Information About Cleaning A Bad Credit Score
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Lexington Law
Providing credit repair services since 1991, Lexington Law has helped over 500,000 clients legally take on their credit. Last year alone, Lexington Law helped clients remove over 600,000 negative items from their credit reports. Visit http://www.lexingtonlaw.com for more information. By Lexington Law
Published on 09/4/2009
With today's strict lending restrictions, it's not good enough to have average credit when looking to get approved for the best rates and terms on a loan. A sub-700 credit rating is no longer though of as a good score leaving many people faced with the prospect of having to <a href="http://www.lexingtonlaw.com">clean up their credit</a> before getting approved for the financing they are hoping for.
Getting Started With Cleaning Up Your Credit
Today's economy highlights the importance of cleaning up your credit report, especially when the best rates for items such as mortgages are usually only offered to those with a credit score of 750 or above.
Not too long ago a credit rating of 620 was considered good and anything above 700 was excellent; today's threshold for a good credit score is above 700 and an excellent score is even higher. Keeping up with the higher standards of lenders leaves many people searching for a way to increase their scores.
The first step to clean your credit reports is to order a copy of your credit report from each of the three major credit bureaus: TransUnion, Equifax, and Experian. You can request a free copy of your credit report from each credit bureau once a year. It is important to carefully scan each report and not rely on your report from just one credit bureau, as a mistake or other incorrect information could appear on just one report, and each report does not always contain the same information.
After examining each credit report and noting the damaging items you feel are inaccurate, you can send a credit dispute letter to each credit bureau disputing the item, enclosing any evidence you have that the item is incorrect or inaccurate.
The credit bureau is then required to verify the disputed items within 30 days by contacting the credit company in question. The credit company is tasked with proving the validity of the information. If they fail to respond (something that happens with regularity) or are unable to prove the listing is accurate, the information should be corrected or deleted from your credit report. Keep in mind that the credit bureaus can add the information back onto your report if the original furnisher verifies or re-reports the information even after the 30 days has passed.
Persistence, patience, and time are often times pre-requisites when attempting to clean up your credit as it may take numerous letters to get the results you are looking for. It is because of this that many people turn to professional help from the many reputable credit repair companies operating today. In fact, Lexington Law, the leading provider of credit correction services for American consumers, reports that 40 of clients attempted to repair their credit themselves before enlisting the help of the firm.
Not too long ago a credit rating of 620 was considered good and anything above 700 was excellent; today's threshold for a good credit score is above 700 and an excellent score is even higher. Keeping up with the higher standards of lenders leaves many people searching for a way to increase their scores.
The first step to clean your credit reports is to order a copy of your credit report from each of the three major credit bureaus: TransUnion, Equifax, and Experian. You can request a free copy of your credit report from each credit bureau once a year. It is important to carefully scan each report and not rely on your report from just one credit bureau, as a mistake or other incorrect information could appear on just one report, and each report does not always contain the same information.
After examining each credit report and noting the damaging items you feel are inaccurate, you can send a credit dispute letter to each credit bureau disputing the item, enclosing any evidence you have that the item is incorrect or inaccurate.
The credit bureau is then required to verify the disputed items within 30 days by contacting the credit company in question. The credit company is tasked with proving the validity of the information. If they fail to respond (something that happens with regularity) or are unable to prove the listing is accurate, the information should be corrected or deleted from your credit report. Keep in mind that the credit bureaus can add the information back onto your report if the original furnisher verifies or re-reports the information even after the 30 days has passed.
Dedication Is Necessary to Clean Your Credit Reports
Persistence, patience, and time are often times pre-requisites when attempting to clean up your credit as it may take numerous letters to get the results you are looking for. It is because of this that many people turn to professional help from the many reputable credit repair companies operating today. In fact, Lexington Law, the leading provider of credit correction services for American consumers, reports that 40 of clients attempted to repair their credit themselves before enlisting the help of the firm.