Here are some basic tips and credit score repair tips that will allow you to maintain your credit report and protect your financial future.
Everyone has heard that they should guard their credit report, as it is very important. Many people tend to forget about that warning until they are denied for a loan and then suddenly, their credit report becomes the most important thing in the world to the, Maybe it was not an error on their part but rather that they were a victim of identity theft. To make sure that you are on the right track you will want to review what is typically found on a credit report and understand the precautions that you can take.
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.
If you have liens or judgments against you with the court system, this information will be found on your credit report as well. This would include taxes, divorces, judgments, and bankruptcies.
There will also be a section on your credit report that lists all the inquires made on your report. Each time you apply for a credit card or a loan, the creditor will pull your credit report and this will be marked on your report. The only time this is not noted and counted against you is when you pull your own report.
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.
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.
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