So what are some strategies that can be used to increase your credit score? First you have to know what your credit score is and what the negative items were on your credit report. View the first blog in this 3 part series at https://brenda-nelson.oakstrand.com/blog/increase-your-credit-score-part-i-obtaining-free-credit-scores-and-reports to find out how to get this information for free.
• By mail, I dispute any negative items on my report that are not in collections dated back 2 years or less. No need to bother collections items or items older than 2 years. Visit https://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports for sample letters. Mail letters via certified mail to the following:
• Equifax - Information Services LLC P.O. Box 740256 Atlanta, GA 30374
• Experian - P.O. Box 4500 Allen, TX 75013
• TransUnion LLC - Consumer Dispute Center P.O. Box 2000 Chester, PA 19022.
The credit bureaus have 30 days to respond to your disputes. If you do not have a response within 30 days of the certified mail receipt contact the bureaus directly and ask them to remove the negative items. Contact them at:
• Equifax (800) 685-1111
• Experian (888) 397-3742
• TransUnion, (800) 888-4213
Why you should NOT dispute your credit report online:
• There is no paper trail, which could be essential to getting these items removed from your credit history.
• The information isn’t handled in the same way. The Fair Credit Reporting Act was developed to protect the consumer from unfair credit reporting practices.
Reference: https://aaacreditguide.com/never-dispute-credit-report-errors-online/
Other Strategies to increase your credit score include:
• Payoff any creditor that is current (2 years or less and not in collections). Small payments to each can make a big difference.
• As you pay creditors review your credit score every 30 days to see improvements in your credit scores.
• Become an authorized user on someone you trust credit card who has excellent credit. You will inherit there good credit only you will not impact their credit score. This type of increase is good to apply for a credit cards not necessarily loans.
• Once you become an authorize user and your score increases, use the new score to apply for your own credit card. Put a small bill on the credit card, wait for your monthly bill and pay the balance in full. Check your report every 30 days Once you establish your own credit you can stop the authorized user agreement.
• Open a secured credit card with your local bank. Put a small monthly bill on it and pay it off every month after the bill post. Check your credit score every 30 days. Your score will boost and the bank will eventually issue you a permanent credit card and return the funds you used to secure the card.
Visit our Youtube for a full narrated version of the 3 part Increase Your Credit Score series. Visit @obtainsomething on Facebook for more personal finance tips.