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Clean Credit Report Maintenance

Clean Up Your Credit Report

Clean Up Your Credit Report

I’m all about making more money, living better and taking advantage of the opportunities around you. However today I wanted to focus on the deeper things associated with life. As the sun starts to shine brightly and the days get longer, many people are beginning to come out of their winter shell.

However before you walk away from the comforts of spring, I encourage you to take a little time and do some spring cleaning. Most people spend time spring cleaning their homes but that’s not what the type of cleaning I am talking about. I am talking about a financial cleaning, more specifically. I am talking about cleaning up your credit report.

Below you will find an article I found that explains the importance of cleaning up your credit report.

Spring Cleaning for Credit Reports
Step one for cleaning up your credit report is to get a hold of it. You are entitled to one free credit report from each of the three credit reporting agencies per year (Experian, Equifax, Trans Union). Simply visit AnnualCreditReport.com or call 1-877-322-8228 to request yours.

If you see any errors or old information, get it removed. You can send a written letter of dispute to any of the credit reporting agencies. They are required to investigate your dispute, correct any proven mistakes, and respond within 30 days. Confirm the corrections in your report by getting an updated copy. Then send the results of the investigation to the other reporting agencies.
Get help from your creditors. Filing a dispute with the credit reporting agency can delete unverified information about debt, but not if the creditor insists that you owe them money and verify that fact with the agency. Now, you have to convince your creditor that there is an error.

Supply whatever proof you may have to your creditor. If it’s insufficient, then you may have to agree to pay part or all of the debt, immediately or in installments. If so, be sure to get written confirmation of the agreement, and that the negative information will be deleted. Find out if the creditor will contact the agency to make the correction, or if they will just not verify the information when contacted by the agency.

Be sure that bad information is removed when it should be. The following information should be removed after 7 years:
Accounts sent for collection or charged off.

  • Lawsuits and judgments.
  • Paid tax liens.
  • Most criminal records.
  • After 10 years: Bankruptcies.
  • Stays forever (indefinitely): Criminal convictions.

Positive information
Clean up public record information. Information in your public record can sometimes be the most damaging. This includes arrests, convictions, judgments, foreclosures, tax takings, and liens. The best way to remove such information is to start at the source. That would be the government agency providing the information to the credit bureau. For instance, you might come to an agreement with your creditor to remove a default judgment against you if you enter into a repayment plan. The court will remove the default, you can dispute the information in your report, and the credit bureau will have to remove it.

Explain damaging information. You can send a statement to the credit bureaus explaining damaging items. Now, they are not required to include the statement in your report, but they might agree to do so. For example, if you were sick and unable to work, and your creditor agreed to postpone your payments, then the bureau must include a statement as such. Keep your statement short. You can also explain your delinquency to your lender directly. Federal law requires that creditors at least consider your explanation.

For Your Convenience:

EQUIFAX Credit Information Services

P.O. Box 740241, Atlanta, GA 30374 – 0241

1 – 800 – 525 – 6285

www.equifax.com

TRANS UNION Corporation

Fraud Victim Assistance Division

P.O. Box 6790, Fullerton, CA 92834 – 6790

1 -800-680-7289

www.transunion.com

EXPERIAN

P.O. Box 9532,

Allen, TX 75013

1-888-EXPERIAN (397-3742)

www.experian.com

 

Source: http://www.consumercredit.com/articles/spring-cleaning.htm

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