How To Clean Up Your Credit Report
By Ronnica Rothe
If you are looking to make a big purchase like a house or a car or want to apply for a card for any reason, the prospective lender or creditor will look at your report to see if you qualify. Whether or not they allow you to borrow the money needed for the item or give you to spend will be based on what they see on your
credit report-to.
The first thing to do is pull a copy of your report. The three main bureaus are required to give you a free copy of your report each year. These reports will not include the score, but will provide you with the other information provided to lenders who request your information. Information on your report with each bureau might be slightly different, so it is good to check each at some point in the year.
After you have pulled your report online, review it to see if there are any inaccuracies. Make sure that each account listed is correct. If there is a wrong item on their, you will need to contact the bureau through their simple online reporting tool. Good items can stay on your report indefinitely, but most negative items can only be on there for 7 years. Chapter 7 bankruptcies can stay on your report for 10 years, and unpaid tax liens can remain for up to 15 years. If you find that a negative item has stayed on your report longer than the designated time, you will want to make sure to report that to the bureau as well. If you have any problems with one report, make sure to check your reports with the other two bureaus to see if they have the same inaccurate information.
There is no legal way to remove accurate information. Any company or individual who promises to do so for a fee is probably scamming you. The best way to fix bad is to focus on building good credit. While negative items can remain for seven years or more, they will have less impact on your score as time goes on. By practicing good habits in the future, you will be able to show that the problems in your past do not truly reflect your current financial situation.
To find out more specific ways to
improve your credit and find out ways to escape from debt, talk to a counselor. A counselor can review your report with you and explain why items are good or bad, and what can be done to improve your in the future. A good counselor has experience with the ins and outs of reports and can provide you with the appropriate financial analysis.
Once you have actively taken steps to
improve your credit, you will find that you will qualify
for better loans and offers from companies. Of course it is important to continue using your positively so to keep your decent.
Article Source: http://www.articles-galore.com
Ronnica Rothe is a graduate with honors from the University of Oklahoma and a current student at Southeastern Baptist Theological Seminary. She works with pfni.net to help individuals get out of debt and reach their financial goals.
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