How to Improve Your Credit Using Our Free Credit Repair Guide
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What is Credit Repair?
Credit repair basically means disputing the negative accounts on your credit report. This is what credit repair companies do for their clients, and it’s effective.
All three credit bureaus allow consumers to dispute any item on their credit report. When you dispute an item, the credit bureau has 30 days to validate the account. If they do not hear back from the creditor with satisfactory validation within 30 days, it must be removed from your credit report.
Why You Can Do Credit Repair On Your Own
You do not need a professional credit repair company to fix your credit yourself. Disputing accounts on your credit is something you can do yourself, and have success.
Use the advice in our guide to increase your credit score quickly. If you’re goal is to purchase a home, you should use the guide to maximize your credit scores before applying for a mortgage.
Get Your Free Credit Report and Scores
First, you will need your free credit report and scores. Go to annualcreditreport.com to get your free credit report. You can get your free scores from several reputable websites.
How Bad Credit Affects Your Financial Life
When you have bad credit it makes life difficult. Loans and credit cards are hard to qualify for, and if you do you usually have very high interest rates. High rates can cost consumers tens of thoudanss of dollars over the course of their life.
Getting a mortgage with bad credit is almost impossible these days. Using our free do-it-yourself credit repair guide you will be able to improve your FICO score so you can qualify for lower rates.
Tips to Increasing Your Credit Score
Using these expert tips you can improve your credit rating in a hurry.
Pay down your credit card balances
If you’re carrying high credit card balances your credit score is being affected. Credit utilization is the ratio of your credit card balance compared to your credit limit.
Your credit utilization ratio makes up 30% of your overall FICO score. Only your credit history has a bigger impact, 35 percent. So pay down those balances below 10% of their credit limits.
Get added as an authorized user
An authorized user can be added to any credit card account, giving them access to use the account. When another user is added the entire history of the account is added to the new users credit report, increasing their credit score.
If you have a family member or a friend with a credit card in good standing, you can ask them to add you as an authorized user. You don’t even need to have a card, you’re just using the account to help your credit rating.
Get Collection Accounts Removed
There are some common misconceptions around collection accounts and how they affect your score. Naturally collections lower your FICO score significantly. But paying them off will do nothing to improve your score.
There are a few ways you can remove collection accounts from your report. The first step you should take is to dispute them. We show you how to do this in our free credit report guide,
If that doesn’t work you can send a debt validation letter to the creditor. The debt collector has 30 days from the date they receive your request to respond with the information verifying the debt. If they do not respond within 30 days, they must remove it.
Credit Bureaus Dispute Info
Consumer Dispute Center
P.O. Box 2000
Chester, PA 19016
Phone: 800-916-8800 – 8am-11pm EST
P.O. Box 4500
Allen, TX 75013
Phone: (714) 830-7000
Equifax Information Services LLC
P.O. Box 740256
Atlanta, GA 30374
Phone: (800) 846-5279
Here are some additional resources you might find interesting
Download our free credit repair guide. Inside you will find sample dispute letters, phone numbers, and secrets to remove negative items from your report better than any credit repair company will be able to do.
The Lenders Network has the largest network of mortgage lenders that specialize in home loans for borrowers with all types of credit scores. We will match you will the best lender based on your specific situation.