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Your path to better credit starts here

Your path to better
credit starts here


EXPERT CREDIT REPAIR
& DEBT SETTLEMENT
Call Us 95350 61366

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Get Personalized Credit Help From

The Industry Leaders In Credit Repair & Debt Settlement

Credit Score Consultation

Do You Have Items Like These?

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If your credit report contains any of the above negative impressions then you are likely experiencing denials , higher interest rates.Credit reports errors are common, but you can do something to correct them.

Credit Restoration

Don't Know Where To Start?

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Cleaning up your past begins with us leveraging your consumer rights to engage the credit bureaus and creditors to remove the inaccurate items from your credit report.

Debt Settlement

Struggling With Your Ongoing Loans?

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Our Experts Analyze Your Liabilities During our initial conversation, we determine your total liabilities and address each one individually.Our company affords our clients a National Legal Plan which negotiates with your creditors.

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100% No Results, No Charge Guarantee

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Proven Permanent Results

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Registered & Bonded

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Strict Security

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Expert Credit Education Included

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3+ Years in Business

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100% Results, No Charge Guarantee

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Proven Permanent Results

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Registered & Bonded

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Strict Security

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Expert Credit Education Included

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3+ Years in Business

HEAR OUR STORY

At Millennium Credit Solutions, we believe that life is easier with excellent credit. We have a dedicated staff able to assist with your future financial needs. We can provide advice, and information on how best to manage your current credit to maximize the impact to your qualifying ability.

OUR PROCESS

These are the steps that will help guide you through the process of credit restoration.

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Key Factors That Determine Cibil Score Calculation

While each credit information company has its own proprietary algorithm to calculate an individual's credit score, the most important elements of the score composition are centric around the loan payment behaviour of the individual. Your CIBIL Score is calculated based on the information in the 'Accounts' and 'Enquiry' section of your CIBIL Report. CIBIL scores are calculated based on various factors such as your payment history of loans and credit cards, number and type of loan and credit card accounts, length of your credit history, outstanding debt and many other factors. Some are the Key Factors:

  • Credit History (30%)
  • Utilization of Credit (25%)
  • Duration, Type And Defaults (25%)
  • Credit Enquiry (20%)

Past Credit Performance (30%) The most important factor in determining one's CIBIL score is an individual's past credit performance is accounting for 30% weightage. The record of credit borrowed by an individual and the history of behaviour in repayment of credit is what is considered in this section. If one has made payments on time and in full balance, they would score well in this section.

Credit Utilization (25%) Utilization of Credit accounts for 25% weightage in CIBIL score calculation. Credit utilization is the amount of credit borrowed as a percentage of total credit limit. For example, if one has a credit limit of Rs. 1,00,000 and they have Rs. 60,000 of limit in usage, their credit utilization will be at 60%. A lower credit utilization score has a lesser perceived risk is from a bank's perspective. If an individual does increase their credit utilization periodically, then their credit score is negatively impacted. It's favourable for an individual to have a decreasing credit utilization.

Credit Duration, Types And Defaults (25%)The type and duration of credit account for 25% weightage in CIBIL score calculation. Credit Duration is the time period from the approval of one's first credit disbursement to date. A longer credit history is looked at more favourably by CIBIL because it gives them more data for analysis of risk. The type of loan (secured or unsecured) availed also contributes towards a higher score. Secured loans (car loans and home loans) are secured by way of collateral. Unsecured loans (credit cards and personal loans) are not backed by way of collateral. Unsecured loans negatively impact a score when compared to secured loans even if the payments for both the loans are made on time. Defaulting on any loan payment (principal or interest) will negatively impact an individual's credit score. Accounts in collection, bankruptcies, liens and foreclosures take 7-10 years to rectify in one's CIBIL score.

Credit Enquiry (20%) The number of times an individual has made a credit enquiry accounts for 20% weightage in CIBIL score calculation. A credit report contains an enquiry section that displays the number of times a credit enquiry was made in each time period. More credit enquiries/applications in short time spans may make the individual be deemed as being credit hungry. Similarly, multiple credit rejections will increase perceived risk. Hence, it is not advisable to apply for several credit lines during a short time span.

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How to Improve Cibil Score

Payment history - A history of making late payments can be viewed as a huge risk to creditors or lenders. This factor as the greatest effect on an individual's credit score.

Amount of debt - If you currently have maxed out all your credit cards, lenders worry that you will be unable to take on more credit and may decline on extending further credit unless the payments for the initial amounts are made.

New to credit - Lenders usually look into credit history before lending and hence if you are new to credit and borrowing, there is not a lot of information for them to make a quick decision. You may need some time to build up your credit score.

Mix of accounts - A blend of various loans reveals to lenders that you are able to handle different types of credits such as credit cards and personal loans, for instance. However, if the only credit you hold is in the form of a credit card, you might be keeping your cibil score from improving.

History of credit applications - If you have applied for a number of credit cards in a short span of time, lenders are apprehensive on the sudden surge of applications and may fear that you are overstraining financially.

Avoiding Late Payments :

Unfortunately, closing an account is not likely to make your late payments go away. To get yourself back on the right track, your best bet is to set up payment due date alerts with all your loans and credit accounts and pay them before the due date arrives. Your repayment behaviour is a critical factor in calculating the score. More than one third of your score is basically a track record of all your loan and credit card payments. Once you start paying all your monthly dues on time and in full, you are likely to see an immediate improvement on your credit score. Ensure that your payments are made at least five working days before the due date.

Avoid Reaching The Maximum Credit Limit Utilization:

That simply means that the amount of debt you Utilize compared to the credit limit you have.

For example : You Utilize 90,000/- on your Credit card which has a Credit limit of 1 Lakh. So, that's means you have Utilize 90% of Credit card limit.

The reason why the Over- Utilization of Credit limit is considered to be negative because its shows that you are always hungry for the Credit. If your Credit Usage is always more than 90%-100% it shows that you always need credit. The maximum usage of Credit Limit will also affect your CIBIL credit Score.

Keep your Old Accounts Open : If you are working on improving your Cibil scores before you apply for a loan, you might be tempted to cut up your old or unused credit cards and close the accounts. Do not take this step! Not only I even almost all the expert will advise you to neither open nor close any accounts six months before applying for a loan.

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3 Steps Journey Of Credit Repair By Millennium Credit Solutions

Repair : YOUR PAST

Cleaning up your past begins with us leveraging your consumer rights to engage the credit bureaus and creditors to remove the inaccurate items from your credit report.

Rebuild : YOUR PRESENT

We then educate our customers on everything from the basics of managing their credit properly to maximizing what resources remain. At this point in the journey, we polish your credit report to a pristine slate and tighten every nut and bolt along to the way. A custom restoration plan will help you prioritize payments and keep your account positive

status. Avoiding newly negative account information will help you make the most of your journey.

Restore : YOUR FUTURE

Our Credit Navigators will give you the direction to rebuild positive credit and provide invaluable knowledge on how to make prudent buying decisions in the future. Whether you are looking for a home loan, an auto loan, or just want a fresh start, through credit education and guidance we will help you reach your destination. We understand each situation is unique, so we will find out what you are trying to accomplish and then help you get there. Guaranteed.

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DEBT Restructing And Settlement

We at Millennium Credit Solutions provide basic credit counseling session, which is offered online, via phone, or in person. We will review your total financial situation and discuss your credit report, income and expenses, and debt score with you. We will take inventory of your outstanding debts and creditors, and we explain how a DMP may work for your specific situation, including how your interest rates and monthly payments may change on the program.