Credit Report Repair
A lot of people are going through financial issues at this time and in most cases, it affects their credit report in a derogatory way. However, these individuals usually don’t know that they can fix their financial woes by investigating what is on their credit.
After learning about what is on your credit report, you can provide proof of full payment to the credit bureau to show that the item should still not be on your report. However, even though you may have paid the company in full, their reporting to the credit bureau may be slow and that is why you need to take matters into your own hands.
The Fair Credit Reporting Act allows you the freedom to see what is itemized on your credit report and be able to challenge it with the company that reported it. You will be able to see if there are any erroneous items reported that may or may not belong to you.
The major credit bureaus are Equifax, Transunion and Experian. Each credit bureau has its own criteria for tabulating your FICO score. They are always different and so it is important that you do check all of them to find out what your average credit score is. What is a FICO score? It is a score between 300 and 800.
This score determines the nature of your financial status in light of applying for a loan from a financial institution. The lower this score is on your credit report, the more unlikely banks will want to lend to you without charging a higher interest rate.
What is included on a credit report?
You can find considerable amount of information about someone using their credit report. It gives your full name, current and previous addresses, if you filed for bankruptcy, if you had or have a foreclosure and how you pay all of your bills.
The alarming fact about this is that any consumer reporting companies can sell your information to financial institutions, employers and insurance agency without your knowledge.
You are allowed to get a free copy of your credit report once per year. To apply for it, send your name, social security number and birth date to all three credit bureaus and a copy will be mailed to your current address.
Don’t get caught by fraud
There are a lot of imposter companies that promise to clean up your credit
report for exorbitant fees. Stay away from these companies. You can make real
attempts to fix your credit by yourself. All you need is a letter of explanation
about the items that you are questioning along with any proof that you can
provide.
Important things to remember:
1. You can get a free credit report annually
2. You can fix your own credit
3. Be sure you always know your FICO score
Get Your Free Credit Report
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