Payments" assumes you NEVER make any further purchases on your credit cards and the credit card companies NEVER raise the interest rate on your cards in the future from the rate calculated above. The "Debt Consolidation Loan" example is usually only possible when taking out an "equity line of credit" or "second mortgage", which involves securing your unsecured debt with your home. This is a very risky option for most people because the home could be foreclosed if you cannot make the payments.