You must be vigilant about checking your credit report to make sure that you don’t get slapped with errors, mistakes, and negative incorrect listings. In one study, it was found that 79% of all credit reports contain an error.
If you have good credit, it is key to keep these mistakes from showing up on your credit report. Alternatively, if you have been the victim of identity theft or are suffering from bad credit.
The very first step to fixing credit, is to get a current and updated copy of all 3 of your credit reports. You can get a free credit report from each of the 3 credit bureaus (Equifax, Experian, and TransUnion) by visiting Annual Credit Report.
This is a website set up by the government and regulators within the industry. If you contact the credit bureaus directly (Equifax, Experian, or TransUnion) to request a free copy of your credit report, they will refer you to this website.
You can, however, request your free copies by phone and through the mail. You can call 1-877-322-8228 to make your request or you can submit a request form by mail:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
The request form is available at the website to download. If you request by phone you will have to go through a verification procedure and it will take about 2-3 weeks for you to receive your reports.
If you have already gotten your free copies in the past 12 months. You will have to pay a minimal fee to the credit bureaus directly. You can visit each of the major credit bureaus and purchase your report at a reasonable cost.
Once you have collected this information you need to thoroughly examine the listings on each report. Identify any items that are incorrect, inaccurate, questionable, or an error. This is potential information that can be removed.
The Fair Credit Reporting Act entitles you to dispute any listing on your credit report, that you believe is inaccurate. Some reasons for credit report disputes include:
- Not my account
- Debt is passed the statute of limitations
- Incorrect dates
- Incorrect balance
- Account is paid
- And many more
On a side note, a great way to raise your credit score is by erasing derogatory listings on your credit reports. You can also remove negative items by settling any old outstanding debts with collection agencies. Warning, you must do this the correct way.
One of the biggest mistakes folks make is by just paying old debt collections. This will only change that listing to a paid collection which is still bad credit.
It is important to keep up with your credit reports. This information all but determines your credit score. That single three digit number can cost you hundreds of thousands of dollars over the course of time.
There are many federal laws that have been passed to protect you and your rights. Don’t let them be violated by debt collectors, lenders, or the credit bureaus.
Your credit score is a lot like your average in school days past. If you’re acing all your classes but failing gym class it’s going to blow your over all average. The same principle applies to your credit score, and this is why we must clear credit history negatives, errors, and derogatory items.
We encourage our members to consider professional, affordable, and legal credit repair companies to help. Because in 2016 alone, over 9 million negative items were removed from consumer’s credit reports.
One of the best firms is The Credit Pros. They’ve helped client’s successfully remove late payments, collections, charge offs, judgements, liens, and many more negative credit report items.
Get a free credit consultation with a certified FICO professional by calling toll-free 1-877-418-7596. And for more tips, techniques, and strategies on how to repair your credit with Dan Willis, sign up for our free newsletter and join our congregation.
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