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Credit Repair There are two kinds of credit report blunders -- information that's outright inaccurate, and incidents that reflect the errors of your ways. In either instance, the best way to approach the cleanup process is to start with the source, which, in most instances, is listed right there on your credit report. Errors can also include omissions, such as the presence of a delinquency that you've already remedied, or an old collection action that is still being reported as overdue. With a little diligence on your part, such inaccuracies can be updated or removed from your record relatively quickly. Under the Fair Credit Reporting Act, credit bureaus are required to investigate your claim within 30 days. If it determines that an error has been made, it must correct the error and notify the other credit bureaus, and you, with a free report. In general, accurate negative information, such as late payments, generally stays on your report for seven years. If you're looking for the one sure-fire way to clean up your credit, here are the two key ingredients to improving your creditworthiness: 1. Time. 2. The responsible use of credit. To heal your past credit abuses, simply pay your bills on time and demonstrate responsible credit management. 3. Obtain and analyze your credit reports. 4. Determine what you owe and to whom. 5. Catch up on payments. 6. Make small loans or credit purchases and pay them off quickly and on time to build credit. Diligent and disciplined saving and bill-paying will, in time, turn your credit history around. |