Category - Credit Repair
Learn How to Handle Inaccuracies on Your Credit Report
Having a high credit score can make it easier to be approved for loans, rental agreements or even to get a job. If you notice that your credit score has plummeted unexpectedly, you need to take steps to rectify the situation right away. The following guide provides pertinent information you need to know about credit repair.
Many people assume that credit repair refers to fixing poor credit or building initial credit. This isn’t the case, though. Credit repair eludes to repair damage that has been done to your credit through inaccuracies. This can only be repaired by having the inaccuracies removed.
A credit report is a report that is created to show creditors, landlords or even employers your credit status. It can say a lot about you and you want it to be as high as it can possibly be. Having a low score on your credit report can insinuate that you’re irresponsible and untrustworthy. There are times when creditors report inaccurate information to the credit bureaus due to improper filing, paperwork not being filled out properly or simply because someone has a suffix that wasn’t added to their name when it should have been.
Learn more about your credit report.
Remove Credit Report Inaccuracies
Look over your credit report closely. You can get a free copy of your credit report from each of the three credit reporting bureaus each year. You want to check to see if there is any inaccurate information on the report. If there is, annotate the information about it, gather proof to show that it is inaccurate and attempt to contact the company that provided the inaccurate information to have them correct it.
Companies can file amendments to any filings that they make to the credit reporting bureaus if they know that mistakes have been made. They may require you to fill out some paperwork, but it will be well worth it if you can get the inaccuracy off of your record.
Click here to learn more about removing inaccuracies from your credit report.
Credit Repair Scams
It’s important to know that there are times when companies won’t take the time to correct inaccuracies. When this happens, you can hire a credit repair company to help you. It’s important to avoid credit repair scams , be sure that you work with a well-known, trustworthy company. Do research on them before providing any of your personal information. There are scam companies that will take your personal information and ruin your credit even worse than it already is if you aren’t careful.
It’ll take time before any inaccuracy is erased. It’s best to check your credit score on one of the free online credit score checkers every few weeks to see if the inaccuracy has been removed. If you go a month or more without hearing anything from the company or the credit bureaus when you try to rectify the situation on your own, take the next step and hire professional credit repair agents to tackle the problem for you. Once the credit repair company gets involved, it shouldn’t take long for the problem to be fixed.