New Tools Now Available To Increase Your Credit Score

New Tools Now Available To Increase Your Credit Score

  • Tracy Curtis
  • 02/5/22

Many of us may have less-than-stellar credit scores at some point in our lives. However, having bad credit today doesn't doom you to have bad credit forever. It just means you've got a little work to do in order to see your credit score rise - and no time like today to start building up that score so you can qualify for your next home! Please do not wait until you are ready to make a big purchase before checking your score and doing all you can to raise that score.

1. Increase your credit score for free

Your credit scores affect whether you can get approved for a loan, a credit card, or even a new job. Usually it can take weeks or months to improve your credit scores, but there's an innovative new feature that could help you raise your FICO® Scores instantly.

Experian Boost™ will help you build credit for making on-time payments for your phone and utility bills. The setup process takes just minutes and once your qualifying payments are identified, you can include this positive information in your Experian credit file. It's 100% free and new potential credit scores take effect immediately.

2. Build your credit with a debit card

Bad credit history? That means credit anxiety… and not getting approved for things like car loans or apartment leases. But if you aren’t using the Extra Debit Card, you’re missing out. It lets you build your credit history every time you spend money. Don’t worry though… it’s an easy fix.

Extra helps you build credit history every time you swipe your card. Just sign up by connecting your existing bank account, and they’ll give you a spending limit based on your bank balance. No credit check is required. Then, just spend like normal. At the end of the month, they total up all of your transactions and report them to credit bureaus as credit-worthy payments.

In addition to building your credit history, you also get perks just like a credit card. You can earn up to 1% in points for everyday purchases like rideshares, coffees, and your phone bills. And there are no credit checks, interest rates, or deposits required. 

3. Start working towards a 750+ credit score

If you want to buy a house, car, or make any other important purchase, it pays to have good credit. But what if you have damaging errors on your report, keeping your scores down? The first thing to do is to get a free report - the Chase Credit Report is free and open to non-Chase credit card customers. Get started with their free credit report, and they’ll provide you with a free credit score, a credit report summary, and recommendations on how to work to improve your credit.

4. Initiate a dispute with the credit reporting companies

If you identify an error on your credit report, you should disput that information with all three credit reporting company (Experian, Equifax, and/or Transunion). You should explain in writing what you think is wrong, why, and include copies of documents that support your dispute. 

Your dispute correspondence should include:

  • Contact information for you including complete name, address, and telephone number
  • Report confirmation number, if available
  • Clearly identify each mistake, such as an account number for any account you may be disputing
  • Explain why you are disputing the information
  • Request that the information be removed or corrected
  • Enclose a copy of the portion of your credit report that contains the disputed items and circle or highlight the disputed items. You should include copies (not originals) of documents that support your position.

You may choose to send your letter of dispute to credit reporting companies by certified mail and ask for a return receipt, so that you will have a record that your letter was received. You can contact the nationwide credit reporting companies online, by mail, or by phone. Keep copies of your dispute letter and enclosures.

Equifax OnlineBy Mail | By phone: (866) 349-5191

Experian OnlineBy Mail | By phone: (888) 397-3742

TransUnion OnlineBy Mail  | By phone: (800) 916-8800

5. Dispute the information with the company who provided the information (also known as the furnisher)

If you would like to submit a dispute regarding the information a company provided to the credit reporting company (called a furnisher), follow these instructions, along with a template letter as your guide. Examples of information furnishers are your bank, your apartment landlord, or your credit card company. Again, keep copies of your dispute letter and enclosures.

What happens after you dispute information on your credit report?

Now is the perfect time to discuss home ownership for many Americans seeking stability during this uncertain time. If you are in a position to take advantage of the record low interest rates currently available, please contact me. I look forward to talking with you!  #tracycurtis #marinrealestate #coldwellbankerrealty #home #marincounty

#tracycurtis #marinrealestate #coldwellbankerrealty #home #marincounty

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