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Credit Report Clean Up


Credit Score Numbers

So, you think those all important credit score numbers are too low for you to get approval to buy that new car or the dream home you so desire and you want to know how to do a credit report clean up.

Here are the steps you need to follow for raising credit score:

Credit Report

First you need a copy of your credit report and score. You can't fix what you don't know is broke. You are entitled to a copy of your credit report for free once a year from annualcreditreport.com. It will not give you your credit scores but it will let you know what is in your credit file. You need to know exactly what is in your credit history and then you can make a plan on how to fix your credit scores.

But, in order to know if you are doing things that are making a positive impact on your credit scores you will need to know what they are to begin with. It is kind of like getting on the scales to see what you weigh in order to know if you are really loosing weight with the diet you are on.

Get a tri merge credit report. This will give you your credit history as reported to all three of the credit reporting agencies (Equifax, Experian and TransUnion).

View Credit Report and Score

Ok, now you have your credit report you now need to know how to read a credit report.

Basicly, you want to go through these steps:

  • Make sure that your personal data is correct (name, address,etc.)
  • Glance through all the credit items and make sure that they all belong to you
  • Look first for the big ticket items (judgments and tax liens)
  • Then look at your collections
  • Then look at your active credit items

Personal Data

This is pretty self explanatory. If it is wrong then send a letter to the 3 credit bureaus and ask them to correct the detail that is incorrect.

Is It All Yours?

It is not uncommon for there to be posting errors especially if you have a common name or happen to be a Sr. or Jr. Once again anything that doesn't belong to you send a letter in and ask that they remove the item.

The credit bureau will follow up with the creditor to see if they agree. So, you might want to call the creditor first yourself, just in case you have forgotten the purchase yourself.

Big Ticket Items

On the credit report you will find a section called Public Records. This is where you will find any judgments that have been filed in court against you and also any federal or state tax liens that have been filed against you.

These items not only do a lot of damage to your crdit scores but in the case of getting a home mortgage will have to be cleaned up before you can get approval.

So, just make a plan and get it done. Call and ask for a settlement amount. Often times you will be able to get the item cleaned up for less than the amount showing on your credit report.

Collection Items

Start paying off some of these. Payoff the youngest, smallest, non-medical ones first. Then payoff the next youngest, non-medical ones. Leave any medical collections until last.

Active Credit Items

You really need five good active tradelines. This could be a car loan, student loans, credit cards, retail store credit or gas credit cards.

If you don't have these then go get some. Use your credit cards every month and pay the balance in full at the end of each month. Don't be late. Late payments are not good for your credit score.

Assuming you don't have enough money to pay off all your collections at one time, establish this new credit while you are paying off your old collection items. This way you will be building up a good credit history on the items during the time it takes you to pay off your collections.

Credit Scores

So, there you have it. Take action and follow the plan.

 

  

 

 

 

 

 

 

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