Erase Bad Credit - Erroneous Bad Credit Items May Be Keeping You From Getting a Loan

A good credit score can make life smooth for you whereas a bad score can make life hell

, so leave no stone unturned to eliminate the tarnished image. Credit history represents the credit worthiness of a person and helps banks and credit card companies determine the interest rate to associate with the loan disbursed. Actually the difference in the interest rate offered on the loan can help you gauge the importance of credit score in and around your life.

While it is important to identify the negative items in the credit report and eliminate the inaccurate occurrences, it is also important to understand the parties interested in the score. A typical report would have name, address, date of birth and social security number under the personal information. Credit history shows how long has the account been used, the amount of debt and the payment details. The public records hold an important place comprising of court records, credit inquiries from various sources. Those who are interested in some sort of business can obtain the permission to check your report. Some of them are -

Employers

Insurance agencies

Collection bureau

Landlords

Inquiries from interested parties are listed in the credit report and an excessive inquiry on your account might have a negative impact as well.

A score below 500 is typically classified as bad credit score, a range of 500- 600 rated as poor and 600-650 considered as fair. If your score is above 650 it is considered a good score and anything more than 700 is definitely great. A negative item can exist on your report for 7 years with an exception of bankruptcy, which continues for 3 more years. However if these items exist for more than the stipulated time period, you can rightfully challenge it. On the other hand a positive item can remain on the report forever. If you find an unverifiable item on your report, do not hesitate to raise a dispute. Send a letter to the credit bureau highlighting the items that you consider as inaccurate and needs correction. The credit bureau takes 30 days time to investigate and correct the erroneous records. The benefits of a high score are not temporary but can be harvested in the long run, so any effort invested to maintain it is worth the time and money.

Do you want a 700+ Credit Score? Many items found on credit reports are disputable and can be completely removed and eliminated, returning an attractive luster to your credit score. Contacting a reliable credit repair company can put you back in control of your financial future.

Erase Bad Credit - Erroneous Bad Credit Items May Be Keeping You From Getting a Loan

By: Benjamin Axel

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