The winds come whipping in, the sky turns black and-BOOM-a tornado blew through all of your life plans! Are you feeling as if Oz himself is behind the curtain pulling random numbers from the debris and tossing them out one by one? After the dust has settled you see a score that makes no sense, but the damage has been done. So what do you do to pick up the pieces?
If you are looking to fix your scores but continue to find ways that take longer than the time you have available, don’t quit…there is hope for you yet- your yellow brick road is closer than you think!
Although time doesn’t always seem to be on our side, and the credit bureau’s don’t seem to be either, there is still some good news when it comes to fixing your less than perfect report. A healthy credit report will take time to build, but the wait is worth it.
Oz is not going to improve your scores for you and unfortunately you can’t just tap your shiny red shoes together for a quick fix. It is up to you as the consumer to take some action. Here is what you can do to get started: 1. Pull your report and check your scores. You need to view all three (Transunion, Experian and Equifax) 2. Find out what the issues/negative items are on the report. Are the debts yours? 3. Clean negative items off the report 4. Build and establish positive credit/tradelines.
First: Pull your report
You will want to enroll in a credit monitoring service that allows you to see all three bureau’s. A lot of the credit reports consumer’s can pull on their own show you two reports, the third one is just as important as the other two. Remember: scores will vary as they are only a consumer score and will always be different than what a lender or bank will tell you. Check out : vantage scores vs Fico….. Credit monitoring is also great for identity theft monitoring, among other things. Interested in having a three bureau report pulled for just $1? Click here!
Second: What is negative?
Can you imagine that the bureau’s have incorrect information? Actually, 79% of credit reports contain errors. Not only is it important to verify that the debts on your report are yours, but it is just as important that your addresses, name, DOB, etc. are correct as well. “Oz” uses an algorithm that is hard to crack! What we do know is this: • Payment history makes up 35% • Credit utilization makes up 30% • Age of credit accounts 15% • Length of life on card 15%
If you play the game right, you’ll start to see your scores on the rise. Keep pushing.
Third: Clean up negative items
Just like the lion, tin man and the scarecrow, you’re going to need someone to help guide you down the path. Recruit well, and do your research! Credit Law Center, attorney based credit repair can assist you in cleaning up your negative items on your report such as: • Collections/Repossessions • Public Records • Late Pays • Bankruptcies/Foreclosures • Tax Liens/Judgments
This team not only assists you in removing derogatory items from your report, but coaches through the process on how to build on the positive side of your report as well. An unbelievable team for you to depend on, Credit Law Center is a combination of all of Dorothy’s confidants into one company.
The tin man: a heart that cares about the future of the consumer’s, and what happens next
The scarecrow: a brain full of knowledge about credit and the resources to aid clients
The lion: courage/legal prowess to take action
Ready to get to work on your report? www.creditlawcenter.com
Fourth: Build and establish
You might have been denied credit cards previously, but that are a few other ways around establishing that you don’t know. Secured credit cards are one route you can take. They require a deposit that will serve as your credit limit. Making on time payments and keeping an eye on your utilization is vital. Keep those balances as low as possible. Your limit is $1,000? Keep that card under $300 if possible! A few more things to do to start building: • Pay balances down as low as possible while holding off on making new purchases • Credit builder loans with a bank can be a good start • DO NOT close old credit card accounts when you have them in good standing, the longer the life on the card, the better • Increase your credit limit so your balances seem to be back down under that 30% utilization (See, this game can be won!) • Become an authorized user on an account of a TRUSTED family member or friend. Don’t worry, you never have to even see/use their card, you will benefit from their positive history (make sure they pay their bills) Again, the longer the life, the better! Their shiny scores won’t be hurt by your scores, the only one taking a risk is you. Choose wisely!
Now, that the clouds have cleared and the sun is peaking through, you can take on Oz with the right team behind you. We are excited to help you so you too can tap your shoes together and exclaim “There’s no place like home!”
If you would like to learn more, please contact Credit Law Center and an analyst will be happy to provide you with additional information.