Bills don’t factor! The credit system is broken but with proper knowledge and understanding you can conquer the broken system
Our Credit System is Broken!
In our opinion, one of the most frustrating examples of the broken system is the way that
utilities, medical bills, cell phones, rent, and other items report. Or to say it better, don’t report.
They Don’t Report
Have you ever noticed how paying your cell phone, or any bill NEVER benefits you in your credit score? You better believe if you DO NOT pay them, they will shred your credit report and score like pulled pork in the form of brand new collection accounts. Seems fair, right? NOT!
Now I know what some of you are thinking, what about Experian Boost? Experian Boost is largely unknown by the majority of the algorithms (mathematical equations to calculate score). In other words, the credit score calculation is not familiar with the unknown reporting from the Experian Boost. Nobody truly knows how those accounts will positively or negatively impact the score. Not to mention, even if the algorithm did know how to interpret those accounts, it would only be benefiting you on Experian. There are THREE credit bureaus folks. Almost Useless!!!
The moral of this story is…
Make sure you build positive credit with things that report to all 3 credit reporting agencies. HERE is a good resource of ones that we recommend.
You also want to make sure you stay on top of cancellations and service transfers. This is important for rent, utilities, internet and cell phone bills, etc. The best thing to do after moving or cancelling a service is to keep in contact. This wil ensure that your final bill is cleared and showing a $0 balance. Verify all equipment is returned to the service provider. Over the years we have seen many credit scores suffer as a result of not returning cable/internet equipment. Always ask for proof of return of equipment and use your smart phone to snap a few pictures.
Remember, the credit system is broken but with proper knowledge and understanding you can conquer the broken system and financially thrive!
As Always… In case you haven’t yet, here’s how you get started.
Tap or click here to get your $1 credit report.
We’ll need it to do your credit analysis.
This is for a $1 seven day trial.
You can cancel it in the first seven days if you want, but we need this as a first step, in order to help you.
You will get a login and password for IdentityIQ, when you set up your $1 trial.
Go to this page on TheCreditMovement.com.
Share your username/password for IdentityIQ in the form on the page.
We are here to help you buy a home. We will introduce you to a lender once you will qualify for the loan you want.