It is possible to correct errors on your credit report. All you need to know is what your options are and how to go about it. The Fair Credit Reporting Act allows for anyone to dispute the completeness and accuracy of claims and information in your credit file. Here are a few tips to get you going:
Dispute Inaccurate Information – Any information on your credit report that is not entirely correct can be disputed with the credit reporting agency. For example, if your credit report states that you are currently delinquent in making payments but it fact you were late only a few times several months ago, you can contact the credit reporting agency to dispute this item. Other common errors are accounts reporting in the wrong name and incorrect balances.
Contact Credit Granting Company – If you have prior debts on credit cards and they are delinquent, some companies will accept a settlement from you. Settlements can be up to 50% of the original balance. Companies agree to settlements in order to close out accounts and earn at least a portion of the total back, instead of nothing.
Cleaning up your credit is not a quick task. It can take weeks or months to fix errors or to pay off old debts. However, it will make it much easier to earn an approval on a home loan with a better interest rate and terms.
The three main credit reporting agencies dispute contact information is below:
Janus Real Estate Group * Heather Anderson * 972-765-3773
