Where, Oh Where, Has my Good Credit Gone?

Have you thought that you had good credit but found out after trying to finance something that your credit was poor? Sat down to finance a car and had the salesman come in to discuss things on your credit report. This is something that you can avoid and should. Start by pulling your credit report and going over it completely. This often is the hard part because you will be seeing things that you may not want to see. After you have reviewed your credit history report, see if you have any items on your report that are inaccurate. Items that are inaccurate on your report need to be corrected. Often this is not done and because these mistakes remain on your report, they will continue to hurt your credit score. 79% of every credit report contains inaccuracies that remain because no one disputes them. 3 out of every 4 credit reports are wrong and yet no one is disputing those incorrect items.

Take the time to find these items on your credit report. If you have quite a few items then you may want to hire someone to help you dispute them. If you only have a few items, then you probably can dispute them on your own. Dispute 2-3 items at a time and dispute them until they have been corrected or removed. Items that are reporting accurately have the right to be reported. Even though they may be negative and hurting your credit score, they have the right to be reported. The Fair Credit Reporting Act (FCRA) gives you the right to dispute but it also gives them the right to report. You have the right to dispute if it is inaccurate, they have the right to report what they feel is accurate.

Each of us should not only dispute when it is reporting inaccurately but we should continue to dispute until it is reporting correctly. Credit Bureaus and Creditors don’t want you to dispute because disputing will cost them money. Their time and effort is costing them money. If you don’t dispute, then you are letting them report your information inaccurately and it is hurting your credit score. It is costing you money but you may not see it that way. If you don’t get the best possible interest rate each time you finance something, you are spending extra money on that item. By having a better credit score, you can save money on each item you finance.

So correct your credit score and get the best possible interest rate in the future. Dispute anything that is incorrect on your credit report. Once your report is accurate, then pay your bills on time and in full. Your credit score will continue to rise and will help you get the best possible credit score. Mel Jensen is a retired Customer Service Manager with Ovation Credit Services.