In today's weakened economy, more and more people are being forced to take note of their credit histories and take the appropriate steps to clean up their credit reports. An increasing number of businesses rely on the contents of the credit reports and make their decisions about whether to do business with a consumer based on the contents of that report. That's why it is so very important that you get your free credit report at least once a year and make sure that the information is correct.
Contained on the credit report is a credit score that is based on all the content of the report. This score is what drives many decision-makers and can make your wishes come true or be dashed. Why these days, even insurance companies can decide whether or not they want to offer you coverage based on your credit report and score.
Because of the increased interest in consumer credit reports, it's become more important than ever that the individual take an interest in their own reports to make sure that all the information contained in it is accurate. Many times, there are wrong submissions, late bills that belong to someone else all together or continued negative reporting on debt that have been paid off. For some, the constant checking of their credit reports can be laborious and they pay to have a credit monitoring service report to them whenever anything is put onto their credit report. This way, you can catch inaccuracies early on and have them removed.
But, if you're determined to nip problems in the bud yourself at the least expensive cost, the best way to get started is with your free credit report. At the website annualcreditreport.com you can sign up to receive your credit report at no charge from all three of the major credit reporting agencies. It's a simple process and you can view the reports online and/or have them mailed to you. When you find inaccuracies, you then write a letter to the credit agency reporting the problem and let them know of the mistake, providing any proof you may have. They then have a designated amount of time in which to research it and get back with you. If the item is removed, they then will provide you with an updated corrected free credit report as proof.
As the incorrect entries are removed from your credit report, you will slowly see your credit score rise. Creditors will be more likely to loan you money, finance your car or offer you credit cards. Cleaning up your credit report can be a long process though. It could take you months of going back and forth between you, the creditor and the credit reporting bureaus to get wrong information erased from your report. And once it's gone, you still have to stay vigilant about other information popping up on your report.
By subscribing to a credit monitoring service, you're kept aware of what is happening in your credit name and are less likely to be caught by surprise when you go to apply for credit. While yes, you can stay abreast of your credit activity on your own, you may have too busy of a life to be as vigilant as you might should be.
If keeping obtaining a good credit score and keeping it up is important to you, take advantage of the easy to obtain free credit reports, join a credit monitoring service and quickly respond to inaccurate entries. This way, you'll never have a bad experience when you go to purchase that new car or apply for a mortgage.
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