Monitor Your Credit Reports

Every consumer is aware of how their credit score reflects upon their financial security and their ability to qualify for any type of personal loan. However, it also reflects upon ones peace of mind and stress level. Any credit repair strategy arises out of the need caused by numerous economic factors, but there are methods to effectively monitor existing credit status by focusing on those credit reports, and devising a long-term plan to keep them in good shape. Over three quarters of all consumer credit reports contain some form of error, and these must be corrected to attain those all important higher credit ratings.

Scrutinize and Itemize the Information

The initial focus for any credit repair plan is at ground-zero – the credit reports. Once obtained from the three credit bureaus, it is crucial that every bit of information contained in them is scrutinized on a line-by-line basis. An appropriate tactic is not to focus on the more glaring or immediate issues, but maintain a broad awareness of the information as a whole to better gain a good perspective and plan of attack. Their may be instances like accounts that are duplicated or non-existent, incorrect credit balances, balances appearing on some accounts that are paid in full, and even debatable charge-offs or accounts that have been placed in collection status. From this initial overview a careful and structured credit repair strategy can be developed, and each issue addressed.

Time-Dependent Limitations on Credit Information

Research is the key to effective credit repair. The most prevalent issues that crop up on a report is the correct time element for reporting the information. Any derogatory information can only exist on the report for a precise period of time. In almost all cases, that limiting time-frame is seven years. There is even a statute of limitations for how long any creditor can actually enforce collection of a debt. Once these issues are itemized, the organized process of disputing the incorrect information can begin, and each of the credit bureaus are mandated to process every dispute. No matter how long it takes, persistence will get the results you need to see improvements of those credit scores.