Tuesday, 13 May 2014

Correct the Credit Mistakes in 4 Easy Steps

When you work hard to apply for a bad credit auto loan, you must keep in mind to review your credit report. In order to get an auto loan you must fix the credit mistakes so that it does not hurt your poor credit further. Here are 4 general steps that you can apply to review your mistakes.
Bad Credit Auto Loan

Step1: In order to receive the credit report from the reporting agencies consumers has to file an online application at www.annualcreditreport.com or at the FreeScore360.com

Step2: You need to review the reports and check for the duplicate data, records that might have expired or contains fraudulent information. Though the length of the negative information varies, but length of some common information remains the same, such as –

· Tax liens appears indefinitely if not paid

· Bankruptcy included in the report 10 years following the filing date
Car Loans After Bankruptcy

· Charge-offs, collections, closed negative accounts, foreclosures, late payments and repossessions each can appear for 7 years

· Inquiries on credit request or loan application can remain for 1 to 2 years

Mail in your credit disputes to Equifax or TransUnion or Experian. If the creditor acknowledges the mistakes get it in writing. Keep the paperwork till the inaccuracy in the report gets removed.

Step4: Investigate and make necessary changes in the dispute within 30 days of filing.

No comments:

Post a Comment