How to Dispute Credit Report & Fix Credit Score Fast Plus How to Increase Your Credit Score

hi I'm Kelly from FreebieFindingMomcom today we're going to talk about DIY credit repair now that can seem like a very overwhelming task but today you're going to learn that DIY credit repair is actually easier than you might have thought the first thing you're going to need to do with DIY credit repair is find out where you're starting so they're going to need to obtain your credit report that includes reporting from all three credit bureaus which are trans Union Equifax and Experian now you can get a free credit report every single year simply by going to WWE annual credit report

com now credit scores typically range from about 300 to 850 a good credit score is typically from 700 to 740 in that range you should be able to obtain in low mortgage rate and get some of the better credit cards after you've received your credit report you are going to want to review that report very carefully and thoroughly you're going to want to make sure everything is spelled correctly including your name and your address and make sure your social security number is correct as well you're going to also want to make sure that you look at things like credit cards that are listed large purchases or any outstanding debts they're going to also want to pay very special close attention to the negative records section in your credit reports in there you will find accounts that have payments that you've agreed upon but haven't paid you will also find any public records or any collections that could be listed there now these items in your negative records section can cause the most damage to your credit score if you find any or any questionable items in that report you're going to want to make a copy of that report and highlight that item you're going to also want to pull any backup supporting documentation for that item because you're going to be file at MCU a backup item would be something like maybe a bank account statement you're then going to prepare a letter for that credit bureau if you need suggestions on what to include in that letter check out the letter templates on the Federal Trade Commission's websites you're then going to take your letter and any supporting documentation and send it via certified mail to that credit bureau now some credit bureaus will let you submit your claim online but it's really a best practice to mail it be a certified mail and be sure to have a copy for yourself now that credit bureau has 30 days from when they receive your letter to send a response back to you what they will do when they receive your information is they will then send it to the organization that actually submitted the claim so let's say for instance you have a miss mortgage payment show up on your credit report what the credit bureau will do is they will send all of your information to that recording agency or in this case that mortgage company that mortgage company will then conduct an investigation and then they find that that information is indeed accurate like you thought it was they will then report back to that credit bureau that is inaccurate the credit bureau will then fix your credit report and send you in revised credit reports now let's say all the negative information that could show up on your credit report is accurate the only thing that will make negative information go away then on your credit report is time because credit reporting agencies can actually leave some items on your report as long as seven years and bankruptcy can stay on your credit report as long as 10 years so you might be wondering what kind of negative information could show up on a credit report let's review some of those items now first off our charge-offs now charge offs occur when a creditor decides a debt is not collectible rather they keep it on their books as an overdue or a past-due debt they can accept it eliminate it from the reportable and past due accounts if you have a charge off on your credit report it can stay there for up to 7 years plus 180 days from the original date of delinquency next our collections collections are tricky because paying them off could actually hurt your credit score by resetting the start date from when it was reported these two can stay on your credit report for up to seven years another negative ion that could show up on a credit report are late payments even if you eventually catch up on what you owe any payments that as more than 30 days late can occur on your credit report however some hunters don't report the past due payment until a second payment is owed these two can stay on the report for up to seven years another item that would obviously hurt your credit score are bankruptcy and these can be reported for no more than ten years from the date you initially filed another negative item that could show up on your credit report are foreclosures now these can be reported for up to seven years as well luckily you don't have to wait that long to buy a new house once you regain your financial footing you can qualify for a mortgage as soon as two years though sometimes it may take longer depending on the type of loan you want another negative item you can see on a credit report are judgments they can be reported for up to seven years from the date the lawsuit was filed or until the governing statute of limitations has expired whichever is longer repossessions are another negative you can see on a credit report and these can also be reported for up to seven years and lastly you could see on a credit report tax liens which under federal law unpaid tax liens may be reported on your credit reports indefinitely however the credit bureaus can remove them after a decade or so pay tax liens may be reported from the date of payment for up to seven years now let's say you don't have any credit report disputes but you want to fix your credit score fast well DIY credit repair is not typically a fast process but there are things you can do to improve your credit score the first thing you can do is pay your bills on time it's sounds simple enough but in actuality that's exactly what credit bureaus love to see the second thing you can do to help improve your credit score is to pay down your debt especially credit card debt not all debt is created equal in fact debt like medical debt doesn't hurt your credit score as much as say credit card debt does if you're wondering what kind of credit card debt to pay off first it's best to start with any credit cards where you are merely maxed out your credit limit those are the best ones to pay off first because it's going to lower your credit utilization ratio which in turn is going to help your credit score now if you don't have any excess money to pay off your credit card debt what you can do is contact a couple of creditcard companies and ask them if they will increase your credit limit by increasing your credit limit that also increases your credit utilization ratio which is going to help your credit score another thing you can do is consolidate your credit card debt basically what you'll be doing is taking out a personal loan and this personal loan will be used to pay off your various credit cards by making a single monthly payment towards that credit card balance the good thing with using these personal loans is a lot of times they'll have a lower interest rate than their credit cards do another good thing with using these personal loans is they are called installment loans which are viewed more favorably by the credit bureaus than say a revolving credit the third thing you can do to improve your credit score is to stick to a budget and live within your means to help you get started on the right track of budget planning I encourage you to use free budgeting worksheets in fact on my blog freebie finding mom com you will find several free principal budgeting worksheets you're welcome to download in fact I will include the links to some of those worksheets in the description of this video there you have it there are no credit secrets or credit hacks to DIY credit repair it just takes a little hard work and some patience to improve your credit score I hope you found this video helpful if you did please give it a thumbs up and be sure to click subscribe to my YouTube thanks for watching