We specialize in credit report correction and consumer credit education as the way for our clients to develop higher credit scores.  To have a good starting point, we recommend that everyone check their own credit reports at least three times per year.  This is easily accomplished using the no-cost credit reports everyone is entitled to by law under the Fair Credit Reporting Act (FCRA).

You can also get two of your reports and actual FICO scores, the scores most lenders use, at FICO’s own site.  Because they are celebrating their 8th anniversary, you can save 30% on your scores!  That takes the price for each one from $16 to just over $11, saving you almost $10 and giving you the opportunity to review your TransUnion and Equifax credit reports along with finding out your FICO scores. 

NOTE: The 30% offer is available until March 31st.  The code to use is: myFICOis8

CHECK FOR ERRORS
When reviewing your credit reports, check for these common errors:
1) Accounts that you don’t recognize as yours.

2) Closed accounts that still show a balance due.

3) Late payments reported after the date the account was closed.

4) Collection accounts listed for paid off items or without identifying information.

5) Accounts that were included in a bankruptcy that still show a balance due.

6) Extra or incorrect Social Security Number.

7) Incorrect birth date and/or different names, or incorrect middle initial.

8.) Addresses listed as yours for cities or states you have never lived in.

NOTE: Click here for a list of how long items can stay on your credit report.

CORRECT THE ERRORS
Your consumer rights under the FCRA allow you to contact all of the credit bureaus to request correction and/or deletion of the inaccurate items listed in your credit file.  The report itself should have contact information and correction instructions or you can get info on all three credit bureaus here.

Some items can be corrected through the online dispute process.  However, if you have documentation to submit such as receipts proving an account was paid off or proof of your social security number, you may need to file a written dispute to include your documents.

When you find an error on one report, you should submit the written correction request to all three credit bureaus just to cover all the bases.  Include all correction requests at one time, in one letter; it is okay to have several items on the page you are sending to the bureaus.  Keep a copy of the letters and note the date you mailed them.  Don’t send original documents and receipts, only copies.

When they respond to your dispute letter, which can take up to 30 days plus mailing time, you should receive an updated credit report.  Review the entire report, not just the accounts that you requested correction on.  If you find additional errors, send in another letter to correct them. 

You have the right to accurate credit reports and because your credit scores are calculated using the information compiled in your credit file, you want to be sure it is as accurate as it can be.

Checking your credit report and correcting errors is imperative to your Personal Financial Fitness.  Getting better credit scores can provide you with money savings through lower interest rates, lower insurance rates, and giving you more financial options.  Knowing your scores now can help you effectively reach your goals.

For a personal Credit Analysis or One-on-One Consulting services, contact us today.