Credit report repair is the top priority on the minds of people who want to make a new purchase. It could be a car, a new mortgage loan or personal loan. Time being of the essence, it is important that you are aware how to repair your file in the minimum time possible. This time could range from anywhere between 2 months to 6 months.
Reduce Your Balance to 30% of Credit Limits to repair credit report:-
Pay down any credit cards you have and keep the balance under 30% of your available credit limit. When you use 40% of the credit limit on a card you start to lose your credit score. As you use more of your available credit limit, your credit score goes down proportionally. Always keep the balance on around 30% and make sure to pay it off every month. Ensure that your credit card company is submitting the correct picture to the bureaus and not showing that you are using 100% of your available limit. Many companies in the past were guilty of showing the used credit as the available credit. You should be aware of this fact.
Dispute and rectify the ‘Aliases’:-
By aliases, I mean you happened to open account at one card company and then with similar name at another. Many different names make you look risky and lower your score. Many different names could make it a lot more likely that someone else’s name could match with a few letters of yours and can be confusing. Their negative information could be reported on your credit report. A simple letter stating that these are not your names and requesting deletion should do just fine. Make sure that you mention your full name, social security number and address in the letter to the bureau so that credit bureaus can identify you correctly.
Dispute the accuracy of accounts that have late Payments:-
Late payments are like worse when they are very recent and can affect your credit score adversely. If these late payments are inaccurate then you can dispute them. To dispute late payments you need to write a letter that states 3 things. Firstly the name of the creditor and the number of the accounts you are disputing. Secondly, the reason for dispute and finally what would you want the credit bureau to do. Ask for details about opening date of the credit account, name of creditor and other missing or erroneous information. 30 days is the time that the bureaus get to come back to you on this.
One Final Important point:-
Act now to check out more on how to improve credit score in 2010.
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