Answers to Everyday Questions : How can I repair my credit report ?

A credit report is one of the most important factors lenders would check if you’re buying a house, getting a car or applying for a loan. To make sure you can be approved for a home mortgage, car loan or personal loan, you should clean up the negative information listed on your credit report. You can do this without anyone’s help and without spending a cent.

The first thing you need to do I obtain a copy of your credit report from the three major bureaus – Experian, Equifax and TransUnion. Each person is entitled for a free copy of the report yearly from each of the credit bureaus. You can simply request your copy from annulcreditreport.com or call their respective hotlines. This file would provide you with everything related to your finances, such as opening of bank accounts, credit card spending and other details. It would also provide negative information, such as a denied credit card application and delayed mortgage payments, among others.

Review your credit report closely. If you find inaccuracies in the report, you can dispute the information by writing a letter or e-mail to the credit bureau that gave you the report. It is best to include evidences to prove the inaccurate information with your letter. Once you have disputed the false data, the credit bureau would forward the issue to the creditor. Once proven that your credit report is truly inaccurate, the creditor has up to 45 days to change the information and remove the false details from your file.

Sometimes, creditors allow negative information to be removed even if they are correct. This happens if you have maintained a good standing with the respective creditor and you made a request to remove the details.

If you have money to spare, you may hire a company that offers credit repair, so you won’t have to go through this process. Be aware that even if you don’t have to apply for a loan or credit card, you should still check your credit report every year. Many people who have been victimized by identity theft are those who don’t regularly check their files.