Today, I thought I would let you in on a little credit repair secret. It seems that a lot of clients who have a bad credit score worry about things that really don’t impact their overall credit score. So instead of talking about all the things you need to do for credit restoration, I thought we would discuss things that you don’t need to worry about for a change!
1. How You Have Handled Your Checking Account– Unless your checking account has been charged off, there is no report of how this account has been handled in any of the three major credit bureaus. This means that even if you have multiple NSF’s it has no impact on your credit score. (Whew!)
2. Your Bank Balance – In the same way that your bank account history is not included in your credit file, neither is your balance.
3. Your Income — Many people think that just because they are over-extended based on their income that this will lower their credit score. While having maxed out credit cards lowers your credit score, your income actually has zero impact and does not appear any where in your credit file.
4. Utilities Payments – Cell phone cut off because you couldn’t pay the bill? Unless this account becomes a collection, it will not appear in your credit file.
5. Inquiries for Jobs or Insurance – The only credit pulls that show up in your credit file are ones that you have initialed through applying for credit. Other pulls, called soft pulls, do not show up and have no impact on your credit score.
So, now you know a few things you don’t need to worry about in your credit report repair efforts. Stay tuned for more of the best credit repair secrets! Chances are, you don’t need a credit repair program, you just need a credit education. Did you know you can get that at our very own Credit Repair College?
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