Credit Repair Starts with a Review of Credit Report

By Michele Lerner
Mortgage Credit Problems Columnist

Reviewing your credit report once per year cannot be described as a fun task, but if you need help with credit repair, this should be something you tackle each year along with your taxes. If you already know you have credit problems and want to see if you qualify for a bad credit home loan, complete the information on this page to receive quotes from lenders.

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Credit Repair and Credit Report Errors

Financial expert Dave Ramsey says that 79% of all credit reports contain at least one error. One place to begin your credit repair journey is to request all three credit reports (from Experian, TransUnion and Equifax) and review them. Each report and the Website of each credit bureau tells you how to correct mistakes on your own.

How to Read Your Credit Report

  • Check your identifying information to make sure your name, Social Security number, and address are correct. If something is wrong, you could be making your credit problems worse by including someone else's bad credit with your own.
  • Check your credit history, which is a list of all open and paid credit accounts, late payments, total loan amounts, high credit limits, and payment experience. Ramsey says that 30% of credit reports contain accounts that were closed by the consumer but are still listed. This section is extremely important if you have debt problems. While bad credit lenders may be able to overlook your past credit problems, you should correct any errors, which can improve your credit score.
  • The public records section of your report shows bankruptcies, tax liens, and judgments. The goal is to have this section completely empty. If it is not, an important step in credit repair is to check that the information is accurate and see how soon you can have it removed.
  • The inquiries section shows you which companies have checked your credit. "Soft" inquiries are from companies who want to send you materials or from your current creditors. "Hard" inquiries occur when you apply for credit.

Fill out the form on this page to find out if you need to do further credit repair or if you qualify for a bad credit home loan, and then request your free credit report to see if your credit problems are improving.



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