More Than A Number

If you have been turned down for employment, a credit card, or loan due to your credit history, it is a good idea to examine your credit report and make changes that negatively affect your score. It is important that consumers know what each bureau has on his or her credit history. (The three credit bureaus are Equifax, TransUnion and Experian.) After examining the reports, consumers should take these steps:

Step one: Examine reports carefully.
Many consumers find that errors are listed on credit reports from major credit bureaus. Bureaus simply generate reports based on information creditors supply them. If a creditor sends a credit bureau mistakes, they show up on the individual’s credit history. Finding these inaccuracies is the first step to resolving them to repair credit score damage.

Step two: Dispute errors.
A consumer should dispute any errors on his or her credit report. This requires notifying the credit bureau of the error and asking that it be corrected. Individuals should make a note of all correspondence they send. The credit bureau is required to investigate any relevant dispute within 30 days. Those who need fast credit repair often turn to a credit counselor to complete this process more quickly.

Step three: Correct any habits reflected in accurate negative marks.
It is advised to resolve the following issues as soon as possible to raise a credit score: errors in late payments, numerous credit inquiries, too many open credit lines, and a high ratio of balance due to total available balance. Events such as foreclosure or bankruptcies do cause long-term damage. (Even this damage is eventually removed from a credit report and can be repaired.)

Consumers anxious to get on the road to credit recovery can start quickly by paying their bills on time and avoiding taking on any more debt than they already have. For individuals who need assistance in reviewing or correcting a credit report–or who need more detailed advice on steps to correct a credit score, it is recommended to contact reliable credit repair specialists–these are experts who work to provide guidance to consumers each day to help them raise credit scores.