Credit Reports & Credit Scores
                   Do You Have The Credit You Need ?

Credit report repair refers to the procedures adopted to improve one’s credit rating. A good credit report is a vital part of business health, because it links your personal credit history to your business. It is very essential to check your credit report regularly, since one’s credibility and promptness in repaying accumulated credit hinges on a good credit report. If you find incorrect information on your credit report, the onus is on you to start making corrections. The personal data in your credit report determines your credit scores, and also becomes a proof of good character (showing the willingness and ability to repay debts). Wrong information can reduce the credit score and the scope of obtaining a loan at a good rate, or even getting a loan at all. So, it is advisable to identify problem areas and begin doing something about them, rather than waiting until your banker asks to do so. Credit report repair can either be entrusted to companies or an individual can undertake the responsibility. In the “self-help credit approach,” debtors can freely dispute items they legitimately believe are incorrect. The debtors can take a few simple steps to check their credit report’s data for accuracy. One’s name, spouse’s name, social security number, date of birth, residential addresses, and employers have to be accurately entered. In addition, check items that should be removed, including bankruptcies (10 years), suits, judgments, tax liens, delinquent payment records and other unfavorable information (7 years). Other categories to be checked for accuracy are open accounts, closed accounts, inaccurate data, payment histories, and accounts wrongly categorized. When an individual locates incorrect data, "credit counseling agencies" are to be contacted for information on their dispute process. These agencies help in making payment plans by checking whether bankruptcy is an essential step, as well as advising credit bureaus to remove data that is truly wrong on credit reports. Almost all these agencies are non-profit organizations and not scams. Even with a 30-day response time required by law, checking facts and correcting errors may take months to complete.