Here are some quick clean up credit report tips that can get
you some quick results. We have created a quick check list that
you can follow to make it as easy as possible. You need to get
your free credit report from each of the three major credit
bureaus first. If you need help, go here for some more
information: Yearly
Free Credit Report
OK, so now you have your three copies of your credit report
from each credit bureau. To make it easy, you can get three color
pens or markers to help mark each. Each color will represent a
particular action to take when item is marked. Any three colors
will work, this is just to help you organize your tasks.
First, review the check list of items to below. We have used
Red, Blue, and Green to show the time and effort for each item.
All items should be addressed but take the items that can be
quickly resolved first. That way you can get some fast action on
raising your credit score.
The color code is as follows, Green (easiest), Blue (requires
more time and effort), and Red (the most difficult).
- Check personal information such as
name, address, social security number are correct and current.
- Do a Quick scan to determine that all
entries belong to you and not someone else (similar name,
location, whatever).
- Check to see if any positive
information is not listed (credit you have that is current or
perhaps already paid off successfully). You or you can request
that the vendor need to submit this positive information.
- Check all negative information and see
if dates, amounts, or details are incorrect. You will need to
challenge these with enough detail to substantiate the
dispute.
Now at first glance you may think that there is no reason to
color code or take these itmes in any particular order. Well,
considering you will have three credit reports, and that all three
can be different (with different vendors, information), and
depeding on your age and number of transactions, this can get
quite confusing.
So go through each credit report and mark any entries that
pertain to each color. Do all three before you take any action so
you can see the entire picture. I've never seen a clean credit
report (one that has not been reviewed before). Due to the nature
of the beast, there are good odds that most unchecked credit
reports have some incorrect infromation.
And don't think that just because your address is wrong it's no
big deal. Everything on that credit report can and is used to
determine any credit decision. Many vendors go above and beyond
the standard credit score when evaluating the granting of credit.
Especially now after our little meltdown in the financial sector.
Having the same residence or job for longer periods, balances,
timely payments, closed accounts, and current status on other
accounts all can have an impact on credit decisions. It's
important to make sure every item is accurate and current on any
one of the three credit reports.
Each item on the list was judged according to how difficult the
task may be in regard to both your activity and any necessary
action by the vendor and credit bureau. Due to the electronic
filing of disputes and corrections, the timeline has improved
greatly but there still can be delays and vendors have up to 30
days to respond.
Keep a list of each activity by credit report and date you
submitted the information. Check off each completed task. Check
back every few days, most credit bureaus have a method you can use
to login in and check on status.
Cleaning up your credit reports can be a little frustrating and
move slower than you would like but it's a necessary project if
you want to get the best deals on credit. A fifty point difference
in your credit score can save or cost you thousands of dollars in
credit costs.
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