Archive for the ‘Valley Credit Repair’ Category

Have you checked your credit report(s) within the past 12 months?

Did you know that we all have the opportunity to check our credit reports for free once a year?  And are you doing that? Well if you are not, you should be.  Thank you to Kim Carpentier from Valley Credit Repair and Credit Coaching for sending the link to this 60 minutes exposure of the credit reporting industry.  According to Kim, “It’s a crazy industry and 60 Minutes has exposed the Credit Bureaus for what they are, “Mistake Ridden”.  This industry has gathered information on you and sells this information without your consent or knowledge, whether it’s correct or not.

Please take 15 minutes and watch this 60 Minutes expose on the industry.”

Thank you to Kim for reminding us how important it is to check our credit.  We don’t want to be doing this in the middle of trying to obtain a mortgage.   Joan Parcewski, Woods Real Estate   O 978-262-9665    C 978-376-3978

For more information on Valley Credit Repair – contact Kim directly

Kim Carpentier

General Manager
Lawrence, MA 01841

Your FICO Score and Lenders

We all hear how important it is to not only check on your credit report at the three major credit bureaus (Equifax, Experian, and Transunion)  but also that we should know our FICO scores.  It is an intricate process involving a mathematical equation and comparisons to patterns in hundreds of thousands of past credit reports.  This allows them to arrive at this score that estimates your level of future credit risk, ranging from 300 to 850.  I think you can guess that you don’t want to be at 300, would like to be at 850, but many/most fall somewhere in the 600 to 700 range.  The higher the score the better the interest rate you receive.  Make sense as the risk becomes less as your score increases.

I subscribe to a newsletter from Valley Credit Repair in Lawrence MA (Kim Carpentier  He recently sent out information on what makes up that FICO score and it is really very interesting to see the %s that apply –

35% of your Credit Score —  Payment History.  This includes missed payments, collections, bankruptcies etc.  The older the information the less of an impact.

30% of your Credit Score — Utilization.  This is the amount of credit you have in used compared to your available credit.  It is suggested that 10% of your available credit be utilized.

15% of your Credit Score  — Credit History.  How long you’ve had accounts open.

10% of your Credit Score — Inquiries.  If you apply for credit and then don’t get it, it will impact you negatively. 

10% of your Credit Score  — Types of Credit. That would include mortgages, auto loans, revolving credit and installments.

For those who may ask the question, what about my income.  Your income has nothing to do with your credit score. 

So as you can see it is important to review all three of your credit reports at least once a year (free service at since what appears there is what affects your FICO score.  And the official website for obtaining your FICO score is

Being armed with information and making any changes needed to improve your score can mean the difference of nearly 1.5% points in interest between a score of 620 and a score of 700 or more.  In a mortgage for instance that is many thousands of dollars over the length of the mortgage. 

Subscribe to Kim’s newsletter by emailing him at  Be sure to get your credit reports from the three credit companies, and check your FICO score.  You may be paying a higher interest rate than you need to.  Your credit score can be improved.

Spring market is right around the corner.  Be prepared. 

And if you have a home to sell, contact me for your free market evaluation.  Let’s work together to get the most for your home so we can find you your next dream home!

Joan Parcewski, Realtor and Notary       O 978-262-9665         C 978-376-3978

Woods Real Estate    655 Boston Rd Unit 6A   Billerica MA 01821



Authorized User Facts – guest blogger Kim Carpentier from Valley Credit Repair

Kim came to our office and shared this along with other interesting information about credit.  There is so much we all don’t know and need to know as consumers……Joan Parcewski, Realtor, Woods Real Estate

Authorized User Facts!

An “authorized user”, (AU) in the credit world, was originally established, back in the day when there was 1 income families. It ensured that housewives were able to attain credit cards as an authorized user on there husband’s account.  After all, the credit cards companies quickly understood that they wanted the “keeper of the finances” to definitely have access to credit even though they could not meet the income requirements.  The AU account was the perfect answer.

An AU is authorized to make charges on the account but not legally responsible to pay back the debt.

On the credit reporting side, the AU’s credit report includes all such cards. So if the payment history and debt ratio of the sponsoring person’s card is good, the AU’s credit scores benefit.  And the opposite is also true.

These accounts, over time, have expanded their reach to more than just married couples. They include children, and other family members and really depends on the comfort level of the sponsor as to who they trust to use the card responsibly.

Yet there is a loop hole. You see, the AU does not need to have possession of the card for the positive credit history to show up on their report. Therefore, I usually suggest to parents, if they have good credit cards, they can help their children establish credit simply by ordering an AU card for them. Once the parent receives the card simply:

  • call the 800# and authorize the card
  • then go out and buy a tank of gas with it
  • then take it home and destroy it (or keep it tucked away someplace)

The parent’s good credit history on that account will then be reflected on their child’s credit report and assist them to establish a good credit history.

I’m sure some of you are seeing how this can also be used in a somewhat dishonest manner for strangers to help others establish a good credit card on their reports and assist them in increasing their credit scores. As a matter of fact, there is a “cottage industry”, that has established itself, where individuals, with a credit card with longevity and good history, are charging upwards of $1,000 to include complete strangers as AU’s on these accounts to deceptively help them build their credit scores.

As a way to combat this misuse of an “authorized users” account, FICO has developed a new scoring system that has the ability to decipher these deceptive accounts. The credit industry is also more closely scrutinizing all authorized user accounts to ensure proper use.

As most good credit programs, there will be those who try and deviously take advantage of the system. My only hope is that the credit industry can respond properly and not throw the good apples out with the bad.


As Always…….I’m Here to Help!

Have a great week!   Kim

Your “Best Interest” is Our Goal!

Kim Carpentier     Valley Credit Repair & Credit Counseling     978-886-7803


Ever Wonder About Your Credit

With so many people searching for a home, a car or some other purchase large or small, it is small wonder that we are all concerned with our credit.  Typically the questions are – what is my credit score?  How did that creditor get on my credit?  It belongs to my father, or brother or…..  I paid that off a long time ago.  Why is it showing that I have a balance.

The questions are endless.  And most important –  your credit and credit score affect if you get a mortgage, a car, etc.  It can also affect the rate you are given – if you are considered a higher risk.

For some great education about different aspects of credit – use the following link

And if you find  you need help – Kim Carpentier from Valley Credit Repair is an excellent resource.


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