Mr. R came in for first loan counseling. He stated that his goal was to purchase a house in 6 months. At this time a tri-merge report was pulled. His report showed:

• He had no active trade lines of credit
• Had 5 outstanding accounts
  • 2 collections totaling $2,009
  • 3 collections that were paid off but had not aged off.

Credit Scores:

TU: 513

Experian: 572

Equifax: 592

The loan counselor at  Justine Petersen told him how important it would be to get good lines of credit onto his credit report. It was suggested that Mr R open a Credit Builder loan, available through Justine Petersen and then open a secure credit card from a trusted bank.

Mr R. came into Justine Petersen to open a Credit Builder Loan, he stated a week prior he opened a secured credit card from U.S. Bank. Mr R noted that he was in the process of switching jobs. A credit report was not pulled at this time. 

Mr. R came in for a follow-up loan counseling. A TransUnion single report was pulled and Mr. R's credit score had jumped 106 points! He is an example of what good lines of credit can do to a report. 

Next steps: The loan counselor sent out dispute letters to TransUnion for two collection accounts that were not Mr. R's.

Credit Scores:

TU: 619

Experian: 633

Equifax: 649

Mr. R's credit report was pulled at Justine Petersen and both of the disputed collections were taken off his account. Mr. R and his wife had since moved into a larger apartment and realized that before they buy a house, they wanted to improve Mrs. R's credit report so that they could get a good loan. 

TU: 635

Experian: 630

Equifax: 623

Learn more about Justine Petersen and their Credit Builder Loans.