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Keep Your Credit Clean
The easiest way to keep your credit clean and in order is to simply PAY YOUR BILLS ON TIME. Sometimes the unavoidable happens and you get behind. Sometimes, mistakes happen and shows up on your credit report in err. Just like keeping your car tuned-up or going to the doctor for a check-up you should also take a good look at your credit report to make sure everything is in order and to see what adjustments you can make to improve it. I run my credit report every year when I file my taxes. It is a set date every year that I can remember plus I have all of my financials right there in front of me to review. This is my annual financial check up. Here are some tips to help you stay on track.
1. Review your credit report line-by-line for errors, duplications and common name errors.
2. Write out exactly what should be corrected and why. On disputed charges you are allowed to add up to 100 words to your report as to why the items are disputed.
3. Credit bureaus do have counselors who will help you.
4. Credit Bureaus are required by Federal Law to contact all creditors where mistakes were made and respond within 30 days. If the creditors do not respond within 30 days the credit bureau is obligated to remove the items from your record according to the Fair Credit Reporting Act of 1971.
5. Work out a deal or payment program with the merchants you do owe.
6. Check out a Credit Restoration firm to see if they can help. Beware of credit repair companies that are just looking to have your credit written off and that can actually harm your credit score. Credit RESTORATION firms do actually cost money but the benefits are dramatic and can be seen is as little as 45 days.
2. Write out exactly what should be corrected and why. On disputed charges you are allowed to add up to 100 words to your report as to why the items are disputed.
3. Credit bureaus do have counselors who will help you.
4. Credit Bureaus are required by Federal Law to contact all creditors where mistakes were made and respond within 30 days. If the creditors do not respond within 30 days the credit bureau is obligated to remove the items from your record according to the Fair Credit Reporting Act of 1971.
5. Work out a deal or payment program with the merchants you do owe.
6. Check out a Credit Restoration firm to see if they can help. Beware of credit repair companies that are just looking to have your credit written off and that can actually harm your credit score. Credit RESTORATION firms do actually cost money but the benefits are dramatic and can be seen is as little as 45 days.
Chapter 13 and Chapter 7 bankruptcy will stay on your record for 7 years.
25% of credit reports contain errors serious enough to result in denial of credit.
79% of reports contain some kind of mistakes.
54% of credit reports contain personal demographics data that is incorrect.
30% of credit reports show open accounts that had been closed by the consumer.
If you need any more information on this topic or buying or selling a home, contact us. We are here to help.
Pamela Edwards, realtor email me (469)877-5631 Ebby Halliday Realtors, Inc
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