Cleaning Up Credit

There are several ways you can obtain your three credit reports for free. I will show you how and explain which method is best for you and what you can do to clean bad credit.

You can get your three credit reports from the three major credit agencies, TransUnion, Experian and Equifax will give you one free report each year, but not your scores.

There are many web sites that offer you a free trial period to get your credit report and score, most of these are operated by one of the three major credit agencies. The draw back to this is they give you one score and will make you pay up front for all three. If you want all three scores you could go to each credit agencies site individually and sign up for their free trial offers, then cancel once you have your three credit reports for free.

If you are currently looking for a loan or have done so recently and have giving someone permission to pull your credit you can ask them what your scores are. If you can do this or you already know your scores you can request your free three credit reports from the three major credit agencies. There are 3 ways to do this:

•    AnnualCreditReport.com is the only official site where you can request your free annual report from all three credit agencies.
•    You can get a request form from www.ftc.gov/edu/resources/forms/requestformfinal.pdf, fill it out and send it to: Annul Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348.
•    They can be requested by phone; 877-322-8228.

If you do need your score along with your three credit reports you will need to go online to one of the web sites and sign up for a free trial. After you obtain your score and reports cancel you subscription to avoid being charged.

To improve credit; make payments on time, pay down balances, ask for increases in credit card limits without using them, and avoid new credit.

To clean bad credit; look over your three credit reports for errors, duplicates, and entries over 7 years, 10 for bankruptcy. Mail a copy of these with explanations and documents you have to back these to the agencies.

Now that you know how to obtain these reports you can improve your credit and clean your credit with your three credit reports.

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You can get poor credit auto loans, even after foreclosure and bankruptcy, they can be expensive, and I will explain this and show you how you can get a better deal if you clean bad credit.

After being laid off 2½ years ago I went through foreclosure as it took too long for me to find another job. All of my creditors were hounding me constantly, and I even lost my Jeep to repossession. I had checked into bankruptcy to end the constant nagging but I could not afford it. After finally getting another job I was able to pay for the bankruptcy. Not long after that I received a poor credit auto loan. Now I will tell you how I did it and how you too can accomplish this.

Payment history; since our payment history is the most important to our credit I applied and received a credit card after the bankruptcy. I made small purchases and made my payments on time rebuilding my current history.  It is imperative you make your payments on time if you want to get a poor credit auto loan.

Pay down balances; paying down your account balances is the 2nd most important in improving your credit. I only had the credit card so I made on time payments and kept my balance very low.

Showed financial responsibility; I saved money for a down payment, this helped show I was responsible with my money.

Other referrals; I got a referral from my landlord that showed I was paying my rent on time even through my layoff period. You can also get referrals from your Phone Company or utility companies. Anything you have that shows on time payments will greatly help in getting a poor credit auto loan.

After only 5 months of rebuilding my credit I went to a well know established dealer that has a special department the works with customers to get poor credit auto loans. I explained my situation and was granted my loan. As I expected the interest rate for my loan was 19%, but I had my car.

One thing I did not know about is we can put a 100 word statement in our credit files. With this they would have seen my explanation as soon as they saw my poor credit and I would not have had to do so much explaining myself.

By making your payments on time, paying down your account balances, being financially responsible, collecting referrals and being prepared to explain bad credit, you too can get a poor credit auto loan.

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You should get your one time credit report for free each year and take some time to look it over for erroneous and old information. Continue reading to learn how as this will also help clean bad credit.

All 3 credit bureaus have to send you a report for free each year if you request it. There are 3 ways to get this, download a form, fill it out and mail it in, call by phone or request it online, of these requesting online is the easiest way to get your one time credit report. Go to AnualCreditReport.com. The one drawback is this credit report will not include your FICO score; however it does include all of the information that makes up your score.

If you don’t know your score and want that also you can still get a one time credit report by signing up for a free trial basis offered by many different sites. You can get your free score and report this way.

Now that you have your report let’s look at some quick fixes to improve your credit using your one time credit report.

•    Pay down credit cards; paying down account balances is important and paying down credit cards have a lot of effect on your credit. Also use your cards lightly; heavy use of your cards will hurt your score even if you pay down the balance each month.
•    Check limits listed on your one time credit report; if these are lower then your actual limit most card issuers will update this quickly if you make them aware of it. Also if you have old cards you are not using a lot of issuers will stop updating to the bureaus so go ahead and use that card occasionally.
•     If you have been a good customer; a creditor may be willing to erase that single or occasional late payment.
•    Search your one time credit report for errors. Late payments, charge offs, collections, anything that is not yours. Also negative items older then 7 years (ten for a bankruptcy) as these should have automatically been taken off.

Send these with explanations to the credit bureaus to be removed.

Some common mistakes; don’t ask for lower credit lines, this reduces debt to credit ratio. Don’t consolidate accounts; it is better to have smaller balances on a few cards then a big balance on one. Don’t apply for new credit if you already have plenty.

Now that you know what to do with your report and how to use it to improve your credit score it is time to act and get your one time credit report now.

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Learn how to get mortgage loans for bad credit, you can find out how in five minutes. Use the information here to assist you in getting your mortgage loan and learn how to clean bad credit.

If you previously applied for a mortgage loan and were turned down or know you will have problems with normal lenders, you can go to a specialist lender who is prepared to give mortgage loans for bad credit. You will still need to meet certain criteria though. And you should be prepared to pay higher interest and payments. You will need to show that you are capable of making payments and you may need to be able to explain that the credit problems are of the past which may need to be backed up with a recent history of making payments on time.

Also for mortgage loans for bad credit your homeowners insurance will cost more. For instance, my friend and I bought a house as a fixer upper and I received an insurance quote. Thinking it was high he received a quote from the same company and it was 30% less because he had much better credit then I did.

Now we will take a look at what you need to do to get mortgage loans for bad credit if you do not have a recent history of good credit. We will look at how to manage your finances for creating good credit history and how to clean up some of your past credit history.

Make your payments on time as this affects your credit rating the most and will be most beneficial in getting mortgage loans for bad credit. Second, pay down your balances, make your credit card payment on time and do not use the available credit.

If you don’t have your credit report there are many online free trial offers for acquiring this. Look it over and make a note of any incorrect entries, duplicates and non solicited inquiries. Send these to the credit bureaus along with explanations and any supporting documentation you have to support your claims. You will receive the response within thirty days, if any corrections are made you can get a free updated report. This will improve credit and help you in getting mortgage loans for bad credit.

Tips; if possible get a referral letter from your landlord. And you can put a 100 word statement in your credit file. Use this to explain past problems, laid off, divorce, unexpected expenses, etc.

Clean up your recent credit to prove you can properly manage your finances by making payments on time, paying down balances and cleaning erroneous entries in your report. Although you may pay higher interest, you can get mortgage loans for bad credit.

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You can improve credit report scores yourself. It will take time and persistence. This article has some insight on how you can clean bad credit on your own.

How do I get my credit report?

In order to improve credit report scores you need to know what is on your credit report. Equifax, TransUnion and Experian are each required to supply a credit report for free each year. There are three ways to do this:

1. Go to www.AnualCreditReport.com.

2. Call (877) 322-8228.

3. Go to www.ftc.gov/edu/resources/forms/requestformfinal.pdf and fill out this form and send it in to: Annul Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348.    

There are 5 areas you need to look at to improve credit report scores.

1. Your Payment History is the most critical to improve credit report scores. Late payments can be detrimental. Make payments on time. For delinquent accounts it is best to be pro-active. Most companies will work with you to make payment arrangements and reduce late payment reports. If too serious, you may want to contact a legitimate, non profit credit counselor. Avoid the quick fix scam artists.

2. The amounts you owe are the second most critical to improve credit report scores. If your debt-to-credit-limit ratios are high, this will drive your credit report score down. Pay down your credit cards and avoid using them.

3. The length of your credit history. Only time will help credit histories less then three years. Manage finances wisely and do not open a lot of new accounts.

4. The types of credit you are using. A balance of both credit cards and installment loans can help your credit report if the credit cards are used wisely.

5. New credit. Multiple credit inquiries in a short time can hurt your credit score. Checking your own score will not lower your score.

One and two make up 65% of your credit score. Three through five make up the remaining 35%. Properly managing these will improve credit report scores.

You can improve credit report scores by monitoring your payment history, reducing the amounts you owe, properly spreading out the types of credit you are using and avoiding new credit.

Make your payments on time, be proactive on delinquent accounts, contact a counselor if needed, pay down balances, and avoid new accounts, especially if you have credit problems in the past. Improve credit report scores, it can be done.

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Getting a free business credit report is much harder then getting personal free credit reports. I will provide an easy guide that will allow you to get your business credit report so you can clean bad credit.

Since most small businesses do not receive payment for their products or services till after they are delivered, they must finance these up front. Therefore bad credit can be detrimental to a small business. Follow these simple steps to get a free business credit report.

The first step; using your business name apply for a loan or credit card. You need a denial to finish these steps so try for a loan you believe you will not receive. Try one that says they will give instant decisions so the decision is received right away. If you already have a recent denial, that will work for getting your free business credit report.

The second step; waiting for them to turn you down, unless you already have a letter of denial. This will tell you the credit agency they used for their decision.

The third step; send a letter requesting your business credit report along with the letter of denial to this agency.

The forth step; wait for the arrival of your free business credit report, this should arrive in thirty days.

Now that you have your free business credit report, let’s look at some ways to clean up your company’s bad credit.

Making your payments on time is very important. If you are going to be late be proactive, contact your creditor right away before the due date. If you have made timely payments in the past most creditors will be willing to work with you in setting up a new schedule for your payments or extending your due date. Sometimes this will include additional charges and or higher interest rates. Most companies will continue to work with you if you can adhere to these new terms.

Now let’s look at your free business credit report and see if we can clean bad credit contained within it. If you find any errors, duplicates or unsolicited inquiries you can improve your credit by cleaning these from your report. Circle or highlight each one and write letters of explanation for eac. Send these along with any supporting information you have to back your claim to the credit agency and wait 30 days for the reply.

By making your payments on time, being proactive if you are going to be late and cleaning errors from your report you can improve your credit using your free business credit report you now have.

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I can fix my credit report by myself! In the next five minutes you can find out how to clean bad credit by challenging erroneous entries.
 
1. The first step to fix your credit report is to note the items on your report you believe to be incorrect. Circle or highlight these.
 
2. Next send a letter to the credit agencies; this will initiate an investigation into the incorrect items. Include a copy of any supporting materials you have. The address can be found on your credit report. You CAN fix your credit report with a relative small amount of effort.
 
3. You need to send the materials by registered or certified mail. This way you will have proof they were received as the agencies have a limited time to reply.
 
4. You also need to send these to the creditors. Since often the address for disputes is different from the billing address, you need to look at your billing statement to find the correct address. Taking a little time to write these letters will go far in your efforts to fix your credit report.

If the dispute has information which is personal, like your current address, then you will need to include verifying information such as a copy of your driver’s license or utility statement along with your letter. Upon the start of the investigation they will contact the creditor to verify the information regarding the dispute. If not verifiable it has to be removed. Once the investigation is finished the agency must mail you a copy of the changes for free.

If any of your disputes are resolved, you are allowed to ask the agency to mail a new report to anyone who has received your credit report in the last six months. Not only will this help fix your credit report, if you were turned down recently this may get you that credit you were seeking.

Tip: You should contact the creditor and allow some time before submitting your dispute to the bureaus. Hopefully the creditor will have corrected the problem before you need to send it to the bureaus.

If the report comes back stating the original report data is correct, they have to provide details which include the name, phone number and address of the one who made the report. Double check the address you used to send to the creditor. You should start another investigation if you do not agree. This will continue your efforts to fix your credit report.

If you put forth a little effort in writing and sending some letters, being persistent and patience allowing some time and following through when necessary you WILL be saying, “YES!  I can fix my credit report!”

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There are several ways I can find my credit score. It is easy and free, I will explain how now. This is the first step needed to clean bad credit.

If you have recently or are currently seeking credit as in a mortgage or car loan you can ask them for your score after you have given them permission to pull your credit. I always request this; after all it’s a free way to find my credit score!

If you already know, or can obtain your score, you can get your credit report from the credit bureaus. They are required to send a copy of our credit report each year for free. There are three ways to do this.

1. Go to www.AnnualCreditReport.com and request it here.

2. Call (877) 322-8228.

3. Go to www.ftc.gov/edu/resources/forms/requestformfinal.pdf and fill out this form then send it to: Annul Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348.    

If you already have your credit score this is sufficient as your score is not included with these reports. If you do not have your score already you will want to look at other ways to find your credit score and report.

The bureaus along with many other web sites offer credit scores and reports for free on a trial basis. They also offer other useful services like notices anytime a negative entry is added or an inquiry has been made to your report. These can be an excellent resource to find your credit score. And if you do not want to pay for the services you can cancel during the trial period keeping your current report and score. I use one of these services and it is nice to know right away when something is posted. They will send me an alert via e-mail.

This should have answered your question, “How do I find my credit score?”

Now that you have your credit report, here are 5 areas which can improve your scores.

1. Payment history is the most critical. Make payments on time.

2. Amounts owed are the second critical. Improve your debt-to-credit-limit ratios by paying down balances.

3. If your credit history is less than 3 years it will improve with time, manage your credit wisely.

4. A balance of credit cards and installment accounts will help.

5. Multiple credit inquiries in a short time can hurt your credit score. Checking your own score will not.

Once you find your credit score and report you can improve credit by making payments on time, reducing balances and balancing the types of credit used.

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Following are some important information to assist you to clear bad credit. By reading and following the information below you can clean bad credit.

Your credit history shows lenders how well you take care of your credit. It gives them insight to how well you may be at making your payments on time. Information concerning your financial history, credit card accounts, installment accounts, bankruptcies, foreclosures, repossessions and tax liens are in your credit report. The three credit reporting agencies that keep this information are TransUnion, Equifax and Experian. You can be turned down for a loan or credit, or pay high interest rates and payments. You can clear bad credit by implementing the following information.

Make payments on time. If your bank has bill pay, use this great tool to insure your payments are being made on time. Making late payments will damage your credit most so be sure and take care of them. Paying down balances is also very important to clear bad credit. Reducing your balances will improve your credit/debt ratio. Another way to improve this is to request a credit limit increase on your credit cards but do not use them. This will improve your credit/debt ratio. And help to you clear bad credit.

If there are errors on your report you need to contest these with the credit reporting agencies along with a copy of the error, an explanation and any supporting documentation you have. If there are duplicates on your report you need to highlight these and send them to the agencies. Also, if there are unsolicited inquires you need to contest these also. Send to the agencies with an explanation. You should receive a response within 30 days. After any of these are fixed they are required to send you your updated report. These are easy ways to clear bad credit.

If you do not have a credit card and cannot get an unsecured credit card, you should look at getting a secured credit card. Secured credit cards will report to the credit agencies, thus helping you clear bad credit. With timely payments a secured card often will lead to an unsecured card. DO NOT call a 900 number for these. These 900 numbers will charge two dollars or more just for you to put in your application and they will keep you on the line as long as possible.

Make your payments on time; use bill pay so you don’t forget, lower your balances and request credit card limit increases and clean errors on your report. Also get a secured credit card if you do not and cannot get an unsecured credit card. You can clear bad credit by adhering to these.

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Have a question? Just contact me at  A Nebwalz @ clean ingu pcredit.net

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