Cleaning Up Your Credit Report TODAY!
It is significant that we understand what is a credit report? A credit report shows an individuals credit history. Preparation of the report is done by the credit bureau. The report consists of personal information such as Social Security Number, previous and current addresses, and employment history.
Don’t get baffled by the fact that credit reports retain that negative credit history for seven years denying you access to loans and difficulties when purchasing a prime property. After filing bankruptcy the records are stored for ten years.
How to Clean Up Your Credit Report
Cleaning up your credit report annually is of utmost importance. Arranging your account books in order by getting rid of outdated information, correcting wrong information and inaccurate data, Don’t be perplexed when an agency approaches you boasting of how they can boost your company’s credit score, just ignore. This is a D.I.Y exercise.
Step one: Get all your credit reports onboard.
There are various credit report agency’s (C.R.A) which offer credit reports for free or either at a small fee. The popular agencies being TransUnion, Equifax, and Experian.
You should get reports from at least three top agencies to compare the emerging discrepancies from the results annually. This will guide you when cleaning up your credit report.
Step two: Read through the report.
Start by reviewing the reports step by step as provided for by each company. Ensure you mark any inaccurate information you come through.
Step three: Note the anomalies
Having read through the credit report, you should create a list of all the inaccurate, unfilled or incomplete information. For example, if you find that you closed an account recently and it is still operational you need to note that.
Step four: Filing Dispute.
This is the last step on how to easily clean up your credit report. Having listed all the errors you can find with the current credit history filing a dispute with CRA is the last solution.
A dispute can be filed either online or by sending a letter to the CRA. The top three companies above allow online dispute. After filling a dispute online ensure that you check your mailbox to confirm the agency received the complaint. Also, keep checking out what the response will be with regard to your case.
If you file the dispute via a letter ensure you have the correct set of address. Take at least a week waiting for their response.