Clean Credit

PhotoPlanning on moving this year, or applying for a loan? You’ll want to check your credit report before contacting your lender. But what happens if, upon review of the document, you discover it contains information that will negatively impact your credit worthiness; what can you do to improve your standing in the eyes of creditors?

First, check your credit report for omissions and errors. If you notice any errors, write to your reporting agency, outlining the reasons for your disputes and requesting that they investigate your claims. Be sure to enclose copies of any supporting documentation. The credit bureau will investigate your claims by contacting your creditors to verify the information you’ve supplied.

As for negative entries in your report that are accurate, know that bankruptcies and other entries such as late payments will remain on your report for a number of years. For accounts that have previously been past due, but which you’ve since paid off and maintained — they might comply if they see you’ve been handling the account positively.

Be persistent with both the creditors and your credit bureau in finding the source of any incorrect information and getting it rectified. If a correction can’t be made, you can request that the credit bureau include a brief explanation of your version of events next to the entry in question. Make sure the reporting agency sends you an updated report to confirm all the changes.

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