Can I Improve My Score?

Can I Improve My Score?

Yes, there are specific and strategic steps you can take right now to start repairing your credit problems.

1. Start with the basics. Order all three of your credit reports and all three of your credit scores. You are entitled under the law to a free copy of your credit report-from all three credit bureaus-each year when you order it from Annual Credit Report Request Service. To order, visit www.annualcreditreport.com, call toll-free 877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P. O. Box 105281, Atlanta, GA 30348-5281. You will have to pay an additional fee for the credit score from each bureau. Scan your report for any errors. Is there an account on there that you didn’t apply for? Is there a company reporting a debt that is inaccurate? Are all of your credit card limits reporting? Are your balances up-to-date? Are your name, birth date and Social Security Number correct? If there are any errors on your report, no matter how small, they can lead to big problems and inhibit you from obtaining credit and even keep you from getting the interest rate you deserve on your mortgage or refinance.
2. Start improving what you can immediately. Late payments and delinquent accounts will affect your score negatively, so take care of them-the sooner, the better. If you have a good relationship with your creditor, call them to see if they’ll work with you on removing a late payment. They do it all the time. If you have past due accounts, call your creditors to see if you can negotiate a better interest rate, lower payments or make other arrangements to pay off your debt sooner. Also, don’t carry high balances on your credit cards. If you carry more than 30% of your limit every month, this reflects negatively in your score. Don’t charge what you can’t pay off within 90 days, and don’t max out your cards.
   • Rule 1: Make sure that you only send the letter to the bureau(s) that is reporting the derogatory information. Not all creditors report to all bureaus. If you send a dispute letter to one of the three bureaus that is NOT reporting the information, you take the risk of having the derogatory information added to that bureau, and your score will go down.
   • Rule 2: Make sure that you send everything certified so that you can prove delivery.
   • Rule 3: Include copies of any supporting documentation you may have to support your claim.
   • Rule 4: Keeping a log of activities is very important for successful credit repair. Click Here for an example of a log you can use.
   • Rule 5: Mail disputes to bureaus at their different addresses. Each bureau has several addresses. If your first dispute comes back without change, send it to another address for that bureau. Click Here to print a list of credit bureau addresses.
3. Disputing errors on your report. Errors can appear on your credit report. These can be human error in reporting information from a creditor or one of the credit bureaus. They could even be unauthorized accounts set up in your name by an identity thief. Before you apply for a loan, you should verify the information in your credit report. If you find errors, you should correct them immediately. Here are the rules in sending dispute letters to the credit bureaus:
4. If the credit challenges are too much. If you feel that the credit challenges you are facing are too much, or if you don’t have the time or stamina to do the homework necessary to get the ball rolling, then it’s time to consider using a professional service to help you reach your goals. If you decide this is the path you would like to take, give me a call and I will set up a free credit consultation for you with a company that has orchestrated higher credit scores and better financial opportunities and futures for of individuals from all walks of life.

In Conclusion

Your credit score is so important to your current financial well-being and the stability of your financial future. In fact, your credit score is really the key that can either open doors for you or lock them shut for several years. I am very committed to my effort to help you learn more about both the importance of the score as well as repairing, improving and maintaining strong credit reports and scores for life.
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