Credit Score Repair Basics
Reviewing the information below will help you understand why you should review and maintain your credit report, using credit score repair basics.
All of us have probably been informed that our credit report is a very important document. Its importance will increase if we have been denied a loan and realize that we must repair it or if we have been a victim of identity theft. Below you will find what is typically on your credit report and some precautions you can take to prevent identity theft from happening.
First its important to obtain copies of your report from all three credit bureaus. A good place to do this is at Equifax themselves. You can get the 3 in 1 credit report – I personally monitor my Fico score as well but you don’t have to. These are the bureaus that your creditors report to and you will need to investigate all three to determine what incorrect and derogatory items you have.
The reports will have several sections. Know that there will not be personal or private information about your race, net worth, or salary included. There will be the usual identifiers such as name, address, and social security number in the first section. There will be a section related to any trade lines. These lines will include loans, mortgages, credit cards, gas and department store cards. It will give the date each trade line was opened, limits, payment history (including late payments), balances, overdrawn bank accounts, and unpaid child support.
The court system also provides information to the reporting agencies. Such reported information will include bankruptcies, divorce, judgments, and liens.
Each time you apply for a credit card, car loan, or other type of line of credit, an inquiry is made on your credit report. At the end of your credit report there is a list of all of the companies that have inquired about you. Make sure that you are paying special attention to that area, as that is an area that could warn you of someone trying to get credit in your name.
Of course, you want to do your best to keep your credit report clean. Every piece of negative information on your credit report will stay there for seven years. If you have a bankruptcy, it will stay there for ten years. .
It is important that we obtain and seriously review our reports to be aware of differences on each one, locate any and all errors. It is up to each individual to monitor his/her own profile, fix errors, and repair, if necessary.
Related posts:
- Credit Report Contents
- You Can Implement your own Credit Repair
- The Importance of Good Credit
- GOOD CREDIT IS A MUST
- The Cost of your Credit Score
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