What You Need To Know About Your Credit Report

Did you know that 1 in 4 credit reports contain serious errors? You have rights under the Fair Credit Reporting Act to help you correct these serious errors made by the Credit Bureaus.

First, by law you have the right to challenge error on your credit reports. That’s right reports. There are 3 major credit reporting agencies.  Equifax, Transunion, and Experian.  Second, the credit bureaus have to prove that what is on your report is accurate if it is to remain on your report.  Third, if they can not show that the information on your report is accurate, they have to remove it from your report.

How do you get started you ask? In the state of Maryland, you have a right to one copy of your credit report annually. You only need to contact the credit bureaus and request it. If at anytime you are disapproved for credit, you can also request your report.

A simple trip to each credit bureau’s website and you are on your way to improving your credit and removing erroneous information from your report.

Before you apply for your loan.., do yourself a favor and pull your credit report from the 3 major credit bureaus, Experian, Equifax, and Transunion. You don’t need to spend money to get your credit repaired. Credit repair companies can do no more than you can do! You’ve got the POWER! Did you know that you can write the credit bureau and dispute all erroneous information on your credit record! Yes you can! Pull your credit records from the 3 major credit bureaus, compare them, find all information that is over 7 years old or erroneous and ask that it be corrected or removed.  Bankruptcy will remain for 10 years. Any information that is incorrect can be disputed and removed. However; don’t remove those items that show you have paid over time in a timely manner. That will improve your credit record and indicate that you handle credit.

Once you get your credit straight, strive to keep it that way.  A good credit records is worth it's weight in gold!

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