Obtaining Your Credit Report – The First Step In Credit Repair

Obtaining Your Credit Report – The First Step In Credit Repair

Your credit rating is one of the most important things in determining your economic status. With a good credit rating, you will have no problems obtaining loans, mortgages, credit cards, etc. . . So obtaining your credit report is the first step in credit repair.

A credit score is based on a rating system creditors use to help determine whether to give you credit. Also, how much to charge you for providing credit.

If you have ever applied for credit, then there is a file about you. This is known as your credit report which includes your credit score.

It is important to check your credit report for accuracy from time to time.

This file has information about you and your credit experiences, bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, bankruptcies, and the age of your accounts, collected from your credit application and your credit report.

A Step by Step Guide to Do-It-Yourself Credit RepairThere are 3 major credit bureaus that have information on you regarding your credit history if you are concerned about your credit report, and this information can be useful for a variety of reasons.

The three major credit reporting agencies are Experian, Equifax, and TransUnion.

Each of them has its own information about your credit.

Anyone that has ever applied for a loan or credit of any kind has a file at one of the 3 major credit bureaus. Since merchants usually report to only one of the 3 major credit bureaus, you may have to request a free report from all three to get an overall look at your credit report.

So if you’ve missed payments with a creditor in the past, your creditor will report this to a credit
reporting agency, which will make a note of it on your credit report.

Once you have a bad credit rating, many doors will be closed to you: you’ll be unable to obtain most kinds of loans, and without a credit card you won’t be able to shop online or rent a car.

For these reasons, it is important that you attempt credit repair as soon as possible.

The first step in credit repair is obtaining your credit report from your credit reporting agency.

Fortunately for consumers, you need not contact the three reporting agencies separately to obtain your free credit report.

You can order right online at www.annualcreditreport.com; or by calling 877-322-8228, or by completing the Annual Credit Report Request Form and mailing it:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

These credit reporting agencies hold your credit report when you’re rejected for credit: your declined credit card application, for example, will indicate which agency provided the report.

It is always your right to obtain your credit report free of charge. To do this you can visit the agency website and download an application, and then mail it, along with photocopied ID, to the agency.

You should receive your credit report through the mail in a timely fashion. Credit reporting agencies also allow you to obtain your credit history instantly online, be aware that there is a fee for this.

Whatever route you choose, in terms of credit repair it’s essential that you examine your credit report closely once you get it. You should be looking for any inaccuracies in your report.

If you find any, you have the right to request an investigation in writing from the agency.

The Dispute LetterOnce you have requested an investigation of a particular item in your credit history, the agency must respond within 30 days providing documentation of the entry in question. If they fail to do so, the entry must be taken off your credit report.

When requesting an investigation into something on your credit report, you should send any supporting documentation if you have it.

Although it is not common, in some cases the agencies make outright mistakes. Or even worse confuses your information with another customer with the same name.

If an entry in your credit history is under investigation, you may also request that the agency mark the entry in question as “under investigation” on your file.

How To Achieve A Better Credit Score

Although it can seem like a cumbersome process, it is absolutely imperative that you obtain your credit history. Do this before you attempt to repair your credit.

Without your credit history, you won’t know exactly where you stand, only that your credit is “bad.”

What you need to know is how bad credit is, and why. For example, are you dealing with a single outstanding issue or multiple ones?

How long has the problematic mark been in your credit history, and for long will it remain? Knowledge of these things is essential to begin the process of credit repair effectively.

Are you ready to improve your credit? If so, check out the resources recommended to you by Inker Street Consumer Credit Advice.

  • Household Budgeting: Will show you how to stick to your budget. So, soon you will have a monthly surplus, and you will see your savings start to grow.
  • Debt Consolidation Strategies: When it comes to debt consolidation, you need to practice techniques that are a little unique and very much focused on getting you out of debt within a stipulated period of time.
  • Debt Destroyer: Finally you can fully equip yourself with these “must-have” tools for busting debt and live a life without having to worry about debt collectors!

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