Looking closer at the details of how credit scores actually work.

Credit Score Components: Payment History and Amounts Owed make up 65% of your credit score and are the most important areas to focus on.

Smaller Credit Score Components

Credit History Length: 15%

New Account Activity: 10%

Credit Mix: 10%

A Quick Review of All The Credit Score Components

The Truths Behind the 5 Biggest Myths About Credit Scores!

How to securely check your credit score online for free using Credit Sesame or Credit Karma.

Links (Click Through to Access)

Credit Sesame

Credit Karma

Credit Sesame's most important features:

1) Credit Score

2) My Debt

3) Credit Monitoring

Use AnnualCreditReport.com to check your credit reports from all 3 credit bureaus, once a year, completely for free.

AnnualCreditReport.com is the only site completely created and authorized by the credit bureaus to issue you your credit report for free.

How to read your credit report

1) Identify Negative Items

2) Look for Explicit and Implicit Issues

3) Save Your Report!

Improving Your Credit Score

Takes a bit of work and some time, but the rewards are well worth it!

Credit Score Research: Use the credit report you pulled from AnnualCreditReport.com to research your problem areas.

You can also use Credit Sesame to find possible issues that might not be explicitly stated on your credit report (like lack of payment history or high utilization %).

Get Errors Removed by Disputing Them!

A) List of Mailing Addresses of Credit Bureaus:

1) Experian Mailing Address

2) Transunion Mailing Address

3) Equifax Mailing Address

B) Sample Dispute Letter

C) Sample Dispute Reasons (See downloadable materials)

D) Information to Provide When Contacting Credit Bureaus (See downloadable Materials)

Removing Late Payments

Creditor are not required to remove late payments, however you may find success when asking nicely, by phone and by mail. See the downloadable materials below for a sample request letter.

Collections Accounts

These have a strong negative effect on your credit score. Getting them removed can be difficult, the rewards are worth it; usually a large boost in your credit score.

Removal methods are complicated, and you need to research them more before taking action. Please consult a lawyer if you are not familiar and comfortable with using any of terms in the resources below.

Sample Pay For Delete Settlement Offer

More Credit Repair Information: Credit Info Center

Building (and ReBuilding) Credit

1) Secured Credit Cards: Secured Cards from CreditCards.com

2) Authorized Spender

Cure High Utilization:

1) Pay off balances before end of month

2) Request Credit Limit Increase

3) Pay with cash or debit

4) Open new card

Thanks for taking the class!

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