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Credit Report Errors Fix-Ups

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By : Vicki Hat    99 or more times read

In United States, credit scores are important. This is basically a person's reputation. If you have good credit scores, people looking at the rating would perceive you as creditworthy or even trustworthy, not only financially but also in other aspects. But most of the time, it is your lifeline in obtaining loans. That is why people are fighting to have good ratings at all times because they do not want to stain their record. Credit scores are calculated based on credit history. Depending on your creditor, every transaction or payment you make to them would be taken into account. This will then be reported to the various credit institutions such as Equifax, TransUnion and Experian. They will be the ones who will keep your credit record updated at all times.

Use of Credit Scores

During credit investigation, lenders will dig up your records. If you are so sure that you have made on time payments and if you have enough credit on file, then you would definitely have no problems in obtaining loan. Your credit scores could be at a satisfactory level, which is enough for you to be granted a loan with lower interest rates.

But in reality, even a person who has always made timely payments could still end up with a bad score. This is because, certain records on file may have been reported erroneously. Sometimes, it could be case of mistaken identity. Perhaps, a creditor may have mistaken you for another person that credit reporting got mixed up. This could create a problem because even if it was done unintentionally, this could still impact your scores.

That is why there is a need for repairing your credit reports. The least thing you want to happen is to be delayed in obtaining loan or additional credit. Aside from that, repairing your credit reports is your key to get the most economical deal in town.

The Repair Process

Before you can do any repair, it is a must that you know what to repair. Hence, the first step you need to take is to obtain a copy of your credit report. You can obtain it from the 3 major credit Bureaus at a certain fee. However, you can also obtain it for free, since all Americans are entitled for a free annual report as established by the Federal Trade Commission.

Once you see the details of the report, you can start identifying incorrect entries. If you have discovered errors, you can write to the credit bureau and request for correction. Together with the letter, you must have proof that could invalidate the report. On the other hand, you can also contact the creditor, who made the report and challenge them. Upon your request, your creditors should verify it and if found correct, they should also communicate with the credit bureau and ensure to have the entry corrected.

There are other means to correct your credit report. Aside from challenging errors in reporting, you can also maintain your promptness in settling your debts. This way, you can maintain happy creditors, who will also be happy to put a good word for you.
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