In most cases where incorrect information is included in the report
, getting a letter from the creditor on his letterhead acknowledging the mistake and noting the corrections is deemed as sufficient evidence to implement changes.
However, incorporating a correction about old balances that have been paid off in full draws attention to them and may cause your scores to plunge rather than rise. There are certain records that should not appear on your credit bureau report after 7 years have passed (eg. Bankruptcy, collection suits, foreclosure etc.) If these records still appear on your credit report, re-scoring can help remove them and as a result enhance your credit scores. FICO scores sometimes mistake "authorized users" for co-signees. If you're an authorized user for a delinquent account, you could be mistaken for a joint user causing your score to drop. A correction made here will also boost your credit score.
On the downside, re-scoring will not be of any help if you're trying to do away with an item that is the subject matter of dispute with your creditor. This is because the 3 credit reporting agencies do not allow modifications to be made regarding these items. What has to be noted is that re-scoring comes with no assurances and guarantees.
Credit re-scoring can certainly help in some cases and cause a staggering increase in scores to avail of top-notch interest rates. But it should not be viewed as a miracle cure for poor credit scores. On an average, credit re-scoring can push up your scores by about 30 points. But in certain cases, tampering with the credit reports can actually cause your credit