Subscribe Feed (RSS)In the existing economy there are many people who have suffered credit difficulties. Everyone wants to have perfect credit but on occasion we all have unforeseen circumstances. Credit difficulties are troublesome for individuals because it can be tough if not impossible to get credit, if you do manage to obtain credit you can be charged a higher interest rate or you may have to put down more collateral than typical.
There are some actions you can take though, that can start you on the way to improved credit. The first thing you need to do is to get a credit report from each of the big three credit reporting agencies, which are Equifax, Experian and TransUnion in the United States. You can get one credit report each year for no cost from each one or you can buy a tri-merged report that has all three credit reports in one.
When you have your credit report, you will need to study it carefully for errors and inaccuracies. It has been estimated that as many as 79% of all credit reports hold mistakes and errors so it is doubtful that your report is totally accurate. You can dispute anything out of the ordinary or anything that is inaccurate.
Credit reporting agencies make their money by gathering information and selling it, whether the information is correct or not is not their worry since they get paid for the information no matter what. You are the only one who suffers if the information is wrong. You must do whatever you can to make sure that it is truthful.
The Fair Credit Reporting Act or the FCRA was enacted to safeguard consumers. It gives you the right to dispute anything that you discover on your report that you believe to be inaccurate. You have to submit a formal written dispute and after receipt of your dispute the credit bureaus have 30 to 45 days to either verify the accuracy of the information or delete it from your credit report.
As a consumer you in fact have an advantage when it comes to disputing credit listings. Since the credit companies are only paid to present information it is actually a loss to them when they have to confirm a dispute. Therefore if you put forth a good case, you have a really favorable chance of getting the information removed.
While you are disputing the erroneous listings it is also smart to start rebuilding some good credit. Make all payments on time and try to pay down the balances on any debts that you owe. A big percentage of your credit score is essentially how much credit you have available compared to how much credit you have utilized. If you want a high credit score you need to have access to credit but not be using it.
You can rebuild and repair your credit, you just need to take some actions to get started. If your economic situation such as your current income and job are in order, then now is the time to do whatever it takes to repair your credit.
To learn about bad credit repair and more about charge off credit visit 724Credit.com and don’t forget to sign up for a free credit repair course.
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