Fixing Your Credit Report Score Yourself, Easily And Legally

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Author: Jay Anderson

Article source: http://www.articledeshboard.com/. Used with author's permission.

Most people probably know that there is a company somewhere that keeps track of their credit and provides a credit report to lenders when they request a loan. But unfortunately, that is typically the extent of their knowledge, and even worse, what they don't know can actually hurt them in the long run.

There are actually three major credit reporting agencies, which are Equifax, TransUnion and Experian. To explain the problem, let me start by saying that these companies compete with each other and do not share information amongst themselves. Now let me say some lenders report to one of them while other creditors report to another one, and the bigger ticket lenders such as your mortgage company may report to two or even all three of them.

Now compound this scenario with even more complexity. Since they are in the business to make a profit, they are always trying to get more companies to report to them, and so lender "A" who used to report to Equifax switches next year to report to Experian, and Visa who used to report to TransUnion now reports to only Equifax. This changes all the time, every year and even every month.

You may be starting to see how and where errors are introduced into your credit report. No single credit agency has the whole credit picture on you, which is why your credit score differs at each agency. Even worse, when Visa reported your very overdue bill last year and now Visa reports to a different agency, that first agency will keep that very overdue bill on file forever, because they are never notified that you satisfied it and are no longer past due.

The truth is that studies have shown that the majority of people in the US have at least one inaccurate item on their credit reports. That is almost a guarantee that there are errors on your credit report. The impact of those errors means that your credit score is being calculated lower than it really should be, which means that you are paying higher interest rates than you could be, as well as the other areas of your life a credit report affects.

The credit reporting system does not include an auto-correction routine, which means that all of these errors will never be corrected until someone disputes them, and the only person who can dispute them is you. There is a right way and a wrong way to dispute the inaccurate information, and you need to do it the right way to avoid having your dispute thrown out as being frivolous. You see, there are many people disputing negative information in their credit reports but that information is actually accurate, and they are simply hoping that the information will be removed via their dispute. Unfortunately, this ties up the system for people who are disputing genuine errors.

There is no sense in having inaccurate information about you being reported as accurate and factual. Get it corrected, and this is something you can do yourself, where you do not need to spend money on a "credit fix". This is entirely legal, and is indeed your responsibility. You are only hurting yourself if you don't get this done.

For more insights and additional information about Improve Your Credit Report Score as well as getting free copies of your credit reports, please visit our web site at www.credit-help-center.com