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Friday, January 2, 2009
If you know that you are what is called a "credit risk," you probably are feeling that as a derogatory connotation. That can be the motivating factor for you to explore the return to good credit.
It is actually possible for you to travel the "repair road" with yourself as the driver. However, when setting out on this trip, you will need a triptik to break down the milestones on the way.
The "credit risk" label is based on your "credit report" and "credit score." Therefore, you need to know what those are all about. The credit score is a very important 3 digit number that a "credit risk" will need to raise. A score of 700 or more is "good." If the score is under 700, this might be problematic. This information is essential to the repair process.
To find out this information, you will begin by obtaining your credit reports. You will need to be brave and confront these reports. There are 3 credit bureaus that supply reports: TransUnion, Equifax, and Experian. On a yearly basis, you are able to receive a free report (fee for the credit score) from each of these agencies. For the details on this procedure, see www.annualcreditreport.com.
It is possible that each of these reports may actually be different. Therefore, it is very important to obtain all three report for comparison.
Review each report for errors after you finish comparing them. Then, you will need to DISPUTE THE ERRORS with each of the three bureaus. This will require patience and persistence.
Document all errors, and the reasons why you know they are errors and send this in writing (with a copy of the credit report) to any or all, if needed, credit bureaus. Definitely retain COPIES OF EVERYTHING for your records.
This is the first information you need to have. Be prepared, there may be some surprises on those reports. Be persistent.
It is actually possible for you to travel the "repair road" with yourself as the driver. However, when setting out on this trip, you will need a triptik to break down the milestones on the way.
The "credit risk" label is based on your "credit report" and "credit score." Therefore, you need to know what those are all about. The credit score is a very important 3 digit number that a "credit risk" will need to raise. A score of 700 or more is "good." If the score is under 700, this might be problematic. This information is essential to the repair process.
To find out this information, you will begin by obtaining your credit reports. You will need to be brave and confront these reports. There are 3 credit bureaus that supply reports: TransUnion, Equifax, and Experian. On a yearly basis, you are able to receive a free report (fee for the credit score) from each of these agencies. For the details on this procedure, see www.annualcreditreport.com.
It is possible that each of these reports may actually be different. Therefore, it is very important to obtain all three report for comparison.
Review each report for errors after you finish comparing them. Then, you will need to DISPUTE THE ERRORS with each of the three bureaus. This will require patience and persistence.
Document all errors, and the reasons why you know they are errors and send this in writing (with a copy of the credit report) to any or all, if needed, credit bureaus. Definitely retain COPIES OF EVERYTHING for your records.
This is the first information you need to have. Be prepared, there may be some surprises on those reports. Be persistent.
About the Author:
With unprecedented challenges in the credit markets it's more important than ever to have excellent credit. For more information visitRob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.
posted by Credit Counseling at
4:32 PM
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