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If you find youre having trouble getting credit, whether through a credit card or a loan, then its quite likely that you have some negative entries on your credit report. North America has a handful of credit bureaus that monitor the credit of all Americans. When you apply for credit, the first thing your creditor will do is get a copy of your credit history to see whether its good or bad. And if its bad, chances are youll get knocked back.
Your credit history gets tainted every time you miss a payment to a creditor, or even if youre significantly late with your payments on a regular basis. The only way to improve your credit history is to undertake the process of credit repair. It takes time and patience, but its worth it in the end.
One of the first things you need to do is find out which credit bureau looks after your file. If you have a letter rejecting a credit application, then it will mention which credit bureau provided your credit history. Next, apply to that credit bureau for a copy of your credit history. Legally, the credit bureau must provide you with a credit history for free, even though some companies out to make a buck might imply otherwise. The only time you need to pay for a credit report is if you want to access it immediately online.
Credit bureaus exist simply to collect and sell information about millions of people just like you. Its always a good idea to provide them with the minimum required amount of information, and nothing more. All thats required for you to obtain your credit history is your name, social security number and legal address. Thats it. Some credit bureaus will ask for more information, such as your social security card, but youre not obliged to provide it. If you need to prove a change of address, send them a copy of a utility bill, rather than your drivers license. Many credit bureaus are linked with collection agencies, so if you get into trouble down the track, you want them to have as little information as possible about you.
Now that you have your credit report, go over it carefully and look for errors. If theres anything there which looks wrong, query it in writing with the credit bureau. They are legally obliged to document anything you find on your credit report. If they cant do so within 30 days, then the entry must be removed. This is precisely what many credit repair companies that like to collect big fees do - simply challenge every negative entry on your credit history. Dont pay them to do it - you can easily do this yourself. Often older items cant be verified because records arent kept that long, and so will be removed.
Pursue credit repair one step at a time, and you will find that you can improve your credit history without needing to pay a credit repair company any fees. As long as you stick to the rules when dealing with the credit bureau, you can make a positive difference in your credit score. Once you have, the next stage of the journey is making sure you stay on track and dont miss any other payments to your creditors.
Dont know your credit score? No problem obtain a free credit report online by visiting http://www.free-online-instant-credit-report.info, a popular credit report site that provides tips, advice and resources to include information on credit scores, credit reports, credit repair and resolving credit disputes quickly and easily.
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