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Credit reports are the hinge our finances rely on. Without good credit scores, you are bound to be held back from doing many things you want to do. Though your credit score has immense power in your life, it’s confusing and potentially inaccurate. With countless individual accounts being reported, credit report errors are far too common. Three credit bureaus collect credit data for millions of people, then assign an arbitrary number to every one of those individuals. Knowing what makes up that number, what has the biggest impact on it, and how to make improvements are all questions left unanswered. That is where Point Deduction Technology (PDT) comes in. Aimed to equip individuals with the information and tools they need to build their credit, feeling powerless against your credit score is now a thing of the past.
What PDT Does
Point Deduction Technology offers a myriad of benefits through its varying services. At its core, PDT uses a mathematic algorithm to analyze the information from your Transunion, Equifax, and Experian credit reports. The algorithm is identifying differences and similarities of every single account in your reports. What PDT does next is separate your positive accounts from your negative accounts, and then assign a point deduction for all of your accounts with explanations and recommendations. This process equips you with a credit report that helps you understand what factors influence you credit score most, if you have inaccuracies on your report, and how you can take the steps needed to improve your credit report (and by how many points). As an added benefit, PDT also highlights the best day of the month to borrow, pay, and charge your credit. PDT empowers you to take control of your credit score by proving invaluable information and tools.
Benefits to Companies
Whether you offer mortgage financing, auto financing, or anything else that involves money lending and borrowing, PDT can help your business grow and thrive. With PDT, you can equip your borrowers with detailed information about their credit report and recommendations on how to improve their credit scores. Instead of turning away a customer, likely to never see them again, due to their credit, you can be the catalyst that helps them build and resolve their credit – giving them motivation to come back to your company first when they are a qualified customer in the future. With PDT, you can build an entirely new pipeline of customers you previously had to turn down. Learn more about what you’ll be able to equip your consumers with in the following section.
Benefits to Individuals
Empower yourself with a deep knowledge of your credit report, insight into how to improve your scores, and tools that help you set and achieve your goals. With the right information, resources, tools, and support, you can accomplish any of your financial goals! Point deduction technology provides you with:
A point deduction number for each of your credit accounts so you know which of your credit lines are impacting your credit scores most. You deserve to know not only your credit score, but exactly how that number is made up, and PDT tells you exactly that.
Inaccuracies on your credit report that you were previously unaware of. Did you know 89% of credit reports contain errors? Don’t let your credit report be one of them – resolve any inaccuracies using recommendations from PDT.
A credit simulator that allows you to enter in a credit score goal you have, perhaps to apply for a mortgage or auto loan, then see action steps you can take with your own credit to reach your credit score goal – completely customized to you and your credit situation!
When to either apply to a loan, charge your credit, and pay down your debt to get the biggest impact. The day of the month you do each of those things actually has an impact on your credit, and PDT helps you navigate that nuance with ease.
With PDT, you not only get insight into what goes into your credit score, but you can create an action plan for yourself, prioritized by impact, to make improvements to your credit report. Using the tools PDT offers, you can also create a plan aimed specifically toward your personal credit score goals.
Let’s walk through an example situation: you want to purchase a home, so you are looking to get a sense of what is currently on your credit report before you apply for a mortgage loan. Using PDT, you learn that you have a store credit card balance (which you previously paid off) inaccurately on your report, student loan debt, a financed vehicle, and two credit cards that are carrying balances month over month. Your credit score is currently a 655, and you want to improve that to a 700 before you apply for a mortgage. Using the PDT Target Score Simulator and your PDT credit report, you are recommended to reach out to the debt holder of your store credit card to clear that, pay both of your credit card balances down to 20% of the limit, and nothing more to hit your goal.
Sometimes, when you better understand credit reporting, you can be pleasantly surprised to the upside! Not every debt has a big enough impact on your report to be worth the stress of putting yourself in a bind to pay it down. When you are equipped with the right knowledge, you can make the most of your finances and make astronomical progress toward your goals.
Conclusion
The world of feeling like you’re left in the dark regarding your credit score is over. You have tools available to you to get the context you (or your customers) deserve to have into your credit, fix errors that your report is likely to contain, and create a prioritized action plan based on your individual goals. You don’t have to be subject to the poor credit analysis of the past – join the side of credit reporting that gives consumers the power.