Take Responsibility for Keeping Records & Proof Documents

In our credit scoring system, consumers are guilty until they can prove themselves innocent. The story doesn’t matter, and getting an item updated or removed without proof can take months or even years. This is why keeping records, files, proof of payments and creditor agreements is extremely important to maintaining strong credit. It takes only one inaccurate item to drop scores by up to 100 points. If you stay organized with your paperwork, then you can eliminate months of wasted time and frustration in getting those items corrected. Here are some tips:

• Keep copies of past credit report. You should try to keep a copy of your credit report from the three credit bureaus on file (electronically or physically) for the past seven years. Consumers frequently find that a derogatory account is older than the current credit report shows. New collections are re-dated all the time—which will also re-date the debt. When this occurs, an older copy of the report may indicate 1) when the item was actually charged off, which would help verify the real date of last delinquency on the account, and 2) prove that the account has been re-dated. This is why retaining a copy of an older credit report is extremely useful in proving your case. It can verify the Statute of Limitations and confirm whether or not the 7-Year Reporting Period has actually expired.
• Create a file system for online bill payments. Online bill payments are very convenient. They also require a good deal of trust. When consumers make their bill payments online, there is no guarantee that the creditor will record the payment on time. For this reason, it’s important that you develop a system to keep track of online receipts. One way would be to take a screenshot of your payment confirmation pages and email it to yourself. Once you receive the email, you should create a folder in Outlook, or another email program, dedicated to that one creditor. The subject line of the email should be the Creditor Name and Month of Payment.
• Keep a spreadsheet of your open credit accounts. One of the most common responses I get from a prospective client who has late pays is that he or she “thought” the bill had been paid on time. Then, when asked to track the payment information, all of a sudden it becomes an overwhelming process to contact the bank, look for the cleared checks, and confirm the date the payment was made and what month it was for. Having your open credit account and creditor contact information in one place makes it much easier to be sure you are on top of your payments so that not even one late pay occurs due to oversight.

In Conclusion

The current credit crunch is hurting a lot of people. The government’s big bailout is welcome news for the financial world, but it will give little comfort to individuals. Especially hard hit are those with relatively low credit scores. It’s important that you understand the value of credit improvement, and the significant and positive impact it can have on your financial outlook. The Take Action Steps included in this special report can help you get started right now—for better and for good!

If you feel that your credit challenges are too much to handle on your own, call me and I will help you find a professional, trustworthy company that can help.

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