Posts filed under 'Improving Credit Score'
Another Letter from a Member who’s Debt to Available Credit Ratio is Too High:
Have you looked at my credit report? It really is not good, however, it really is not that bad either. The problem is the debt ratio is high. I am getting behind on payments……..my roommate has not had a job in almost 3 years by getting laid off in March of 2007. I am struggling as a middle school Assistant Band Director to carry bills, rent, etc. She is on and off unemployment, and gets a seperate veteran disability check each month which helps. However, when she was working, we were bill free. I know this is not the first time you have heard this, however, I am getting behind because of the weeks or span of time my roommate is not receiving unemployment, puts us more behind. When the unemployment check was consistent for a while, I was getting bills paid off. However, there was a span of time recently where she stopped getting it and now I am getting behind again. So, that is my issue presently with credit. I would love to get the negative stuff off of my credit, however, I need to catch up and having trouble doing that. I would also like to buy a townhouse in the near future.
My dad cosigned on a school loan for me to help pay $2200 from the two previous years of residencies that federal would not pick up. So, as a result, I was administratively withdrawn from the University because I owed more than $1500.00. My $2200.00 loan got approved on 11/25/09, and am presently waiting on it to come through to finish my Ph.D in K-12 Education Specialization. That way I can start back in January and take a couple of courses before I finish. All I have left to complete is one more residency, comps, and dissertation. However, I will not be able to finish my last residency until June, my last one is in Dallas, which is where I live. I really don’t want to travel because of money and the ones before June don’t fit into my work schedule, as far as Spring Break, etc. I would like to take a couple of classes in the Winter and Spring semester though.
Well, this is where I am……
Thank you,
Here is my answer:
Hi Ellen,
It sounds like your real goal here with your credit score is to purchase that townhouse. Congratulations on looking long term and working things out now before you actually go to the bank. Too many people put this stuff off until they absolutely need the credit.
My advice is two fold:
1. First, it is critical to remove negative information that is questionable. That is even more important than the debt to credit ratio. You can dispute information one of two ways. You can file a dispute letter yourself. Or, perhaps you consider hiring a credit attorney. It’s inexpensive, they get results, and you don’t even have to think about it while you are getting your P.H.D.
2. Second, you will need to work on your debt to credit ratio. Even if you don’t have the cash to pay down your debt right away, there are some things you can still do. For instance, keep your cards open.
Many people close accounts as they pay them off. This is a big mistake because that available credit is no longer a factor. If your goal is to improve your score gradually over time, then you should keep any open unsecured accounts open - even if you don’t use them regularly.
Good Luck!
December 9th, 2009
TransUnion Dispute Mailing Address and Phone Number
P.O. Box 2000, Chester, PA 19022
Phone Number: 1-800-916-8800
TransUnion Dispute Online
The TransUnion Credit Bureau is one of the three major credit reporting companies. As a credit reporting company, TransUnion keeps credit history information about consumers. TransUnion receives this information from lines of credit that you have, including
- credit cards
- store credit
- cell phone suppliers
- credit unions
- banks
- state and federal courts
- bankruptcy courts
- mortgage companies
These creditors - also known as “furnishers of information” - report your payment history, balance, and other information to TransUnion Credit Bureau.
TransUnion compiles all the information they receive from lenders into your credit report. Whenever you apply for any type of credit a lender pays to pull your credit record to see your financial history.
Prospective employers are allowed to pay to see your credit as well.
How to Get a Free Copy of Your TransUnion Credit Report
To get a copy of your TransUnion Credit Report, you can access their website directly and pay upwards of $.
Otherwise, you can access your TransUnion report for no charge here.
How to Dispute Items on Your TransUnion Credit Report
To dispute your TransUnion Credit File, follow these steps:
- STEP 1: Draft a Credit Bureau Dispute Letter
- STEP 2: Mail the letter via U.S. Registered Mail
- STEP 3: Wait for the results and a copy of your updated report
It is important to know that sometimes getting an TransUnion dispute corrected can be very time consuming and cumbersome. However, TransUnion has a reputation of being more responsive to consumer disputes than Experian or Equifax. Consumers have reported that TransUnion treats their investigations with respect and thoroughly carry out their obligations to resolve any disputes.
The History of TransUnion Credit Bureau
TransUnion Credit Bureau was founded in 1968. Back then, TransUnion was known as Union Tank Car Company, a railcar leasing operation. That company created TransUnion as its parent holding company, and over 30 years, grew into one of the world’s largest collections of consumer information.
In 1969, TransUnion acquired the Credit Bureau of Cook County, and began to take the shape of the company that we now refer to as a major credit bureau.
Throughout the 1970s and 1980s, TransUnion Credit Bureau continued to expand. In 1988, TransUnion achieved full coverage in the United States, holding information on basically any active consumer in the country.
Today, TransUnion extends to 25 countries on five continents. TransUnion is privately held, meaning that it is not publicly traded. In other words, its profits are not public knowledge. However, we do note that the two other major credit bureaus - Equifax and Experian are publicly traded and report profits exceeding 275 Million Dollars.
March 17th, 2009
Experian Dispute Mailing Address and Phone Number
475 Anton Boulevard, Costa Mesa, CA 92626 (888)-322-5583
Dispute Experian Online
The Experian Credit Bureau is one of the three major credit reporting companies. As a credit reporting company, Experian keeps credit history information about consumers. Experian receives this information from lines of credit that you have, including credit cards, store credit, cell phone suppliers, banks, credit unions, or mortgage companies.
All these agencies report your payment history, balance, and other information to Experian.
Experian compiles all the information they receive from lenders, and compiles it into your credit report.
Whenever you apply for any type of credit, a lender pays to pull your credit record to see your financial history. Prospective employers are allowed to pay to see your credit, also.
The History of Experian
Experian Credit Bureau was founded in 1980 in Nottingham, England. Today, the headquarters of Experian are located in Dublin, Ireland, but the company also has operational headquarters in Costa Mesa, Calif., and Nottingham, United Kingdom.
Experian is Big Business
Experian is the “youngest” of the three main credit reporting agencies, but that doesn’t mean it is small. Experian employs approximately 15,500 people in 38 countries and supports clients in more than 65 countries. Annual sales for this international corporation are estimated to be nearly $4.1 billion. Experian is listed on the London Stock Exchange under the tag EXPN, and is part of the FTSE 100 index.
How to Get a Free Copy of Your Experian Credit Report
To check an Experian credit report you can visit their website directly.
The fee is $39.95 to receive a copy of your 3 bureaus online credit report from the Experian Website.
Otherwise, you can get a Free Copy of Your Experian Credit Report Here
After you access your Experian credit report, you may find problems, mistakes, errors, or any information you determine is “questionable.”
When this is the case, you must dispute these errors. To dispute an error on your Experian report,
you can send a credit bureau dispute letter.
Click Here for a Free Credit Dispute Letter
strong>Why Shouldn’t You Dispute Online?
Filing an online dispute is no faster than disputing by “hard copy” regular mail. A letter creates a paper trail for you in the event the credit bureau ignores your investigation request.
Many consumers have the same thoughts as this one “Reading my credit report was very confusing and unnerving. When I did think I understood, and took action against my disputes, I waited what seemed like forever to hear a reply. When I did finally get an answer, it was no, and I was right back where I started.”
Another consumer says this about disputing an error on his credit report: “I had some many negative marks on my report; I didn’t know where to start. Reading these reports is very overwhelming, and I really wish that someone would help me figure out this mess!”
March 17th, 2009
The Equifax Credit Bureau is one of the three major credit reporting companies. As a credit reporting company, Equifax keeps credit history information about consumers. Equifax receives this information from lines of credit that you have, including credit cards, store credit, cell phone suppliers, banks, credit unions, or mortgage companies. All these agencies report your payment history, balance, and other information to Equifax Credit Bureau.
Equifax compiles all the information they receive from lenders, and compiles it into a credit report. Whenever you apply for any type of credit, a lender pays to pull your credit record to see your financial history. Prospective employers are allowed to pay to see your credit, also.
Founded in 1899, Equifax is the oldest of the three main credit reporting companies. Equifax gathers and maintains information on over 400 million credit holders internationally. Equifax has charted $1.5 billion in revenue annually.
Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 7,000 people in 15 countries throughout the world. Equifax is a publically traded company, acting as a member of S&P 500® Index. Equifax’s common stock is traded on the New York Stock Exchange under the symbol EFX.
To check Equifax credit report, you can visit www.annualcreditreport.com to receive a free copy of your report. This service can only be used once a year. You can also visit www.Equifax.com to access your credit report. There are sales, but in most cases, there is a cost associated with accessing your Equifax credit report.
After you access your Equifax credit report, you may find problems or mistakes. When this is the case, you must dispute these errors. To dispute an error on your Equifax report, you can log on to Equifax’s website and go through the motions there. However, it’s very important to know that sometimes getting an Equifax dispute corrected can be very time consuming and cumbersome. And, after your hard work, you may get no results.
Many consumers have the same thoughts as this one “Reading my credit report was very confusing and unnerving. When I did think I understood, and took action against my disputes, I waited what seemed like forever to hear a reply. When I did finally get an answer, it was no, and I was right back where I started.”
Another consumer says this about disputing an error on his credit report: “I had some many negative marks on my report; I didn’t know where to start. Reading these reports is very overwhelming, and I really wish that someone would help me figure out this mess!”
One consumer, who was a victim of credit fraud, had a horrible experience with her Equifax credit report. “After doing numerous investigations, Equifax would not take off a large number of negative marks that did not belong to me. Even though I had evidence that these accounts were not mine, Equifax will not take them off. After all my hard work, nothing matters because my credit report is shot!”
March 17th, 2009
“Bad credit.” Those two small words can have a big impact on your life. Bad credit can prevent you from doing numerous things, including borrowing money for a home or a car. Because it can truly affect your standard of living, it’s crucial to fix your bad credit.
To fix credit, it’s very important to understand exactly what having bad credit means. Bad credit basically means that you have a poor credit rating. A bad credit rating is the result of missing payments, making late payments, exceeding card limits or declaring bankruptcy.
The FICO score is usually how your credit is rated, and can also be a sign of whether you need to fix bad credit or not. A “bad” FICO score is considered to be a score from 500 – 580. If a lender actually agrees to lend you money, you pay a huge amount of extra money in extremely high interest rates … and that is only if they actually agree to lend you money. A bad FICO score is a sure reason to fix a credit report.
FICO scores below 499 are a sure sign of extremely bad credit … and should make you research how to fix bad credit.
Know that you know exactly what “bad credit” means, how do you fix a bad credit report? Well, it takes a lot of work and some time, but it is doable.
In order to fix credit, you should take is paying your bills on time each and every month. By paying your bills routinely, you will establish an impressive record, and it will help you fix a credit report.
Secondly, you should also get a copy of your credit report and see if there are any negative entries that do not actually belong to you. Mistakes on credit reports are very common occurrence, and should be taken seriously, especially if you are trying to fix credit. You can use this information to negotiate with creditors for payment in exchange for deleting or changing negative information they report to the credit bureaus.
When you find mistakes on your credit report, you have two options on how to fix the credit. First, you can fix credit yourself. Trying to remove mistakes can be cumbersome and time-consuming. You must write letters to each credit bureau with an explanation of why you are requesting the mistake be removed.
The second option is to hire a credit repair service/law firm. These services will actually complete the process of removing bad marks on your report, which will fix credit. By working with a firm that has experience will allow you to achieve optimal results, with a minimum time effort.
Credit repair services and law firms know the ins and outs of credit repair, and often have networking relationships with credit agencies and bureau employees. These firms are familiar with laws and how best to dispute a mistake or bad mark on your credit report.
Credit repair services and law firms have knowledge that you as a consumer do not. When you, the consumer, would give up, the firm knows how to continue to fix credit reports, and help you live the life you deserve.
March 14th, 2009
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