Improve Bad Credit

BILL'S ANSWER

Your score will rebound quickly, in three to five months, if these are the only two blemishes on your credit report and you have other strong tradelines on your credit report.

Most credit bureaus update their files every 90 days, or approximately quarterly. This does not necessarily mean that what you are seeking will show up in the next reporting cycle, as there are frequent delays in reporting.

According to the Fair Credit Reporting Act, all trade lines can be reported on each of the credit bureaus. However, the reporting agencies must update and keep accurate data in their credit files. If there is erroneous information, you must notify them (typically through a certified letter) and then wait one reporting cycle (90 days) for the errors to be removed.

Three major credit reporting agencies offer credit reports. If there is something you want added or removed, you should contact them directly:

To get a hold of your credit report, contact one of these three bureaus. Each bureau interprets your credit information differently, so you might want to get a report from all three.

It will be important to understand how your credit score is calculated. Your credit rating is calculated based on several variables, including: your payment history (do you have any late payments, charge-offs, etc.), the amount and type of debt that you owe, if you have maxed out any of your trade lines, and then several other secondary factors like the length of your credit history and how many recent inquiries have been made to look at your credit history. Paying off delinquent or maxed out trade-lines will almost always help your credit score.

For more information, please visit the Bills.com credit report resource and the credit score resource pages. Spend a few minutes to learn if a no-cost mortgage is right for your situation.

I hope this information helps you Find. Learn & Save.

Best,

Bill

Bills.com