Clean Credit Report - Three Step Process
If you are looking to clean up your credit history then you're likely already suffering from high interest rates and paying unnecessary fees
. It's quite amazing if you take a moment to sit back and think about how much money is wasted due to having a low credit score.
If you are ready to put an end to the days of wasting your hard-earned money on avoidable expenses then follow the instructions below. Get started clearing up negative information on your credit report and getting the credit score that you really deserve.
1. The first thing you must do before anything else, is get a copy of your credit reports. You need to get a copy of each one of your reports. This will total three credit reports (Experian, Equifax, and Transunion).
It is vital to have a current and updated copy of your credit report before you start trying to clean up incorrect information. The primary reason it is because when you file a dispute or challenge information on your credit report you must make sure you the correct information with the correct credit bureau.
Once you have all three of your credit reports, if you take a moment to compare the information contained on each, you will be shocked at how different it is. The reason it will be different is because not every lender is going to report your account information to all three of the credit bureaus.
A very well kept secret is that if you dispute the wrong information with the wrong credit bureau, then that credit bureau will red flag your name. It is speculated the credit bureaus will then see any future dispute attempts on your behalf as frivolous and ignore them.
2. The second step to clean credit is to challenge incorrect information by filling a credit report dispute. This is your way of communicating with the credit bureaus and telling them that a listing on your credit report is incorrect and needs to be fixed. You will need to file a credit dispute with each credit bureau.
In other words if you have an outstanding debt and have a collection on your credit report, then you will have to file three separate dispute requests, one with each credit bureau. When the credit bureau receives your dispute and deems the dispute to be valid, they will conduct an investigation.
When the credit bureaus investigate they will contact the creditor that has reported the negative information about your account and ask them to verify the account, the dates on the account, and the amount owed. If your account is verified and has incorrect dates or balance due, then the credit bureau will update that information.
The more likely scenario is that your account will not be verified when the bureau investigates. If this is the result then the credit bureaus must delete the item from your credit report according to Federal Law. This same Federal Law is what gives you and every consumer the right to challenge any information on your credit report.
Cleaning up your credit report has been shown to be one of the fastest and most effective ways to improve your credit score. This is because you are improving your payment history which is an incredibly vital piece of information used when your credit score gets calculated.
According to FICO one of the largest credit scoring business, your payment history is 35% of your overall credit score and the largest influence to your overall score. If you are looking to clean up bad credit and stop paying the high expense, personal expense, and even potentially professional expense then take action today.
We continue to hear more employers are checking job candidates credit records prior to employment and while having bad credit in the past only meant a lot of wasted money and a lower quality of life. It is abundantly clear that in today's job market it could be the difference in your job, income, and future wealth too!
by: Arnold Totelesky
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