AnnieGetsReal.com

CREDIT REPAIR TIP #4: Be proactive.  Take charge  in cleaning up your credit report.   Do not count on negative automatically disappearing.  Carefully review every detail that appears on the credit report and take steps to address all discrepancies:  Notify all three credit bureaus in writing when:

BANKRUPTCIES:   a bankruptcy does not drop off within the ten year limit.

FORECLOSURE/RELEASE OF LIEN :  the foreclosure/release of lien does not drop off within three years.

OTHER DEROGATORY ACCOUNTS:  If they were part of the  Bankruptcy, make sure they are listed as such.

OPEN ACCOUNTS:  Make sure credit card and other lender accounts do not show up here if they should be closed.  Too many lines of credit drags a credit score down.

A good rule of thumb is no more than one or two active credit cards at any given time.  Resist opening a store account to get the extra 15% off , but if you do,  commit to close it as soon as the bill gets paid.  DO NOT apply for a credit card  if you will not be able to pay off the charges at the first billing.  The interest charges on an unpaid balance will far exceed any benefit received from the initial discount.

Call/write the lender to verify the account is closed.  Many times the credit card company records will show the account closed, but the updated information was not passed on to the bureaus.  If the card is still open request the account closed and ask for verification via e-mail or letter.  Then report to the bureaus that the account s no longer open.

NAMES:  Check to make sure all variations of your name is spelled correctly.

ADDRESSES:  Make sure your ex-spouse’ new address is not listed on your credit report.  Former household members  have tendency to pop as your address.

ACTIVITY:  Check dates on all reported data and ask that the 3 bureaus  remove reference to any activity  ten years or older.

• 2 Comments
• Google Buzz
• Digg for everyone
• Share on MySpace