Credit Repair Errors

Satisfactory Essays
Introduction Credit repair works! It can clean up the errors on your credit report, improve your credit scores, and help you reach your financial goals. This does not mean that credit repair is a quick overnight fix. The task may indeed yield some speedy results, but other aspects of the job may require time. An intelligent approach to credit repair will require an application of the laws that govern each contributor to the reporting process, a technical grasp of Fair Isaac's scoring platform, and some good old fashioned financial common sense. Here are some of the indispensable steps that must be taken to reach your goal. Understand the Problem Credit repair serves an important purpose. Many people are not aware of the extent of the errors that are inherent in the credit reporting system. Over three-quarters of all credit reports contain errors of some type. Some of the errors are fairly benign, but many are capable of causing the victim to pay higher interest rates or even to be denied for financing. If you examine the problem you will discover that these errors are systemic, expected, and even tolerated. If you don't look out for yourself no one else will. Examine Your Credit Reports Get copies of all three of your credit reports, or a good tri-merged report, and plan to sit down to…show more content…
When the time comes to apply for a loan you want to be approved for the best possible financing. You should complete the examination and repair of your credit report in advance of your loan application. But there are some other credit repair techniques that you can employ as well. Fair Isaac's credit scoring model (commonly referred to as the FICO score - and the standard used by virtually all lenders) puts heavy weight on the ratio of your credit card balances and their respective limits. If you have the ability to pay down your balances, do so; it can mean as much as a one hundred point difference on your
Get Access