When it comes to improving your credit score, simple is usually BEST.
The simplest tip for most people to implement in order to see an improvement in their credit score is to show stability.
How do you show stability?
Easy by making sure that the personal information section on your credit is up to date. Which means removing old addresses, employer information, and phone numbers. This also means making sure that there aren’t multiple versions of your name on your credit report.
Why does it matter?
- To the credit bureaus stability equals trustworthiness. When you have multiple addresses on your report it communicates to the bureaus that you are someone who doesn’t have any roots, which translates to being hard to get in contact with.
- Having multiple names on your credit report means you have a higher chance of being a victim of identity theft or of having inaccurate information that is not yours reporting on your credit report. Family members with a similar name (ex: John Smith Sr. and John A. Smith Jr.) may see accounts that may not be their own on their reports.
- Sometimes the only thing holding a derogatory account such as a charge off or collection on your report is old personal information. There is no law that prevents a debt collector from adding information to report without a social security number. They just have to show that the debt is associated with you, an old address can be the only thing holding that negative account on your report.
Interesting Fact: 79% percent of credit reports have some form of inaccurate and unverifiable information reporting.
How to remove old personal information from credit report
- Send a certified mail request to the bureaus.
- Give the bureaus a call requesting the old information to be removed
The most effective of the two is snail mail because it leaves a paper trail. Here are the items required to make an effective request:
- Letter: A clear letter requesting that every old and inaccurate personal information be removed/ Request that all phone numbers be removed and old employer contact. List the proper spelling of your name, correct address, and employer information (optional). Use a letter template
- Copy of your Driver’s License (with the correct address listed)
- Copy of your social security number