ADDITIONAL TIPS FOR IMPROVING YOUR CREDIT SCORE
In addition to the logical things that affect your credit score, like late payments, collection accounts, and number of accounts open, number of inquiries, etc., there are 3 areas that DO affect your score. The bureaus will tell you this does not; however, when I removed this information from my report, my score improved about 25 points. Another reason, you do not want this on your report is for your security & privacy protection.
Tell the bureaus that you do not want this information to be listed on your report or that is not accurate and to remove all address information. Trans Union is cool about removing this. Experian will give you some flack but if pressed they will remove most addresses. Equifax, you will have to write a letter and may have to send several times to get them off your record.
For privacy reasons remove all employment information, both current and previous. Tell the bureaus that you do not want this information to be listed o your report or that is not accurate and to remove all employment information.
Finally and most important, your AKA (Also known as) Names. Make sure that you only apply for credit using one version of your name, and that only one version of your name is listed on your credit report. For example, you could have your name listed as follows:
John Smith
John D. Smith
John Doe Smith
Jonathon Smith
Jonathon D. Smith
Jonathon Doe Smith
When exploring these 3 items on your report, you may notice that the credit grantors may have mistyped, or misspelled your address name or employer, creating additional listings on these fields. Remember a computer creates your score, and just looks to count how many entries there are for these items.
Resistance From Credit Bureau Associates
Transunion is a breeze, you can even take care iof this online. You may get some resistance from Experian & Equifax/CSC bureaus when requesting these items to be removed. Experian has the worst policy about this, not worth the fight with that bureau (Experian) Worth your time with Equifax/CSC, You must be firm and adamant that for security and privacy reasons, you do not want this information published on your credit report. You may have to speak with a supervisor. Remember your “middle” score is what counts, so 2 out of 3 is still a win for you.
“Street” Tips & Aggressive Tricks
#1) When you are added as an authorized signer on another person credit account, their credit history will sometimes show up on your report in as few as 3-5 days. Make sure to get added to an account that has excellent payment history for a long period of time, and most of the credit is available (not maxed out). You can get as many of these types of accounts added to your report. If you have 2 bad accounts, you might want to get 4 to offset & overcome the negative histories.
#2) If you have some collection items to pay off, negotiate with the collection company & see if they will give you a letter that says the account will be deleted instead of satisfied. Remember, the collection agents mostly work on commission and might be able to cut you a deal. A collection agent is not supposed to be able to offer this, so you may have to hang up and try to talk to a different person on a different day to get this deletion. You might want to offer a little more than what is required. The deletion is well worth its weight in credit score compared to a paid or satisfied collection item. Make sure you get this in writing (fax or mail only, email does not count)
#3) call your old closed accounts and see if you can get late payments removed. It is worth a few phone calls. Remember hang up and call back until you get a person that can help you get what you need.
When Lenders Compete For Your Mortgage Your Credit Score Can Drop
Although credit bureaus say that inquires for new credit made within a 30 day period for the same category of credit will not cost you any additional points, there is still a chance multiple inquires can lower your score. Pick one bureau that you like working with and purchase a credit report with all 3 bureaus & scores listed. Currently I like Transunion’s www.truecredit.com credit monitoring for all 3 bureaus. When shopping for a mortgage with several mortgage companies, each time your credit is pulled, your score can drop as much as 2 or 3 points (Although per the credit bureaus, your score should not drop, whatever…).
These inquiries stay on your report for two years. Before making a decision on which lender you will use, do not let anyone pull your credit report. Offer them a 3 bureau report from one of the credit bureaus or go to www.AnnualCreditReport.Com & get one for free. (this site is actually sponsored by the credit bureaus, stay away fro other sites offering you a free credit report, they are usually selling you many other products
Opt Out – Avoid Being Triggered
Trigger products are part of a suite of services offered by all 3 Credit Bureaus which use credit data to identify potential consumers for solicitation purposes. Like when a lender broker & or banker pull your credit, your name & contact information is then marketed to & sold to other mortgage providers to contact you about your loan. Nice!
How to avoid being triggered? Go to www.optoutprescreen.com or call at 888-5-OPT-OUT (888-567-8688). Also contact all 3 Credit Bureaus directly & request to be removed from any & all approved offers of credit and insurance.
Consumer Statement on Your Credit Report
Before granting any credit, please call “your best phone number” to confirm and validate my authorization. This little sentence can help prevent identity theft. Usually you will have to request this kind of statement to be added in writing, but it is well worth the trouble.
Credit Monitoring Service
Whenever something good, bad or different happens to your report, you will be notified by email with a credit monitoring service. All three bureaus offer this service & I have enrolled in all of them. This is another tool to help prevent identity theft and help you keep up to speed with what is on your report. Currently I recommend http://www.truecredit.com & get signed up for ALL the 3 bureau monitoring. It is expensive, but there is a 30 day free trail period, so if you hustle, you can get your work done before the 30 days is up, then cancel.
For a free credit report once per year please see link below:
www.AnnualCreditReport.Com
(Equifax for Texas) CSC Credit Services / Disclosures
P O Box 619054 Dallas, TX 75261-9054
(800) 759-5979
www.csccredit.com
Special Fax#: Attention Priority Mortgage Pending
281-504-0485
Experian / Attention: Consumer Assistance
P.O. Box 2104 Allen TX 75013
(888) 397-3742
www.experian.com
TransUnion / Attention: Consumer Assistance
P.O. Box 2000 Chester, PA 19022
(800) 916-8800
www.transunion.com
Special Fax#: Attention Priority Mortgage Pending
Must have a TU file# xxxxxxxxx
610-546-4606
Fair Isaac Credit Score Hotline (800) 777-2066
e-mail CBHelp@fairisaac.com
Please feel free to call me with any questions along the way.
Good Luck!
Samuel K Cowen
Your Mortgage Professional
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