Must-Know Credit Report Tips

Not knowing certain facts about your credit report could end up hurting your credit score. Get the credit report tips you absolutely have to know here.

1. You have the right to remove items from your credit report for free. The Fair Credit Reporting Act gives you the right to dispute inaccurate items on your credit report at no charge. Though a credit repair service can offer the best credit report tips, you do not have to hire someone to dispute questionable items on your report.
2. You are entitled to one free credit report annually and free copies of your reports after you file a dispute. Every year, you can request a copy of your credit report from each of the three credit bureaus. In addition, the credit bureau is required to send you an updated version of your report after they change or remove an item following a dispute.
3. Derogatory items can remain on your credit report for up to ten years. One of the most important credit report tips we can offer is to keep negative items off of your report as much as possible because they linger for some time. Depending on the nature of the item, the derogatory information could remain on your report for 7-10 years. For example, a bankruptcy will typically remain on your report for ten years.
4. Your credit report will not contain your score. Consumers looking for credit report tips are often also curious about their credit scores. Remember that credit reports and credit scores are two separate entities. Credit reports are free and contain information about your accounts, while credit scores cost money to view and are numerical snapshots of the condition of your credit report. Though you can order your credit score, you cannot view it on your report.
5. You should review your credit report at least once per year. Reviewing your credit report consistently will help you identify mistakes and signs of possible identity theft or fraud. Take the time to order your free credit report every year and read it over carefully to help keep your credit score up.
6. Most credit reports contain errors. One study found that 79% of credit reports contain errors. In other words, the odds are good that your credit report contains mistakes, some of which might be serious enough to lower your credit score. As you review credit report tips, remember the frequency of errors to motivate you to be vigilant about monitoring your own report.
7. Credit repair can help you remove negative items from your credit report. Credit report tips can only help you so much when you are trying to remove questionable negative items from your report. If you reach an impasse, you might want to consider professional assistance from a credit repair service. Credit repair companies have years of experience dealing with the credit bureaus, and they know how to get items removed successfully.