How can I Improve my credit?
Credit scores can seem very overwhelming. There are a few third-party credit companies that you pay for to get your credit scores on a daily or monthly basis. Most of these companies do not get accurate scores for you.
Credit repair companies will advise you to have them send out dispute letters to see if they can get collections or old accounts removed. These companies will charge you a set up fee and then charge you monthly.
Disputing items on your credit:
When you dispute an item on your credit YOU NEED TO BE CAREFUL. When you dispute something that has been reported to the credit bureau in the last 2 years and you do owe the company money, it will decrease the odds of that account being removed. This can also cause problems when getting a home mortgage because, banks do not like open accounts in disputed status on your credit report. This has been known to give a consumer a higher credit score then what the consumer should have.
What should I do?
The best thing is to call Me!!!! Vince Reece (303) 818-0699. This way you can get an accurate credit report and we can get a clear picture of what is affecting the credit score.
When you have open collections, this will affect your score. You want to settle these collections and try to get the company to remove them from your credit. I call this a letter of deletion. Most companies will say that it is illegal to remove items from a credit report. It is not illegal it may be their policy.
To maximize your credit score you want to get collections paid that have reported to the credit bureau in the last 12 months. You are looking at report dates. You also want to try to get the creditor to delete these collections from your credit bureau. A good rule of thumb is having a 3 – 4 credit cards with five-hundred-dollar credit limits open for 7 months with a 0 to $25.00 balance. The most important thing is to have zero late payments in the last 12 months.
Try not to dispute items on your report. Make sure to have good credit for 12 months. Settling a collection account for less then you owe will not hurt your credit score. Just call Vince, the Colorado Mortgage Guy, to make sure you are on track to get your credit scores where they should be.