5 Tips To Help Improve Credit

Credit scores are the equivalent of the financial report card and most people with bad credit need solutions to help improve credit. There is no way to avoid obtaining credit history scores mainly because the Big 3 buyer reporting agencies – Equifax, Trans Union, and Experian – keep tabs on your credit ratings case daily.  These agencies will not help improve credit, instead consider these 5 tips:

1) Bankruptcy

In short, a bankruptcy is a legal proceeding that will forgive you of your expenses. It may or may not allow to you to pay off just a small fraction of your debt. The biggest downside is that it will nearly ruin your credit history. However, it will additionally allow you to help improve credit. Keep in mind a bankruptcy will show up on your credit score report for several years.

2) Late Fees And Charges

Whether you have missed some payments or made some late payments, as these add up the creditor will charge you a fee for non-payment and report your late payment to the reporting agencies. This not only adds insult to injury, late payments have fees and you are reported. However, once you noticed you made a late payment contact the company you owe immediately for quick resolution. Often times they want to keep you as a customer and may be willing to help improve credit by removing late payments if you have a history of paying on time.

3) Consolidate Your Loans

Consolidating your loans means that you take out one large loan and repay all your small loans. To repay all your creditors the one large loan maybe in the form of a mortgage, home equity loan, home equity line, credit card, secured loan or unsecured loan Consolidating your loans will help improve credit since  you only have to worry about one payment instead of many others.

4) Get Overdraft Protection to Help Improve Credit

With overdraft protection,  you don’t have to worry about late payments. Always, always, always get overdraft protection on your checking accounts. The fees are minimal and if you never have to worry about bouncing a check.

5) Set Goals

How does setting goals help your credit improvement? Easy, without goals you don’t know what you want to achieve Credit repair takes time and effort. You will need to set goals whether it’s to remove late payments from your credit report, have a better credit score, or finally pay off your credit cards.

By following these five ways on a regular basis it help improve credit immediately!

Credit Repair: Request to Remove Outdated Information Credit Repair Letter

The purpose of this request to remove outdated information letter is used for disputing outdated information on your credit report. The Statute Of Limitations varies from state to state. This credit repair letter should be sent certified mail return receipt. If you would like to find out the length of time items can remain on your credit report, go to www.FTC.gov

Simply copy this request to remove outdated information letter and replace the information in brackets [ ] with your information.

To Whom It May Concern,

Please note that under Sections 605 and 607 of the Federal Fair Credit Reporting Act you are obligated within 30 days to delete obsolete information from my consumer credit file. The information being reported on my credit report is more than seven years old and exceeds the statutory time period under this Act, and must be removed: The information to be deleted is as follows:

Creditor Name: [Creditor Name]
Creditor Account #: [Creditor Account]
Comments: [Enter comments about the Creditor]

Also, pursuant to Section 168 of the same Act, I am entitled to be notified when these items have been deleted. Please send an updated copy of my credit report to the address below, as well as to any other party that has inquired about my credit rating in the last six months.

My personal information is as follows:

[Name]

Social Security Number: [Social Security Number]

Date of Birth: [Date of Birth]

[Current Address]

[City, State Zip]

Sincerely,

[Signature]

[Date]

At improveyourscore.org we have more credit repair letters.

Request for Free Copy of Credit Report

This letter is to obtain a free credit report based on credit denial. If you have been denied credit based on the information in your credit file within the last 60 days; you are entitled to a free copy of your credit report from that credit bureau. Substitute information in brackets [] with your information.

To Whom It May Concern,

I would like to request that you send me a copy of my credit report immediately. I’ve been denied credit within the last sixty days due to a credit report issued by your company.

The Fair Credit Reporting Act of 1970, 15 USC section 1681g prescribes that the credit bureau should send me a copy of the information which led to the rejection of my credit application. According to the provision of 15 USC section 1681j, there should be no charge for this information. My personal information is as follows:

[Name]

Social Security Number: [Social Security Number]

Date of Birth: [Date of Birth]

[Current Address]:

[City, State Zip]

Please send the free report to the address hereby stated.

Your immediate attention to this matter is appreciated.

Sincerely,

[Signature]

[Date]

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It is also important to note that a credit score is a snapshot. Although it shows your payment history, length of credit, etc., having inaccurate (negative) information removed from your credit bureau report will immediately reflect an increase in your score.

Even though negative items are only supposed to remain on your credit report for 7 years, sometimes the credit bureaus fail to update your file. In this case, a simple dispute should get the old item removed and may improve your credit score.

If you find errors on your credit report, pay close attention to which credit bureaus are reporting the erroneous items. Be sure to dispute or initiate a request for investigation with all the credit bureaus reporting these incorrect entries. Disputing with only one bureau does not automatically correct the records of the other two bureaus.

You can also contact your creditors directly to inform them if they are reporting inaccurate information. It is important to get their promises in writing and keep good records. You must follow up with both the creditors and credit bureaus to make sure that they have made the corrections they promised.

You can receive a free copy of your credit report from all three credit bureaus yearly at www.annualcreditreport.com. If you find any erroneous information be sure to dispute the information right away.

If there is incorrect information on on your credit report such as a payment that was reported late that should not have we will be able to correct the information within 3-5 days by going directly through the three major credit bureaus and get a rescore to reflect what your credit score should be.

Make sure to keep the acknowledgment letters that the bureaus send to you at about two weeks. There is a date they have officially acknowledged they received your letters in which the 30 days in the fcra should start.