You’ve got your credit reports. Now what?

Request credit reports from all three agencies. Some businesses only use Experian and not the others. They all have different scores as they utilize different algorithms to determine scores. Some creditors do not report to all three agencies. A late payment may be reported to Experian, but not to TransUnion.

A credit score is determined by a combination of negative and positive marks. Negative marks on a credit report are averaged with positive marks for the final score. Negative marks do not always have a major impact on the total score. Take note of negative marks and review them for inaccuracies. Consumers have the right to dispute any incorrect information, including your name, date of birth, dates, creditor, or amounts.  

Request verification the debt belongs to on the report. If the agency cannot provide this information, they must remove the mark. Remove as many negative marks as possible.  Send dispute letter  to each agency. Most agencies allow disputes  directly on their website. The longer the debt has been on file, the less likely proof will be provided. Later, discussing how to add positive credit to increase your score will addressed.

New accounts are easier to verify. (“New” is approximately 18 months.)  Do not submit more than 5 to 8 items at a time. Otherwise, it will look like you are trying to take items off of your account whether they are legitimate or not. Request for negative deletions are less likely to be approved in a mass submission. There is no limit on the number of times an item can be disputed. If it doesn’t come off the first time, send in another request.  Once a mark is removed, a score can increase in as little as 30 days.

Next post will be on sample letters and agency contact information.