I am in the process of repairing my credit since graduating

Hi

Welcome to the forums.

Usually the creditors evaluate your financial worthiness by looking into your credit report. If negative information is available in it, it will be hurting you at regular intervals. So, you should take active steps to remove all the incorrect entries from your credit file.

Please get a copy of your credit report from all the three bureaus and compare each and every entry. Highlight the incorrect ones and dispute it with the bureaus reporting it.

The credit bureau will conduct an investigation with your information providers and if your dispute is found to be legitimate, then all the negative markings will be removed from your file. Usually, it takes 30 days to get this processing done and they will send you a free copy of your report after your file has been updated.

Regards
Roxette

Suppose, I disputed with the credit bureau and they did not make any change. What happens if my file still remains the same.

Hi guest,

After the agency conducts verification and finds that the information appearing in the credit report is accurate, they must provide you with a written notice the name, address, and phone number of the provider. If you still disagree, then you can again initiate another investigation.
In the present world, hard facts revealing the correct information are rarely found and it is substituted by standard, computer-generated information. My opinion to you is that if you find your reasoning to be genuine, then you should keep plugging away until you get the answers for what you are looking.
Despite numerous attempts, if efforts made to correct the entry have been unsuccessful, you have the legal right to ask the credit reporting agency to insert a 100-character explanation next to it that explains your side of the story.

Regards
Roxette

I have realized the importance of my credit report after reading a few queries over here. I wished to know who has the right to access my credit report?

Anyone with a "legitimate business need" can gain access to your credit history, including:

• Those considering granting you credit.
  
• Landlords.
  
• Insurance companies.
  
• Employers and potential employers (but only with your consent).
  
• Companies with which you have a credit account for account monitoring purposes.
  
• Those considering your application for a government license or benefit if the agency is required to consider your financial status.
  
• A state or local child support enforcement agency.
  
• Any government agency (limited usually to your name, address, former addresses, current and former employers).
  

Is there a way to remove items that have already been cleared from your credit report? I.E. to clean up all collections, etc that have been paid so that your report ONLY reflects whatever revolving accounts that you currently have?

Hi KH,

I will take an example to explain this case. Say, a debt is 'charged off'. It will appear in the credit report as a negative mark and it will hurt the credit file. It will also stay in the report for as long as 7 years.

After some period of time, he decides to pay off the 'charged off' debt. After it is paid, the creditors will report to the bureaus about the payment made and the report will be showing the account as 'paid charged off'.

Concluding it, if a negative remark has entered in the credit report, then it will legally stay in the file for as long as 7 years. However, you can improve your file by paying off the said debt. Although it is still a derogatory remark, but, it will comparatively give a better view to the creditor.

Regards
Roxette