Written by Debra Bigler on Sunday, 13 April 2014 10:33 am
When you’re thinking of tidying and reorganizing your linen closet all the way to your garage, don’t forget about your credit report. Your credit history is your foundation to financial success and stability.
Who looks at your report?
The information in your credit report is what scoring companies such as FICO use to generate your credit score. Your credit report and your credit scores determines everything from how much you pay for a loan or if you can even get a loan at all. It also generates the amount of insurance premiums you pay all the way to having a potential employer hire you.
Don’t wait till the last minute
Only paying attention to your credit report when you’re about to make a big purchase such as a house or a car is not the way to go. According to a 2013 U.S. Public Interest Research Group study, 89% of surveyed credit reports have inaccuracies. You are responsible for correcting inaccurate, incomplete and derogatory information in your report.
Any issue that takes time to sort out only creates a headache if you’re racing the clock to secure a loan. Get a head start by going over your credit report now. You need to check it periodically so you can catch and fix any issues right away. Consider credit repair in order to get your credit report ‘cleaned up’ and in order.
You need to know what is reporting
The specific steps to credit repair depends on what’s on your credit report. Before you can start to repair your credit report, you need to order your report from all 3 bureaus so that a review of your report can be made and put a plan in place to stop the derogatory reporting. Credit reports show what accounts are in good standing as well as include an explanation of the accounts that are negatively affecting your credit. The negative reporting accounts need to be repaired and removed so you can have a fresh start with your credit reports.