13 Top Mistakes To Avoid While Repairing Your Credit

13 Top Mistakes To Avoid While Repairing Your Credit

What are the 13 mistakes to avoid while repairing your credit? The 13 mistakes to avoid while repairing your credit score are:

1. Do not give any additional detailed information to the credit bureaus about the negative item.  For instance: Do not write: The collection agency is showing $1200 bet I owe only $200. The credit bureau would change the same but the negative item will stay.

Remember the bureau must have 100%accurate information.  If the item shows $1200 rather than $200 it is inaccurate.  It enough to say “this item in inaccurate.” Get additional information at Bloomchase how To Pages

2. Credit counselors will tell you to always certify mail, with delivery return receipt all your correspondence with the credit bureau.  In case you need to file a claim or a lawsuit you need the paper trail and proof you sent the claim. 

3. Always keep a copy of all correspondence for your records says Uyi Abraham author of the best selling book Credit Zilla and diy credit repair expert.

4. Never utilize the electronic dispute request on the credit bureau websites.  You give up your rights. By agreeing to the terms on their website you relinquish your rights.  If an item is denied or verified you cannot re-dispute it again.  Also the credit bureau does not have to respond to you back in writing.  Case closed.  Although its more comfy it will cost you more.  The old fashioned way works best: letters.

5. Do not close credit cards that you don’t need. Your debt ratio will go up and might reduce your credit score. Keep all accounts open. Use it for a small amount once a month and pay for it in full when you get the statement.

6. Try to pay your credit cards in full every month if possible.  That will show you are a low risk credit consumer and able to manage your finances well.

7. Ask the credit card company to extend your line of credit limit.  If they need to check your credit: forget it.

8. Do not use internet templates for your dispute.  It can be denied as frivolous by the credit bureau before it reached its destination.  Use it as a sample and change the wording or use the samples given to you. Modify the wording before you submit it.

9. Check your credit for free at least once a year and stay on top of your credit report.  You may find some new items in time to fix it. 

10. People fail to reestablish their credit. If you were refused a credit card. Find a bank or credit company that will allow you to deposit money into an account. Extend a line of credit for the same amount then request that they report it to the credit bureaus. This will show an open revolving line of credit and show positively on your score.

Here’s the key to all of this though: DON’T GIVE UP! YOU CANT STOP THE PROCESS TOO SOON.

Sometimes the difference between no removal and a removal is just an extra letter.  Usually the first or second will do. Especially if a complaint to the FTC or hiring an attorney is mentioned. Be Patient! Cheers to better credit!!

11. Reduce credit inquiries. A hard inquiry (when you actually apply for credit such as a credit card or loan) will have a negative impact on your credit scores. A hard inquiry can remain on your credit report for two years; however, inquiries over the last 12 months are factored into your credit scores.

12. Update your personal information. Why it’s important to update your personal information with the credit bureau files could improve your score.

How many points will it go up?

It varies depending on your credit history and information.  The major reason why you want to update, remove and/or dispute personal information is because it increase the chances of removing any negative items associated with you upon starting the dispute process.  In some cases you could have an item that is listed removed quickly because the information is not you. 

13. If you've been the victim of identity theft, freeze your credit report. 

What is a credit freeze?

Some states allow consumers to "freeze" their credit file using a "credit freeze". Credit freezes restrict access to a consumer’s credit file, so the file cannot be used in credit granting decisions. If a credit freeze is in place, it is unlikely that creditors would open a new account because they can’t determine the credit-worthiness of the applicant.

 Neither an ID thief nor the actual consumer would be able to get credit while a freeze is in effect.

Adapted from the best selling book  Credit Zilla: Hidden Credit Repair Secrets They Don't Want You To Know 

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