Clearing up your credit report and removing negative information helps you get financing with a lender. The information on your credit report can either make or break a loan deal, and your credit determines the interest you'll pay on a loan. Follow these steps to clean up your report and get your application approved.
Viewing Your Complete Credit History
You can't clear up your credit report without first knowing the contents of your personal file. Getting copies of all three of your credit reports can reveal what lenders are saying about you. Annual Credit Report makes viewing your credit history easy, and you can get one free report from all three bureaus yearly using this online source. Once you have your report in-hand, pay attention to your status with each creditor and look for negative information such as late payments, collection account or high credit card balances.
Late Payments
Creditors report accounts that are 30 or more days late. Clear up your report and reverse late payments by paying your bills before the due date. If your credit report reveals a late payment, but you can't recall forwarding a late payment, contact your creditor to investigate the discrepancy. Creditors make mistakes, and the sooner you bring mistakes to their attention, the sooner they can update your file and remove errors. Tips for getting payments to creditors on time include signing up for automated payments or paying bills a week or so before the due date.
Collection Accounts
Collection accounts can leave a mark on your credit file for up to seven years. Talk with the creditor or lender who sent your account to collections. Ask if they will consider removing the collection account if you pay off the debt in full. Some creditors will accept this arrangement and remove past due accounts after receiving a payment to pay off the debt. Get all arrangements in writing, and check your report after a few months to make sure creditors complied with the agreement.
Outstanding Credit Card Balances
Creditors report a multitude of information associated with your credit account such as the date opened, account status, credit limit and account balance. High account balances on your credit report can harm your credit score. Since the information on credit reports determine your FICO credit score, paying down your balances on credit cards and other debts helps build a strong score. Good ways to pay down debt include using cash instead of credit, making larger payments, and cutting back on needless spending.
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