Here are some Credit Score Repair Basics to help you protect and maintain your credit profile.
All of us have probably been informed that our credit report is a very vital document. Its importance will increase if we have been denied a loan and realize that we must repair it or if we have been a victim of identity theft. Below you will find what is typically on your credit report and some precautions you can take to prevent identity theft from happening.
First its vital to obtain copies of your report from all three credit bureaus. A excellent 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.
You also need to know that the reports will have a few different sections. Remember, there is nothing on there about your race, salary or net worth. Therefore, everything that you are being judged by is simply your payment history. In the first section, you will find the standard information such as your name, address, employers name and your social security number. If there are liens in your name, such as a car note or a mortgage lien, those will be found in another section. For each debt you have, information such as the date it was opened, the amount owed, limits and payment history will be reflected on the credit report.
The court system also reports to the credit agencies. Generally, these reportings consist of divorces, judgments, liens, and bankruptcies.
Any time you apply for a loan or charge card there will be an inquiry made to the reporting agencies. Your report will include not only these inquiries but inquiries by you. Inquiries normally remain for 2 years. Be aware of your inquiries as they can be a excellent early warning sign if someone is attempting to get credit in your name.
Of course, there is no hiding that it is vital to make sure that your credit report is cleaned up and stays that way. Each piece of negative information that is reported on you will remain on your report for seven years. Bankruptcies will remain for ten 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 know 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.