How to Rescore Your Credit History

Bad credit can kill your chances of getting a loan for a home or car, not to mention being able to open a credit account. What's worse, sometimes what is bringing your credit score down is inaccurate information on your credit report. If you think this is the case with your credit score, then you need to correct it as soon as you can. The sooner your credit is rescored and improved, the better chance you will have to get the loan you need.

Instructions

1

Review your credit history. You can get a free copy of your credit history annually from the three major credit bureaus -- Experian, TransUnion and Equifax. Look over the reports for errors and outdated information. Makes sure addresses and credit limits are correct. Make sure accounts you don't use anymore have been closed. Check to see if the outstanding balances are correct.

2

Contact the creditor. The bureau will have a procedure for correcting errors, but the easiest way will be to have the creditor correct it. Make your case to the creditor. If it is an obvious error, he or she may correct it on their own.

3

Collect proof of any errors. Gather documentation to prove that the credit report is in error. This might include canceled checks, old bank statements or account statements from the creditor. If the creditor acknowledges an error, he should be willing to provide you with a letter explaining the error. You can use the letter to get the credit bureau to make a correction.

4

Submit information to the credit bureau. If you submit the information, send a letter explaining the problem, a copy of the credit history with the error circled and a copy of your proof. If the creditor provided you with a letter admitted fault, include that as well. Though this method can still take a while to resolve, it will probably be faster than simply relying on the creditor to update your information in their system. Send the information with a return receipt requested.

5

Keep paperwork. Have a paper trail. Keep emails and letters pertaining to the matter. If you make phone calls, list the date and time and who you spoke to.

6

Follow up on the rescoring. Once you have waited the time limit the bureau said it would take to correct the error, look for confirmation. If you don't receive a confirmation letter, email or phone call, contact the agency yourself and ask for the status of the correction. Don't be surprised if correcting the mistake will take at least 30 days. That is how long they have to conduct an investigation and let you know the results. In some cases and if you have the documentation and letter or correction from the creditor, a rapid rescorer can get your credit history corrected in a few days.

7

Ask for a rescored report to be sent to any company that has requested your credit history in the previous six month.