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| First thing....make sure your name is spelled
correctly, and that your date of birth and social security number are correct. If these items
are incorrect, this could cause some problems. Someone else's credit history may be mistak-enly
included in your file! |
Read all the entries to
make sure everything is correc, so when reviewing your credit report don't skim over any
section. One bad piece of information and your credit history could be wrong. |
You may need to submit a dispute letter to the credit-reporting agency if
you discover credit information that is incorrect or accounts that don't belong to you; if
anything is incorrect in your public records; and if a collection is listed on your report
that doesn't look familiar to you. |
Also, if you find a
collection account listed on your report that doesn't look right, you may want to contact the
collection agency to determine the nature of the account, for your own piece of mind and
here's why:
* You might find out that the collection account is NOT yours and
belongs to someone whose name or social security number is very similar to yours. If this
is the case, ask the collection agency to acknowledge this fact in writing. They should
send a copy of the letter to you AND the credit reporting agency so that the mistaken
information can be cleared from your report.
* You may find out that the collection account IS yours and if so,
it's in your best interest to determine the amount owed and make arrangements to satisfy
your obligation as quickly as possible. Once the collection account has been paid, you
should request a letter from the collection agency to this effect. Again, make sure the
credit reporting agency gets a copy of the letter so that they can list the account as paid. |
Identify any negative marks on your credit report. The most damaging remarks are "past
dues." A "past due" is noted whenever your payment wasn't received within 30 days of being
due. Your payment must actually be credited to your accounts before the due date, not
merely mailed by that date-to avoid a late payment mark. |
Avoid "maxing out" your credit lines and strive to maintain low balances. This will improve your score over time, because people owing smaller amounts on their credit accounts are viewed as having a lower repayment risk than those who owe more. By carefully managing your credit, it's possible to add as much as 50 points in a year to your score. |
Were you turned down for a mortgage, because of your credit score? The law is on your side, finally. Get the credit score that the lender used. They must give you a document titled "Notice To The Home Loan Applicant". The lender must disclose to you the score report used in connection with your home loan, and the key factors affecting your credit scores. |
Understand, that there is no quick fix to raising your credit score, but it can be done with a few simple guide lines. |
| Pay bills on time, if you've missed a payment get current and stay that way, keep balances low on credit cards and other 'revolving credit', pay off debt and have fewer accounts. |
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'One
to One'
personal
service on the most important purchase in your
lifetime
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