Know Where You’re Score’s at through Reports
Knowing what’s up with your scores is your first step in repairing it. Tap into TransUnion, Equifax, and Experian-the three credit bureaus utilize AnnualReport.com to provide you with your credit report for free once a year.
Get Your Facts Straightened
Any erroneous information on your credit report should help you out a lot. As a result, you can remove it and our credit score will immediately take a turn for the positive. But you should make sure that you get everything sorted out to really prove that the information is false. Always keep your receipts, canceled statements or checks showing payment to help you build your case. This will really prove that the purchase recorded on your credit report is wrong and will be fixed immediately, improving your credit score in the process.
Argue Errors that Occur in Your Report
Errors can definitely give you a wrong score on your credit report, which may make things worse than they normally appear. Should you wish to dispute this error, make sure you understand how credit reporting entities have their specific procedures for entry disputing. What you should keep in mind, though, is to ask for proof regarding the error. This will help you realize what the error you feel really is. This can come out in two ways: if there is proof, the entry will stay; if not, the entry is automatically removed, enhancing your credit score.
But what if they have proof but you believe it still is an error? Providing evidence that is stronger than what they provide will increase the chances of that entry removed.
You should take note, however, that if the credit bureau does not take your dispute seriously, this can be frustrating. But, be careful if the dispute is something that is obvious or insignificant.
As a result, you should be patient regarding the time it takes for any result. A minimum wait would be 30 days, but sometimes it can take about 45 to 60 days. Take note that if communication occurs between the credit bureau and you, or even between a creditor and the bureau, results could be in in a matter of weeks.
No matter how long it takes, be confident about your dispute. This will ensure that your rights are respected and your credit score redeemed, which is a huge plus for you in the future.
Enhance Your Debt-to-Credit Ratio
Improving your debt-to-credit ratio is vital in enhancing your credit score. If you happen to own three cards, then use them to help out your score. This can be done by maintaining low balances on each card by dividing your debt by the limit of the card.
If you happen to get a value of less than 10% or less, your debt-to-credit ratio is good. This helps your FICO or credit score at a positive toward maintaining a good ratio.
There are many factors that affect your credit score. In fact, 35% is from payment history, 30% from amount of debt, 10% from types of accounts, 15% from how long you’ve had credit, and 10% from history of looking for credit. Make sure you’re knowledgeable about these factors so you can modify how to improve your credit score altogether.