Credit Reports And Credit Repair Tips
By Ronnica Rothe
Having a
bad report can affect your current interest rates and your ability to apply for further or loans. It is a good idea to know what your report contains, as this is what potential lenders see when they consider you as a candidate for a loan whether it is for a house, car, or other item.
The first step you need to take in examining and fixing your is to obtain a copy of your report. The three major bureaus are now required to provide you one free report each year, through the website annualcreditreport.com. Though each bureau might have slightly different information about you, each report should be more or less the same.
Once you have obtained a copy of your report, look it over for accuracy. Most negative items are only allowed to stay on your report for 7 years, however bankruptcies can remain for 10 years and unpaid tax liens can remain indefinitely after they are posted to your report. If there are any negative items older than that, you need to dispute it so that they will be removed.
Also, make sure that all items are correct. Because negative items are more likely reported than positive ones, it is possible that there is something beneficial missing. Check that all the accounts that you have stayed current on are listed. If not, dispute it so that they will get listed. Also, sometimes items have been reported inaccurately or have been inappropriately attributed to you. These also need to be disputed.
It is relatively simple to dispute an item on your report through the specific bureau’s website. After filing the dispute, you will hear back from the company with an updated copy of your report. If it is not fixed completely, it will then be time to file a dispute by mail with documentation. Make sure to save a copy of everything you send.
There is no need to pay a repair service to help you out. There is nothing that they can do that you can’t
do easily for yourself. Anything more that they promise you is most likely illegal and not actually beneficial.
If you want to find out more about what on your report is helping or hurting you, talk to
a counselor. They can weed through your report and provide you with steps you can take in the future to improve your credit. A counselor can show you ways to improve your score by making positive history to offset the negative items you have in your past.
If you have card accounts that are reaching their limits or ones that are delinquent, a debt management plan and counseling might be right for you. It will allow your accounts to stay current and action to be taken to lower your debt, which are positive factors. Such counseling can be beneficial to your
history as well as provide you with information that can help you avoid bad debt in the future. Knowing what is on your report can help you determine what steps to take to improve your financial situation.
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 Personal Financial Network (pfni.net) to help individuals get out of debt and reach their financial goals.
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