Getting Started With Cleaning Up Your Credit
The current economy amplifies the importance of having a clean credit report, particularly when the best rates for new home loans are usually only offered to those with a credit rating of 750 or above.
Not too long ago a credit score of 620 was considered good and anything above 700 was excellent; today's definition of a good credit score is above 700 and an excellent score is even higher. Keeping up with the increasing standards of lenders leaves many Americans looking for a way to increase their scores.
The first step to cleaning up your credit is to order a copy of your credit report from all three major credit reporting agencies: TransUnion, Equifax, and Experian. You are entitled to a free copy of your credit report from each credit bureau once a year. Take time to thoroughly scan each report and not rely on your report from just one credit bureau, as incorrect listings could appear on just one report, and each report does not always report the same data.
After examining each credit report and noting the damaging items you feel are inaccurate, you can write a credit dispute letter to each credit bureau disputing the item, enclosing any evidence you have that the item needs to be updated or removed.
The credit bureau then attempts to verify the disputed item within 30 days by contacting the credit company in question. The information furnisher is tasked with verifying the listing. If they fail to respond (something that happens with regularity) or are unable to prove the listing is correct, the listing should be corrected or completely removed from your credit report. Keep in mind that the credit bureaus can add the information back onto your report if the credit company verifies the information even after the 30 days has passed.
Persistence Is Necessary When Cleaning Your Credit
Persistence, patience, and time are frequently necessary when working to clean your credit reports since it can take multiple letters to get the results you are looking for. It is because of this that many people turn to expert help from the many reputable credit repair companies operating today. In fact, Lexington Law, the leading provider of credit correction services for American consumers, reports that 40 of clients attempted to repair their credit themselves before enlisting the help of the firm.
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