If you are one of the millions of people who needs to restore their credit score in time for the holidays, this article was written with YOU in mind! According to a recent survey done by one of the major polling companies, no less than 2 out of 3 American consumers now has at least ONE blemish on their credit file. And in most cases, that blemish is big enough, and black enough to cause that consumer to be denied credit, housing, insurance or employment. (if you said OUCH......you are NOT alone!)
In some ways, this is both good news, and bad news alike.
It's bad news, because so many people are struggling and suffering with bad credit, that the whole economy has been brought down as a result.
But, and this is somewhat controversial to say but true none the less.......it's GOOD news because if you are on of the millions who does have a sub par credit score, you are in good company, and most creditors now need to "grade on a curve" as a result. (in other words, with so many people in the same boat, it's impossible to apply the same scoring standards that were common just a few short years ago)
With that being said, here is exactly how I improved my credit score by 100 points in under 45 days, and how you can do the same if you start today, just in time for the holiday season.
What to do FIRST:
- Get copies of your reports. Make sure to get all 3 reports, and scores, from each of the major credit bureaus. (Experian/Equifax and Transunion)
- Evaluate your report by contrasting the information on each report, and look for obvious discrepancies. Dates, amounts and even names of creditors are a really great place to start, as you'll often see glaring differences between how each item is being reported on each file.
Remember - if each credit agency has a different date of delinquency associated with the same underlying item, or has a different balance due, or different original creditor, etc.....these are SUPER simple signs that the items are NOT 100% accurate, and you are legally within your rights to dispute these delinquencies with vim, vigor and the full force of the law.
- Prioritize all negative items in the order of how severe they are. In general, public record items are MOST severe, and things like inquiries, or older 30 day late's, etc.....are the LEAST harmful to your credit score.
- Send out your disputes, once you have identified the worst offenders on each report. Remember NOT to dispute everything at once, and formulate a plan for not only your first round of letters, but also for your second round as well. (this is especially important if you have many negative items - I don't recommend challenging more than 5 things, per bureau, per dispute)
- Send your letters out by certified mail, so you have a record of when they were received.
- Wait! This is often the hardest part. The good news is, you SHOULD get your first batch of results back in about 30-35 days, and if you did your job right, you SHOULD see a dramatic improvement in your credit score.
The last step? Rinse, wash and repeat. The quantity of challenges you need to file will depend on the volume of negative items you have, and of course, how successful you are with each challenge you send!
The good news is, this is the EXACT strategy I used to improve my own credit score by over 100 points in under 40 days, and it's also the exact system most credit repair professionals employ for their clients as well.
Absorb it, apply it and ENJOY the rapid results!
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