If you are over the age of 23 and don’t have a credit score, you know how frustrating this can be.
No one will give you a chance because you don’t have a credit history and they have no idea what kind of credit risk you are. You don’t have a credit history because no one will give you a chance!
It can seem like an endless circle and you may feel like there isn’t much you can do to fix your credit score situation.
This can be even more frustrating if you have applied for and gotten department store credit cards, gas cards or credit union loans in hopes to establish credit, only to find out that these creditors do not report to the credit bureaus.
Sometimes smaller lenders will not report to the credit bureaus, because they bureaus have limits on how many accounts you must hold in order to be eligible to report directly to them. On top of this, the bureaus charge lenders to be able to report to them and the lenders have to pay for software to manage the reporting process. For a small creditor, it just may not make sense.
If this has happened to you, don’t give up hope!
Assuming these accounts have been managed properly and aren’t over their credit limit, you can get them manually added to your credit file.
You will need to either call or write all three credit bureaus. Don’t make the mistake of just contacting one and assuming that it will automatically be added to all three – it doesn’t work that way! A general rule when dealing with credit, is that it is almost always best to deal with everything in writing.
The credit bureaus may charge you a small fee to investigate the account, but it will be worth it if the result is establishing your credit history.
It is important to note that this is NOT something you need to hire a company do for you. Yes, there are companies who advertise this service, but there is nothing that they can do for you that you can’t do for yourself. Unless you have more money than time, it just doesn’t make sense.
Once you have contacted the credit bureaus, they will contact the lenders directly to verify the information that you have provided. You want to make it as easy as possible on everyone, so provide as much information as you can in your initial contact with the credit bureaus. Be sure to include the date the account was opened, account number, mailing address and phone number on the account, your social security number and of course your name! If you are dealing with the credit bureaus via mail, then it is a good idea to provide a copy of a statement from the creditor as well.
It will typically take the credit bureaus 30 days to look into your account. If all goes well, at the end of the 30 day period, you will have a credit history!
For more information on how to fix your credit score and help fixing credit score, please check out my free video with my #1 insider secret for credit repair!
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