Some information on your
credit report can be inaccurate or negative.
These are the best ways to correct and manage your credit report:
- Order your free credit report form an adequate credit report agency or organization.(s)
- Review each item on your credit report for accuracy; underline those items that are incorrect, as well as the negative items. Use your personal records to verify the amounts and credits that are due.
- It is important to contact the companies that you have a dispute with, and
see if they can assist you with the correcting your credit report.
- For those items that are incorrect you can write a dispute to all credit bureaus: TransUnion, Experian, Equifax by letter, and via online request.
- Once you filed a credit report dispute, it takes about 30 days for credit report bureaus to investigate and make adjustments on your credit report.
- You will be notified in writing, in regards to what items were corrected and what Items are still remained the same. At that point, you may want to submit another dispute, providing additional supportive documentations.
There are certain unfavorable items on your credit report that are equitable
Unfortunately these items will remain on your credit report for a long time; however they will eventually expire and be removed from your credit report:
• Bankruptcies Records are removed from your record after ten years from the day of filing.
• Collection Records are removed after seven years (after 180 day late payment, that was sent to the collection agency).
• Closed/inactive accounts Records are removed after seven years.
• Foreclosure Records are removed after seven years.
• Judgments Records (child support, civil, small claims judgments will be removed after seven years.
• Late Payments Records. The late payments will remain on your credit report for seven years; however the late payments over 30 days will automatically affect your credit score.
• Tax Liens Records will remain on your credit report with out expiration; however if paid, it will stay on your record for seven years from the date it was paid in full.
• Charge-off Records (write off records). This record is placed by a lender or creditor, if the account marked as “uncollectible” ,and the company writes it off as a loss.
Your credit is an important factor when considering a home loan but the fine folks at RMCFUNDING will make the process a smooth one.
Some information on your
credit report can be inaccurate or negative.
These are the best ways to correct and manage your credit report:
- Order your free credit report form an adequate credit report agency or organization.(s)
- Review each item on your credit report for accuracy; underline those items that are incorrect, as well as the negative items. Use your personal records to verify the amounts and credits that are due.
- It is important to contact the companies that you have a dispute with, and
see if they can assist you with the correcting your credit report.
- For those items that are incorrect you can write a dispute to all credit bureaus: TransUnion, Experian, Equifax by letter, and via online request.
- Once you filed a credit report dispute, it takes about 30 days for credit report bureaus to investigate and make adjustments on your credit report.
- You will be notified in writing, in regards to what items were corrected and what Items are still remained the same. At that point, you may want to submit another dispute, providing additional supportive documentations.
There are certain unfavorable items on your credit report that are equitable
Unfortunately these items will remain on your credit report for a long time; however they will eventually expire and be removed from your credit report:
• Bankruptcies Records are removed from your record after ten years from the day of filing.
• Collection Records are removed after seven years (after 180 day late payment, that was sent to the collection agency).
• Closed/inactive accounts Records are removed after seven years.
• Foreclosure Records are removed after seven years.
• Judgments Records (child support, civil, small claims judgments will be removed after seven years.
• Late Payments Records. The late payments will remain on your credit report for seven years; however the late payments over 30 days will automatically affect your credit score.
• Tax Liens Records will remain on your credit report with out expiration; however if paid, it will stay on your record for seven years from the date it was paid in full.
• Charge-off Records (write off records). This record is placed by a lender or creditor, if the account marked as “uncollectible” ,and the company writes it off as a loss.
Your credit is an important factor when considering a home loan but the fine folks at RMCFUNDING will make the process a smooth one.