Submitted by Naomi M on Mon, 09/24/2007 - 16:35.
Tip 1 — “Rapid Rescore” your credit
If you are applying for a mortgage loan and the tri-merge (3 credit bureaus) credit report has a derogatory item, your lender can request the 3rd party credit report agency they use to perform a “Rapid Rescore” to delete or correct the account item for a small charge of $15 to $30 per “trade line” or per derogatory item.
It typically takes 48-72 hours to complete. You will need to provide documentation to verify your claim that the information is inaccurate.
For example, a collection reappears that you paid off three years ago on your TransUnion credit report (it happens), contact the collection agency for a “deletion” letter or find your records that verify you paid off the account. This can include cancelled checks or a statement from the creditor showing “PAID,” whatever will prove your case.
The items will be corrected and your credit score should get a boost, too.
Tip 2 — Delete derogatory items from your credit
If you discover a credit reporting error, send the credit bureau that is reporting it (it could be just one or all three bureaus reporting the same item) a “dispute letter.” It’s best to send copies (never give up your originals) of your paperwork to prove your case.
You can dispute items online or over the phone for the quickest results. You can do this with Experian and Equifax (not with TransUnion).
You will need a copy of the credit report you ordered from each of the bureaus reporting the item with the CONFIRMATION NUMBER.
By law, your creditor is required to verify items and report back to the credit bureau within 30 days. If they find the item is old or inaccurate, they will tell the credit bureau and your item will be deleted.
Now it can happen that the item IS ACCURATE but it gets deleted anyway. Why?
The creditor got paid and doesn’t care to respond to the dispute from the credit bureau. They let the item get deleted by not responding. This happens often with small collections that were paid.
You can talk to the creditor directly and ask them “Do you delete?” You have a 50/50 chance that they will. Speaking with them in a kind and respectful manner will help and perhaps a small “deletion” fee may do the trick.
The item is accurate, your creditor doesn’t “delete”, but they don’t want to be hassled or sued. Here’s where your persistence is needed. Mail or fax the same letter to the creditor every week asking them to delete. Send it to the credit manager in charge. Also, dispute every 30 days with the credit bureau(s) and do so until the creditor grows weary and they delete to get rid of you!
Tough Creditor? A Real Hard A**? Do a Credit Audit
Under the Fair Credit Reporting Act you have the right to ask tough creditors for proof that you were late, didn’t pay, etc. Write them a letter giving them 10 days to give you proof you were late, including all cancelled checks and backs of checks, etc. Tell them they must remove the derogatory item if they cannot provide proof.
If they don’t provide proof, write them another letter telling them they must delete the item (send all letters with proof of mailing like a confirmation or delivery notice).
Then send a copy of your letters to the credit bureaus saying they were not able or willing to prove you were late. The bureaus should delete the item now.
Last Resort for a Tough Creditor – Sue ém
You have the legal right to take a creditor to small claims court (as well as the credit bureaus), claiming monetary damages and injury for the item you believe is wrong. You take them to court in your city where you live. The filing fee is nominal, perhaps $20 to $30, and in 30 days you get your court date and present your side to the judge. If you get a favorable judgement, you mail it to the credit bureau to finally delete the item. If the creditor doesn’t show up in court, good for you – you’ve won by default!
Tip 3 – Piggyback Off Someone’s Credit
If you have a good relationship with a friend or family member, etc, with good credit, ask them to add your name to one of their credit accounts.
For example, add your name to a credit card account they have. Now their payment history is reported on your credit report, too. This is done without you having to possess a card or any account information to make your “piggyback” helper feel more comfortable about helping you. To be more effective, use a seasoned account, one that has been open for a while at least 1 to 2 years. The longer, the better. And be sure NOT TO ABUSE this method and lose your friendship.
Tip 4 — Make Your Payments On Time
Don’t pay your bills late – not even 30 days. It will show up on your credit report and lower your score. You’ll also save money on not paying late fees.
Take it a step further, and pay BEFORE the grace period on your credit cards. Why? On your credit card payment due date, your credit card company automatically sends the balance information to your credit bureaus via computer. That means if you pay down your balance but after the due date, even if within the grace period, the balance doesn’t show as lower for a whole month longer. Pay before your due date and you will have a better score.
Continue to Tips 5 to 12
12 Surefire Tips To Boost Your Credit Score – Tips 1 to 4
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If you are applying for a mortgage loan and the tri-merge (3 credit bureaus) credit report has a derogatory item, your lender can request the 3rd party credit report agency they use to perform a “Rapid Rescore” to delete or correct the account item for a small charge of $15 to $30 per “trade line” or per derogatory item.
It typically takes 48-72 hours to complete. You will need to provide documentation to verify your claim that the information is inaccurate.
For example, a collection reappears that you paid off three years ago on your TransUnion credit report (it happens), contact the collection agency for a “deletion” letter or find your records that verify you paid off the account. This can include cancelled checks or a statement from the creditor showing “PAID,” whatever will prove your case.
The items will be corrected and your credit score should get a boost, too.
Tip 2 — Delete derogatory items from your credit
If you discover a credit reporting error, send the credit bureau that is reporting it (it could be just one or all three bureaus reporting the same item) a “dispute letter.” It’s best to send copies (never give up your originals) of your paperwork to prove your case.
You can dispute items online or over the phone for the quickest results. You can do this with Experian and Equifax (not with TransUnion).
You will need a copy of the credit report you ordered from each of the bureaus reporting the item with the CONFIRMATION NUMBER.
By law, your creditor is required to verify items and report back to the credit bureau within 30 days. If they find the item is old or inaccurate, they will tell the credit bureau and your item will be deleted.
Now it can happen that the item IS ACCURATE but it gets deleted anyway. Why?
The creditor got paid and doesn’t care to respond to the dispute from the credit bureau. They let the item get deleted by not responding. This happens often with small collections that were paid.
You can talk to the creditor directly and ask them “Do you delete?” You have a 50/50 chance that they will. Speaking with them in a kind and respectful manner will help and perhaps a small “deletion” fee may do the trick.
The item is accurate, your creditor doesn’t “delete”, but they don’t want to be hassled or sued. Here’s where your persistence is needed. Mail or fax the same letter to the creditor every week asking them to delete. Send it to the credit manager in charge. Also, dispute every 30 days with the credit bureau(s) and do so until the creditor grows weary and they delete to get rid of you!
Tough Creditor? A Real Hard A**? Do a Credit Audit
Under the Fair Credit Reporting Act you have the right to ask tough creditors for proof that you were late, didn’t pay, etc. Write them a letter giving them 10 days to give you proof you were late, including all cancelled checks and backs of checks, etc. Tell them they must remove the derogatory item if they cannot provide proof.
If they don’t provide proof, write them another letter telling them they must delete the item (send all letters with proof of mailing like a confirmation or delivery notice).
Then send a copy of your letters to the credit bureaus saying they were not able or willing to prove you were late. The bureaus should delete the item now.
Last Resort for a Tough Creditor – Sue ém
You have the legal right to take a creditor to small claims court (as well as the credit bureaus), claiming monetary damages and injury for the item you believe is wrong. You take them to court in your city where you live. The filing fee is nominal, perhaps $20 to $30, and in 30 days you get your court date and present your side to the judge. If you get a favorable judgement, you mail it to the credit bureau to finally delete the item. If the creditor doesn’t show up in court, good for you – you’ve won by default!
Tip 3 – Piggyback Off Someone’s Credit
If you have a good relationship with a friend or family member, etc, with good credit, ask them to add your name to one of their credit accounts.
For example, add your name to a credit card account they have. Now their payment history is reported on your credit report, too. This is done without you having to possess a card or any account information to make your “piggyback” helper feel more comfortable about helping you. To be more effective, use a seasoned account, one that has been open for a while at least 1 to 2 years. The longer, the better. And be sure NOT TO ABUSE this method and lose your friendship.
Tip 4 — Make Your Payments On Time
Don’t pay your bills late – not even 30 days. It will show up on your credit report and lower your score. You’ll also save money on not paying late fees.
Take it a step further, and pay BEFORE the grace period on your credit cards. Why? On your credit card payment due date, your credit card company automatically sends the balance information to your credit bureaus via computer. That means if you pay down your balance but after the due date, even if within the grace period, the balance doesn’t show as lower for a whole month longer. Pay before your due date and you will have a better score.
Continue to Tips 5 to 12
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