How to Clean up Your Credit Report (Part II)

After disputing the errors on your credit report (How to Clean up Your Credit Report Part I), it is time to get ready for the results of the credit reporting agencies' investigations.

Instructions

1

Get Informed. While you wait for the results of your initial investigation, begin arming yourself with information. A must read for everyone, especially someone repairing their credit is the Fair Debt Collections Practice Act (http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf). It is easy to read and understand, only 28 pages, and clearly explains what steps companies must follow when collecting a debt. It is good news for you when a company does not follow the provisions of this Act.

2

Call Your Creditors. Your credit report usually shows two years of payment history. If you have a delinquency from around a year ago or longer, call your creditors. Make sure you speak to someone with the authority to do something, and ask them to remove the delinquency. If you have been on time with your more recent payments, the company just may grant your request. It is worth the phone call!

3

Compare Notes with Spouse. Adding a spouse to an account in good standing, or removing a spouse from a negative or delinquent account may help increase that person's credit score. There is no reason both of you should get dinged for one account.

4

Prepare for Round Two. Make a game plan of what to do next. Chances are some of your disputed items will come back as "verified." Start collecting information that may help prove certain accounts are invalid. Determine which items to focus your efforts. If an item is nearing the 7-year mark, it may be best to just let time take its course so you can focus on newer issues. When you get the results of the investigation back, you will not have to waste any time moving into the next stage.