Clearing Errors from Your Credit Report

Your credit score is critical when trying to obtain loans from a bank to buy a house, a car or start up your own business. The better your credit report is, the more easily you will be able to obtain these necessary loans as well as obtain loans for larger amounts of money. On the flip side, bad credit reports will often result in lending difficulty or loan denial from banks and other lenders, as they will have a clearly documented record of not paying people or companies back in a timely fashion, if at all.

However, credit report errors often occur and this can unfairly damage someone’s overall credit score and, in turn, make it difficult for them to borrow the money they need to live the life they deserve. If this has happened to you, we here at PaydayLoansCashAdvance can offer a number of solutions to correct your credit report errors and fix your score, so that you can get the loans you deserve. Check out some of the ways you can fix or prevent these errors from happening in the first place:

Check Your Credit History Regularly

By checking your credit report on somewhat of a regular basis, you can catch these errors and have them corrected immediately, so that the damage to your credit score, if any, is minor. Errors that go uncorrected for a long period of time are very difficult to rectify, as records to prove they are wrong may disappear or become difficult to track down. Everyone is allowed to check their credit report once a year for free and it only costs a small amount of money to check it again if you’re curious about changes to your overall credit score. Usually, it is ideal to check your credit report at least twice a year.

Correct Contact Information

Moving and having new contact information that is not properly updated to your credit report and with all companies who you pay bills to on a regular basis can cause confusion and lead to errors by the many companies who make up your credit history. Much of this may be due to bills from companies being sent to the wrong address and not forwarded by the postal service to your new address. When this occurs, some bills may go unpaid, leading to overdue bills and fees that will cause damage to your overall credit score when it is sold to a collection agency.

Keep All Your Receipts

While you may notice a discrepancy in your credit report that hurts your credit score and is clearly an error, it’s only the first step to getting it changed. You must also prove to the companies who put together your credit report that this is incorrect and the best way to do this is to show them receipts from your payments and purchases. This means that you should keep all of these receipts in a safe place. Digital copies are easy to store, as they can just be kept on a Cloud or on a hard drive. Physical receipts will be tougher but can just be slipped into a bag or file folder where all of your receipts go. This doesn’t just include paper receipts you receive after purchases, but also check carbons from bills you paid months before. Being able to clearly turn these over to a credit score company or the company who claims you didn’t pay them will help this error to be corrected much more quickly.

Beware Fraud or Identity Theft

What seriously damages credit reports is the ongoing plague of fraud or identity theft. People will have their identities stolen and a large number of purchases will be made that they cannot pay off. While credit card companies often already have safeguards in place to shut down the card and try to catch the crooks, it can still effect someone’s credit report many months, if not years, later, as the right information may not have ever made it back to the company who sold the original item. Therefore, the best response when someone has had their identity stolen is to file a police report with your local police department. This paperwork will prove that the identity theft actually occurred and like a receipt, can be sent to a credit agency or a company when an error is made on the credit report itself.

Retain All Correspondence

When trying to fix an error to your credit report, it is critical that you keep all correspondence with the credit agencies so that you can prove you have done your due diligence to correct the problem. Everyone makes mistakes, even the credit agencies you will be dealing with to fix your report, so the better records you have of everything that has transpired, the more easily you can clear up any confusion. This means keep all letters that they send you and even make photocopies of them to ensure there will be a back-up copy if one copy is lost or misplaced. Keep all the emails that you send to each other and even make copies of them to store somewhere else, so that they are backed up as well. If you tell them beforehand, you can even record phone conversations you have with these agencies on speakerphone so you have proof of the things representatives from these companies tell you. The more documented this whole process is, the better the results will be for you and your overall credit score.

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