Inaccurate details in your credit report can badly affect your score. As a result, your options when obtaining new credit applications can become limited and you will not be able to entitled to the best interest rates. Keep in mind that creditors reserve their utmost deals for customers who have good to excellent credit. If you may have less than perfect rating, the interest rate of your loans and credit cards may be higher.
The beginning of the year is a good time to start rebuilding credit. How can you remove errors inside your credit file? Consider the following tips:
1. Ask for your annual free report. All individuals are eligible to receive one copy of credit report for free from every one of the three major credit bureaus (Experian, Equifax, TransUnion).
2. Fix errors inside your report. Check your credit report and see if there are errors or incorrect charges in your file.
3. Enclose copies that support your claim. In your letter, it can help to enclose copies of documents that support your claim just like receipts or written correspondences from your creditor.
4. Wait for the bureau’s response. Upon receiving your letter, the credit bureau will conduct their own investigation on the matter which could last around 1 month.
5. Alert the credit bureau. If you believe you have been a victim of id theft, you should place your credit report on alert or on credit freeze.
6. Monitor your credit score. Order a copy of one's credit report after six months to ensure that all the details are accurate.
Read more Tips On How To Clean Up Errors In Your Credit Profile in 2012
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