Are you truly doing enough to repair your credit?
The fact is that a lot of people make some big mistakes when repairing their credit. That’s why I’m sharing the Top 6 Credit Repair Mistakes (and how to avoid them).
Can you imagine living life without making a mistake? How amazing would that be? Well, I’d like to introduce you to someone who’s never made a mistake in their life… I’d LIKE TO, but I can’t!
The fact is that everyone makes mistakes. I’ve made a ton of mistakes. But you know what? Mistakes are important. They’re how you grow.
But you don’t want to make a mistake that costs you valuable points on a credit score.
HERE'S HOW THIS RELATES TO US…
I see it all the time – well meaning credit heroes tending to their credit, doing all the right things. So they think. But their credit score doesn’t improve. Or they get ignored by the credit bureaus.
HERE'S WHY THIS IS IMPORTANT…
Credit bureaus want to ignore you. They want to dismiss you. They want to throw you off your goal of fixing your credit.
That’s because there is a lot of money to be made off your credit!
Don’t make it easy for them.
HERE'S WHAT YOU NEED TO KNOW…
Mistakes are avoidable. You just need to be mindful of the most common ones and stay proactive to avoid them.
So here are the Top 6 Credit repair mistakes that we see.
Number 6: Dispute Letter Mistakes
I can’t tell you enough how important your dispute letters are and should be. But too often, people send them without making sure they use clear language and state exactly what’s wrong, and exactly what they want.
I also recommend that you dispute no more than 5 items at one time! More than 5 increases the chances that credit bureaus will flag the disputes as frivolous. And then you’re fighting that, too.
Don’t give them a reason to reject your letters and slow down the process! Make EVERY single one of your letters count!
Number 5: Expecting Overnight Change
People often feel that once they start the credit repair process, they’ll see instant results to their credit score. Remember - credit repair is a process that can take months or even years. And that’s even if you’re doing everything right!
Credit repair is a marathon, not a sprint.
Number 4: Keeping Up Old Bad Financial Habits
Even after repairing their credit, a lot of people fall back into old bad financial habits.
You may go through the process, send in your dispute letters, even get things removed from your credit reports, but your score doesn’t go. A lot of times it’s because you’re still maxing out your credit cards or missing payments. The same things that got you into credit trouble in the first place.
Credit repair is not just about fixing the old, it’s about changing the new.
Pay those bills on time, keep balances low, and only apply for new credit when necessary.
Number 3: Ignoring Credit Utilization
Credit utilization is the ratio of your credit card balances to your credit limits, and it plays a significant role in your credit score.
It’s generally advised that you should keep your credit utilization below 30%. Things that negatively impact your credit utilization include making minimum payments on your credit cards and closing old credit card accounts.
But if you’re mindful of your credit utilization, you’ll aim to pay more of those balances off and keep those old accounts open, even if you don’t use them.
Number 2: Not Checking Credit Reports Regularly
Most people don’t check their credit reports regularly. You never know what you’re gonna find until you find it.
And when you find it, you can dispute it. But if you don’t check your credit reports, then you don’t know the mistakes are there.
I recommend that you check your credit report at least once a month to see if any creditors have been misreporting information, that there aren't any new accounts that you don’t recognize (which could mean identity theft), and that balances are all accurate. And if there are discrepancies, dispute, dispute, dispute.
And the Number 1 Credit repair mistake: Giving Up
Whatever you do, don’t give up! Credit repair takes time. Sometimes you don’t get the response you want from the credit bureaus or the furnishers. Sometimes they’ll send letters intentionally designed to discourage you. Or sometimes you don’t hear from them at all. 30 days can be a long time to wait when nothing is happening. But it’s important to remember that credit repair is all about pressure and persistence.
So keep challenging inaccuracies, keep paying down debts, and keep practicing good credit habits, even when progress seems slow.
HERE'S MY FINAL POINT…
Credit bureaus often stall and even reject more letters than ever before. The process can be slow, repetitive, and, in some cases, very discouraging.
They want you to get frustrated or forget about it. They’re trying to break your will. Don’t give them the satisfaction. Be persistent until they know you by name.
I'LL END BY SAYING...
If you still need a Credit Repair Cloud account, check it out. It's the software that most Credit Repair businesses in America run on. Sign up here for a Free Trial!
And if you'd like to improve your credit score and learn how to earn extra income repairing credit for others, check out our brand-new Start Repairing Credit Challenge! Doors are closing soon, and it’s completely FREE, so sign up right now at startrepairingcredit.com and keep changing lives!
So take care, Credit Hero!
And Keep Changing Lives!