If all your important financial activities are summarized on a single sheet of paper, it will turn out to be a very important document, right? Your credit report is an important document and 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 type of creditor when you need financing.
Did you know that 40 million Americans have a credit report that contains at least one inaccuracy? Many of these reports show big errors. Why should you have to pay a higher interest rate or not be able to apply for a mortgage because of a mistake made by others? These are just two of the possible consequences of having a low credit score.
That is why it is important for consumers to check their credit reports on a regular basis. If you think you don’t have an eye for detail and doubt that you will be able to make out everything that is wrong in your report at a glance, you better leave the task to the professionals.
People with a low credit rating, who are wondering ‘How can I clean up my credit?’, Should definitely consider the help of credit restoration experts.
A reputable credit service company will be able to detect inaccuracies such as:
Numerical and spelling errors. – They may seem harmless at first, but these seemingly simple mistakes can significantly lower your credit score. Because creditors handle multiple reports in a day, they are likely to get some names or numbers wrong from time to time.
Bogus charges – False charges can be penalties induced by late payments, debts, etc. that are not yours or against which you have already made payments. In addition, it is also possible that the report includes someone else’s penalties in error.
Identity theft – Many Americans experience fraud or theft with their social security numbers, credit cards and this negatively affects their credit report. This is something that needs to be addressed quickly.
The three largest credit bureaus in the US are Experian, Equifax, and TransUnion. All three are legally required to provide you with your credit report once a year at no charge. It is recommended that you obtain your credit reports and check for errors and consistency.