Many people in this country have issues with their credit rating, and if you are one of them, it might be wise to learn how to precisely clean up your credit report. There are several things you can do to get started wiping your credit report and help you get better positioned for your future financial condition.
The first step is to understand exactly why it is of utter importance to keep your credit score high. While you may not have an idea of how a credit score is actually calculated, what you want to do first is to understand the impact that a credit score has. It can hinder your ability to qualify for a mortgage, get credit cards, apply for an auto loan, and can actually even affect your ability to keep or get a job. Last but definitely not least, your personal credit history can impact your ability to start a business and it may even affect your marriage depending on the debt amount and payment history your spouse has.
The second step towards wiping your credit is to get your hands on copies of your credit report. Every 12-month period you are entitled to a copy of your credit report from each of the 3 major credit reporting agencies. The Federal Trade Commission (FTC) has a website which guides you through the process where you can get your free credit report every 12 months, and you will not be added to a sales funnel like you may experience with some of the heavily advertised “free credit report” advertisments you see on TV or on the internet.
After getting hold of these reports it’s time to actually check for error that you might encounter on it. Surprising as it may be, these can occur quite often so you should definitely not jump over this task. For example, a particular creditor may still have you at your old address even though you moved four years ago! Small errors, as well as large errors, can impact your credit score. If you notice an error then be sure to have the right paperwork and send it to the reporting company’s recommended contact. They will have to look into the matter and be sure to keep copies (physical or scanned) of everything you send their way.
As an aside, reviewing your credit report allows you to look for any signs of identity theft. Should you notice any then contact the financial institution and the credit reporting agency. In addition, you may need to notify your attorney and local law enforcement depending on the situation.
Make proper use of this information to help you get started on the road to financial health and wiping your credit report clean so that you have the ability to be flexible in your future financial decisions.
Further reading:
6 Steps to Wipe Out Credit Card Debt
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