If every major financial activity of yours is summarized into a single piece of paper, it will turn out to be a very important document, right? Your Credit report is an important document and the one with a positive credit history can be an excellent financial tool. You can use it to get a loan from a bank, a credit union, a private lender or any sort of a creditor when you are in need of funding.
Did you know that 40 million Americans have a credit report that contains at least one inaccuracy? Many of these reports show big mistakes. Why should you have to pay a higher interest rate or not be able to apply for a mortgage because of an error committed by others? These are only two of the possible consequences of having a low credit score.
This is why it is important for consumers to monitor their credit report on a regular basis. If you think you don’t have an eye for detail and doubt you will be able to make out everything that is wrong with your report at just one glace, it’s best that you leave the task to professionals.
People with a low credit rating, who are wondering ‘How I can clean my credit?’, should definitely consider taking the help of credit restoration experts.
A reputed credit services company will be able to spot inaccuracies like:
Numerical errors and spelling mistakes – They may seem to be harmless at first, but these apparently simple mistakes are capable of lowering your credit score significantly. Because creditors handle several reports in a day, they are bound to get a few names or numbers wrong once in a while.
False charges – False charges can be penalties induced over late payments, debts, etc. that are not yours or that you have already made payments against. In addition, it is also possible for the report to feature someone else’s penalties by mistake.
Identity theft – Many Americans experience fraud or theft with their social security numbers, credit cards, and it impacts their credit report negatively. This is something that needs to be addressed quickly.
The three major credit bureaus in the U.S. are Experian, Equifax and TransUnion. All three are legally obligated to provide you your credit report once a year at no charge. It is advisable that you get your credit reports and check for mistakes and consistency.
