Bad Credit Repair - Weed Out the Errors in Credit Reports and Improve Your Credit Score
Given the vast amount of information collated within your Credit Report, it is no wonder that there will be errors embedded within it.
According to industry members in the Credit Rating fraternity, a good 80 percent of credit reports contain errors.
The key reason why there are errors in your Credit Report is fundamental.
Credit Reports are fluid documents.
By fluid documents we mean that there are items added and deleted within your Credit Report at any point in time.
Hence, the margin of error is much higher than a static report.
In fact, mistakes can be made anywhere and it is not difficult to find a person with a similar name and the same birth date has information that has been mixed with yours.
To highlight, there are key areas in your Credit Report to check out the authenticity and accuracy.
Identifying information, which includes your full name, your current address and previous addresses, your Social Security Number SSN, date and year you were born, your current employer and previous employer, and if married, the name of your spouse.
A few misses in the SSN or a misspelling of your name could mean your credit report being mistaken for someone else.
Credit information, includes your credit accounts and loans from organizations like banks, finance companies, retailers, credit card companies and other lenders.
This category is one of the most fluid in collation of credit information, reported as they occur.
This surely gives great reason to be extra careful to cross check all credit information in your credit history.
And more so is the collection accounts category which you might think otherwise.
You should be consistently noting down how much you have repaid in terms of your collection accounts and compare the accounts with your credit report.
If you spot discrepancies within this category, rectify it.
Public record information includes any information about you which is contained in state and county court records, like bankruptcies, liens, and monetary judgements.
Most of which are considerably accurate as public documentation.
In terms of Enquiries, there seem to be a misnomer that we hope to highlight and clarify.
Understanding that Enquiries includes and applications that you have made for credit.
It has become a fact that the vast majority of inquiries are ignored by the FICO scoring models.
To highlight, the model builds in a buffer which ignores enquiries within 30 days of getting a mortgage or a car loan and the system also counts two or more hard inquiries in the same 14 day period as just one inquiry.
So start by carefully reading all the information in the credit report, and highlight any errors and inaccuracies.
All mistakes a made equal, big or small, regardless.
The most trivial errors, such as a wrong address, can be interlinked with other information held by other agencies and may lower your credit score.
So be meticulous.
You owe it to yourself to update your personal credit reports at least annually.
The amount of errors abounds as your Credit Report is a highly fluid document.
Any error in your credit reports can be fixed, without bothering to pay credit repair companies if you make the time and effort.
That said, if you need more professional advice and are not sure where to begin, it is time to look for a professional credit repair company to speed up the process.
According to industry members in the Credit Rating fraternity, a good 80 percent of credit reports contain errors.
The key reason why there are errors in your Credit Report is fundamental.
Credit Reports are fluid documents.
By fluid documents we mean that there are items added and deleted within your Credit Report at any point in time.
Hence, the margin of error is much higher than a static report.
In fact, mistakes can be made anywhere and it is not difficult to find a person with a similar name and the same birth date has information that has been mixed with yours.
To highlight, there are key areas in your Credit Report to check out the authenticity and accuracy.
Identifying information, which includes your full name, your current address and previous addresses, your Social Security Number SSN, date and year you were born, your current employer and previous employer, and if married, the name of your spouse.
A few misses in the SSN or a misspelling of your name could mean your credit report being mistaken for someone else.
Credit information, includes your credit accounts and loans from organizations like banks, finance companies, retailers, credit card companies and other lenders.
This category is one of the most fluid in collation of credit information, reported as they occur.
This surely gives great reason to be extra careful to cross check all credit information in your credit history.
And more so is the collection accounts category which you might think otherwise.
You should be consistently noting down how much you have repaid in terms of your collection accounts and compare the accounts with your credit report.
If you spot discrepancies within this category, rectify it.
Public record information includes any information about you which is contained in state and county court records, like bankruptcies, liens, and monetary judgements.
Most of which are considerably accurate as public documentation.
In terms of Enquiries, there seem to be a misnomer that we hope to highlight and clarify.
Understanding that Enquiries includes and applications that you have made for credit.
It has become a fact that the vast majority of inquiries are ignored by the FICO scoring models.
To highlight, the model builds in a buffer which ignores enquiries within 30 days of getting a mortgage or a car loan and the system also counts two or more hard inquiries in the same 14 day period as just one inquiry.
So start by carefully reading all the information in the credit report, and highlight any errors and inaccuracies.
All mistakes a made equal, big or small, regardless.
The most trivial errors, such as a wrong address, can be interlinked with other information held by other agencies and may lower your credit score.
So be meticulous.
You owe it to yourself to update your personal credit reports at least annually.
The amount of errors abounds as your Credit Report is a highly fluid document.
Any error in your credit reports can be fixed, without bothering to pay credit repair companies if you make the time and effort.
That said, if you need more professional advice and are not sure where to begin, it is time to look for a professional credit repair company to speed up the process.
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