How to Clean Your Credit Report
Credit reports play a major role in our lives. We live in a world where we buy now and pay later, and without good credit the harder it will be for someone to get the things they want at the time they want it.
For example, in most cases people don’t have the money to buy a home, so what they do next is to apply for a loan and borrow money from the bank. But banks don’t just hand out money for just anyone.
Creditors want to be ensured that the person borrowing their money is reliable enough to pay it back and the best way for creditors to know is viewing their credit report.
Your credit report lists valuable information such as your financial history and personal information.
Creditors will be able to view your billing payments, credit card accounts, current leases, and look up your criminal record.
After reviewing your report, they will be able to evaluate and make well-informed decisions whether or not you’re financially responsible enough to borrow their money.
How to Fix Your Credit Report
But what happens when you have a history of making late payments and bankruptcy filings?
When creditors don’t think highly after reviewing your credit report, the number of available options you have is limited and you won’t be able to pay for the things you want.
Good thing there are ways to clean up and improve your credit score. By Florida laws, you have the right to file a dispute to any credit reporting agency and correct any information you deem necessary.
The first step is to request the most recent copies from the consumer reporting agencies and review the entered information.
Although requesting credit reports generally cost money, you should be entitled to a free credit report from the agencies every 12 months.
Thoroughly examine public information about you such as bankruptcies, liens, and remove your criminal record.
Your credit history will be detailed as well which lists your leases, mortgages, loans, and credit card accounts.
Once you identify the information you want to correct or remove, contact the credit reporting agencies listing and make the revision requests on the basis that they are inaccurate or outdated information.
When agencies have received your dispute file, they are required to verify the addressed information within 30 days of receiving the form. Once they verify the requested information, they must delete it from your report.
Even though changes may be small, they can make a large impact on the overall impression of your credit and ultimately give you a more fulfilling life.