Discover Important Information on Credit Score Repair
Here are some Credit Score Repair Basics to help you protect and maintain your credit profile.
Most of us have been told at one time or another that the credit report is something of extreme importance. What is reported on that paper will determine whether you get a loan that you need. Even if you have always paid your bills on time, you could be a victim of identity theft, which will affect your financial situation in one way or another. By learning what you will typically find on your credit report, you will be better equipped the look through it all.
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.
Each credit report will have a few different sections. While your name, address, employer name and social security number will be on the credit report, information such as your race, salary and net worth will not. There will be a section for lines of credit, both open and closed account. This would include credit cards, mortgages, car loans, and anything else that you are making monthly payments to. For each debt that you owe, there will be information for the amount you owe along with your payment history and your total credit limit.
The court system also reports to the credit agencies. Generally, these reportings consist of divorces, judgments, liens, and bankruptcies.
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.
It is obviously to your benefit to keep your report clean. Negative information will remain on the report for 7 years if you do nothing about it and a bankruptcy is on your credit report for 10 years.
Since there is so much that you have to watch for, including someone trying to steal your credit or incorrect reporting, you need to make sure that you understand how to view your credit report. Search your report and look for any errors that need to be addressed. It is completely your responsibility to monitor your credit report and fix errors as no one else is going to do it for you.
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