When it comes to personal finances, almost nothing is as important as your personal credit score. This score can make or break your ability to obtain a loan, take out a mortgage, or receive a desirable interest rate on a car loan. Staying on top of your personal credit is very important. That is why you need to check your credit score before applying for any kind of loan. Doing so will ensure you’re able to identify any possible issues with your score, ahead of time (and show you what you should improve). But what happens if you find inaccuracies and errors? Here is what you need to do to fix your credit report and overturn those errors on your report.
Some Of The Most Common Errors To Look For
There are all kinds of issues that might pop up on your credit report. Sometimes there are bills you’ve long since paid off but are still listed, and there may even by falsely-reported late payments. However, the issues can also include an ex-spouse on your loans, or inaccurate numbers with your credit limits. Whatever the problems may be, each issue can drag down your credit score, so you’ll want to correct these right away.
Contact The Credit Bureau
You’ll want to contact each of the three credit bureaus. Tell them about the error and have documentation on-hand when necessary. These credit scores are updated on a regular basis, but sometimes some information is not processed as quickly.
Contact The Reporting Company
If the problem is with a company reporting late payments (or maybe they are reporting that you haven’t paid off a loan) you’ll want to contact them. There’s a chance the company simply never updated the information with the credit bureau. Ask them to do so, and check back often. It can take a few weeks before it appears on your credit report, but the bureau can contact you when the changes are made. If you don’t see any changes after several months, contact the bureaus and reporting companies again.
Stay On Top Of Your Credit
By following these steps, you’ll not only correct errors on your credit report but you’ll improve your credit score at the same time. Doing all of this as quickly as possible is important, as it will allow you to boost your credit score and obtain a loan at a favorable rate. And even if you’re not taking out a loan any time soon, the sooner you correct the issues, the better you’ll become at boosting your credit report.
As the Business Banker for Henry County, Dodie Cason is passionate about serving local businesses. Working directly with business owners and professionals; she is diligent in her desires to find solutions that save time and money, build financial stability and simplify banking processes. You can count on Dodie to serve you with a friendly smile, a compassion for your needs and a commitment to excellence.
AVP, Business Banker • 770-515-7209 • [email protected]