Participants gather at Southern Eatery last September 17 for the free Credit Repair Workshop hosted by the Marshall County Chamber of Commerce
On Wednesday, September 17, 2025, at 6:30 p.m., 15 participants gathered at Southern Eatery in Holly Springs, MS, for a one-hour credit repair class led by expert presenter Mr. DeWayne Mitchell.
Author and credit expert DeWayne Mitchell facilitates the discussion for the Credit Repair Workshop
This session provided valuable information on understanding and improving credit scores, offering attendees the tools needed to take control of their financial futures.
Key Takeaways from the Class:
Credit Scores Explained:
Introduced in the US in 1998, credit scores range from 300 to 850.
Participants learned how to pull their Beacon/FICO scores without affecting their credit report through trusted platforms like myfico.com and Experian.com.
Credit Reporting System:
The Federal Trade Commission (FTC) regulates all credit reporting agencies, ensuring they report accurate information to the three major credit bureaus: Experian, Equifax, and TransUnion.
Know Your Accurate Credit Scores:
True credit scores are provided by trusted lenders, such as banks, vehicle dealerships, and mortgage lenders.
Accessing scores from platforms like myfico.com and Experian.com ensures no impact on credit reports.
Credit Requirements for Bank Loans:
A credit score of 740 or higher is preferred for a favorable loan application.
Lenders typically look for a debt-to-income ratio of 40% or lower when considering a loan.
Effective Credit Strategies:
Utilize credit cards to generate income. Participants were encouraged to search for credit cards that offer cash back or reward points.
Regular use of credit cards, even when you can pay with cash, can help build credit and accumulate rewards.
To boost credit scores, it's essential to pay down credit balances to 6-10% by the cycle date.
Understanding Credit Score Ranges:
740+: Excellent (A+ or A1) credit
690-739: Good (B) credit
640-689: Fair (C) credit
639-: Poor (D) credit
Removing Erroneous Items from Your Credit Report:
Participants were encouraged to email DeWayne Mitchell directly (askmemysecrets@gmail.com to with "I don't want to be stuck!" in the subject line) to schedule a session for help in disputing inaccurate information on their credit reports.
Action Items:
Review and monitor your credit reports and scores regularly.
Strategically use credit cards to boost credit and accumulate rewards.
Keep an eye on your debt-to-income ratio, aiming to keep it at or below 40%.
Consider seeking professional help to remove any inaccurate items on your credit report, but be cautious of agencies that charge a percentage of your debt along with a representative fee.
Next Steps:
Follow up with Mr. DeWayne Mitchell for further information on his credit repair services and pricing.
Begin implementing the credit strategies discussed and track your progress weekly to improve your credit health.
This class proved to be a valuable learning experience for all those in attendance, offering practical advice for improving credit scores and financial well-being.
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