Credit repair is a process, and a multi-faceted approach at that. One of the more advertised debt and credit services on television and the Internet today is reliable access to one’s credit report, often under the purview that what you don’t know about your credit may hurt you.
For the person who has been through bankruptcy or a comparable alternative, credit report repair is not only advisable, but a necessary part of said credit repair process. Unfortunately, it also may be a complicated part of the process, which greatly expands the role of the credit reporting agency in credit repair.
As with general credit repair, successful credit report repair is contingent on a proper knowledge of what a credit report entails. Noting that, the following is some basic information on how to go about fixing one’s credit report with applications toward working with a credit reporting agency to do so:
First, regarding what is featured in a credit report, depending on one’s history of credit and the types of situations for which one was extended credit by lenders, there may be many details within that have a tangible impact on the overall sense of your credit. Of course, a credit report is going to include general identifying data such as name, address, Social Security number, and also such things as where you work (if applicable) and what legal claims have been made on your property.
Of biggest note in a credit report to you, prospective lenders, and possible future employers is how you have fared with your credit over time. Barring gaps in your history, all active and recent loans will be displayed in your credit report and will mention the nature of your agreement, how much you still owe and whether or not you have been meeting your scheduled payments.
To the average debtor, the need for this information or credit report repair services may not seem immediately apparent. However, lenders and employers have a vested interest in these matters. With the former in particular, if your credit report shows you are consistently behind or derelict with making payments on debts, or even that you had to file for bankruptcy to help manage your affairs, they will understandably be hesitant to issue a loan.
If you are already struggling with making ends meet, the idea that a credit reporting agency would charge money for their services may be somewhat deflating. Hope for credit report repair may not be lost, though, thanks to the Fair Credit Reporting Act (FCRA).
As specified by the FCRA, if you have been denied credit because of your credit history, you are applying for a job, you are receiving public aid, or you have been a victim of identify theft, you may be afforded a free copy of your credit report from a licensed credit reporting agency such as Equifax, Experian, or TransUnion.
From there, you can properly assess whether or not the details in your credit report are accurate. Credit report repair is definitely in order in cases of bad and outdated information. However, the onus is on you, the debtor, to inform the agency of these flaws in the data.
