Fixing Credit Report Errors.

Fixing Credit Report Errors.
After taking the first step of obtaining a free credit
score report, the next most common step to improving your
credit score is to correct any errors that might be
present. Strangely enough, errors do occur, and it is well
worth taking the time to dispel such inconsistencies. You
must carefully scrutinize the report in order to correct
things like account numbers, names, wrong information, as
well as items that are out of date. The last error type is
the most common mistake and when corrected can have an
important impact on your score.

There are guidelines that regulate how long certain kind of
information can be recorded in your credit score. For
example, most undesirable information that is over seven
years old may be removed. This includes lawsuits,
judgments, paid tax liens, accounts dispatched for
collection, records of criminal activity (other than
convictions), late payments, and even child support and
many other pieces of possibly adverse information. This is
great news for those that have blemishes on their credit
report from years ago. These things will not show up
forever. Even insolvencies that are older than ten years
can be dismissed from your score. Getting rid of this
outdated undesirable information can have an immediate
impact on your score, especially depending on the severity
of the problem.

It may seem silly, but it is just as important to check
things like your Social Security number, name, address,
phone number, and information concerning your occupation.
These mistakes might be outdated or simply entered
incorrectly. These errors actually do occur. In the same
way, errors also occur concerning your involvement with
certain accounts. It is possible that suits or credit
accounts that do not belong to you show up on your credit
report. This is also true of accounts that have been paid
in full. Sometimes these accounts may not have been updated
and still show an outstanding balance.

By filling out a request for reinvestigation form or
writing a letter, you can correct these errors that are
detrimental to your overall credit score. You should, as
carefully as possible, reference every inaccurate or
outdated piece of data that appears on your report as well
as describe why that information is incorrect. The
reporting agency will then investigate those items and
contact you within 30 days to notify you of any changes.
This process may also be expedited if you are trying to
qualify for a mortgage or car loan. This is known as a
rapid rescore.

Once you have rid your free credit score report of any
incorrect information, you can then begin to add positive
information. This might be through a new loan, a secured
credit card or simply making responsible payments on the
accounts you already have. By double-checking your credit
report for errors you might save yourself a great deal of
time in the task of recreating your credit merit.

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It is very important to know what is on your Credit Report,
because there could be errors on it. In order to know, you
must pull a current copy of your Credit Report. Go to
http://www.my720fico.com to obtain a current copy.