The Importance of Your Credit Report
Ronald Pedactor is a former creditor and has worked in the credit bureau business for 16 years. He recommends (http://www.SwiftCreditRepair.com) to repair bad credit.
Let’s face it. In today’s world there is credit offered everywhere.
From your local grocery store to showing up in your mailbox. Many people have poor credit because they’ve borrowed too much.
Some people have poor credit due to circumstances out of their control. Like medical bills, or deaths in the family, or divorce.
There are ways to fix your credit and it all starts with your credit report. Once you understand what is there, you will have an idea on what to fix.
First and foremost, get a copy of your credit report, knowing what is in your credit puts you in control, you need to find out what it is that you need to repair. You can obtain a copy of your credit report from any of the tree major credit reporting agencies: Equifax, Trans Union, and Experian.
It is a good idea to get a copy from all three agencies or obtain a consolidated credit report, especially if you are thinking of buying a house or refinancing. Many mortgage companies will use data obtained from all three agencies when reviewing your credit history.
Review your credit report thoroughly; make sure to correct any errors and incomplete information. By doing this, you are making sure that your credit history is accurate and that your credit score is correct.
When reviewing your credit report, pay particular attention to the reason codes, so that you can improve them. Your credit score might be accompanied by a maximum of four reason codes which are alphanumeric codes set by FICO to understand how and why you received a particular score.
Learning these codes is fundamental in the improvement of your score later on.
Correct Errors on Your Credit Report.
Make sure that all the information in your credit report is accurate and complete, if you had already paid off an account and it is still showing; check that the balance appears as zero. Look for these items in particular:
Incomplete or wrong name, address or phone number
Wrong social security number or birth date.
Missing, wrong, or outdated employment information
Incorrect marital status – showing single when married or vice versa
Bankruptcies older than 10 years or not identified by the specific chapter of the bankruptcy code.
Judgments or lawsuits older than seven years.
Delinquent account older than seven years or that omits the date of the delinquency, paid tax liens older than seven years.
Credit applications older than two years.
Credit histories for someone with the same name or similar social security number.
Premarital debts of your current spouse attributed to you.
Lawsuits you were not involved in.
Wrong account histories, such as a debt shown as past due when it was discharged in bankruptcy or a late payment note when you paid on time.
Paid judgment, tax or other liens listed as unpaid.
Closed accounts still listed as open.
Accounts closed by you, that don’t indicate “closed by consumer”
Incorrect aliases
Things to remember:
Accounts paid off can still be showing on your report, but they must indicate that you’ve paid them off.
Information about accounts you share, or used to share, with a spouse will be listed in both your reports.
Even if you had paid off a past-due account, the old negative information will remain on your credit report for up to seven years after you have finished reviewing your report and you have collected all of the wrongful data, fill out the request for investigation that came with your credit report or type a letter describing every problem.
Mail your form or letter to the address provide by the agency for disputing information. Make sure to included copies of any documents you have that support your claims. Corrections to your credit report might take up to 30 days to take effect.
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