Have you been putting off looking at your credit report? Have you looked at it, but had no idea what it means? A lot of people have made mistakes managing their finances or were subject to unforeseen, unwelcomed or other negative changes in your lives, such as death, loss of job, or change in marital status. In any case, it’s time to remove the label of victim and replace it with victory!
Your past doesn’t dictate your future. Don’t ignore or avoid the situation. Set yourself to learn more about your credit profile and the necessary steps to restore it. One of the most common myths is that negative information must remain on your report for 7 years and some cases 10 years for public records (bankruptcy, lien, or judgment). The reality is negative information must be removed after 7 or 10 years, but it doesn’t mean that the information cannot be removed sooner. Don’t wait to begin restoring your credit.
Get started today by getting a copy of your credit report. The Fair and Accurate Credit Transactions Act (FACTA) allows consumers to receive a free credit report once a year from Equifax, Experian® and TransUnion® at www.annualcreditreport.com. In addition, if you were denied credit, you can request a copy from the bureau that provided information used for the denial. Because of the inconsistent and inaccurate information reported by creditors, it’s important to look at reports from all three bureaus.
