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Credit Education

Having been an underwriter for over 20 years in the consumer finance, mortgage and vehicle financing arenas has helped open my eyes in understanding how to read the single most important financial documents in your life. Your Credit reports! You might have negative items-inaccurate or otherwise-dragging down your score this can result in problems getting financing, service through insurance or utility companies, and now even getting a job. If you are fortunate to get approved for a loan or a credit card, your interest rate and other terms could be less than desirable if your credit isn’t good enough.

Here are five tips for cleaning up your credit report to potentially bring up your score and open financial doors in the future:

1.) Pull Your Credit Reports

It’s great that you can get your FREE credit report from Equifax, Experian and Transunion once per year (Annualcreditreport.com). This method would allow you to see your credit once every four months but the problem is that you don’t get to know what your scores are and you don’t see a side by side comparison with the other bureaus in one sitting, This is very important as every bureau could report different items and it doesn’t help if you can’t see a clear picture off all three bureaus to see where the errors lie. With our professionals at Next Level Credit we can get you the full picture of your credit with all three bureaus so you can take command of your credit right away.

2.) Lower Your Credit Utilization Ratio

One of the biggest contributors to your credit score falls in the amount of available credit you have. Most people don’t know that they should strive to keep their debt to limit ratio around 30–40% of their limit. For example, if you owe $700 on a $1,000 credit card this puts your debt to limit at 70% and forces huge changes to your score. A simple solution is to ask for an increase with your creditor. Changing the limitto $2000 puts it to 35% without paying anything.

3.) Take Care Of Collections

Oversight or plain disregard of debt can lead to a collection. Many times there are errors in billing or even Identity Theft that cause an account to show up on your credit. A misconception is that calling and paying the debt will let it automatically come off your credit. The REALITY is that many collection accounts are sold to agencies for pennies on the dollar and these companies often don’t follow the laws to properly collect this debt. They also don’t follow the necessary protocol to get the item removed once paid. With our guidance at Next Level Credit, we are able to discern the best course of action for each item and get your credit reflecting properly to get rid of those eyesores.

4.) Go Through Your Credit Reports Line By Line

In October 2017 there were 317,200 complaints to the CFPB (Consumer Financial Protection Bureau). Of these, 85,000 had credit reporting problems and it could be much higher as many don’t report to the CFPB. When looking through your credit line by line look for the following:

A. Creditors who reported incorrect accounts as being charged off or in default

B. Accounts you don’t recognize AND Addresses or names you’ve never used

C. Inaccurate reporting of late payments

D. Judgments against you that weren’t issued

Next Level Credit can come in to do the work for you and make sure it’s done right!

5.) Challenge Any Errors

Under the Fair Credit Reporting Act, you have the right to challenge an item on your credit report and if the creditor or reporting agency can’t verify the item’s accuracy, it must be removed from your credit report. You’ll get a written summary of the results usually within 3–4 weeks after the process is complete. If the credit report is changed you will be provided with a new free copy. Through our credit enrichment program we make sure that the process is done correctly and not considered Frivolous by the bureau which can delay the positive results from happening.

Next Level Credit LLC & www.nextlevelcredit.net

are owned by Jimmy Rios who has over 20 years in the mortgage and lending arenas and is also a licensed Real Estate agent with EXP Realty teamed up with his wife Sylvia Rios as his credit manager this “Boutique” mom and popup company is now in Maricopa where this family moved to in July 2021 and willing to help the community in any possible way.Jimmy or Sylvia Rios O: (480) 935–6049 C: (480) 341–2901 [email protected] [email protected] www.nextlevelcredit.net

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