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The financial crisis of 2008 is still lingering on the credit reports of some men and women. The task of cleaning up a credit report is not a small job for any person. With most landlords and property owners checking credit before applications are approved, a person can benefit from knowing some top credit repair tips this year to improve credit ratios.
1. Obtain All Credit Reports
There are three main bureaus in the U.S. that manage credit information for consumers. TransUnion, Experian and Exquifax each provide different reports that are updated by creditors. Because not all creditors all three reports, pulling each report one by one is first step in repairing any credit before seeking a rental home.
Mistakes can and often do exist in reports that can be corrected if needed. Keeping an eye on all three reports at least one time each year can help prevent inaccuracies in credit files.
2. Verify Personal Information
The average person changes jobs 8 to 15 times during their lifetime. Not all employers or creditors provide the most updated information for a credit report. Every report provides name, known address, age, employment history and list of telephone numbers.
These pieces of data are the same information that property managers or property owners review when pulling credit reports to use as a reference in making renting decisions. By keeping this data up to date, a person can increase the chance of positive information being displayed in a credit report.
3. Dispute Negative Items
It is not uncommon to find negative information listed on a credit report. Foreclosures, credit balances, charged off debts and summary judgements are some of the types of negative information that people could have listed on their report.
Every credit bureau has a dispute resolution process that can be completed online or offline. Once incorrect information is uncovered, disputes can be filed and an investigation process must be completed by credit bureaus. Negative information not able to be verified must be removed in a timely manner.
4. Add Positive information
The delay in information reported by some agencies can cause new accounts not to be found on credit reports. New credit card accounts, mortgages, bank notes or other non-secured loans could be missing from credit files. This positive information can be updated using a similar dispute resolution process.
Each agency can be contacted and updated information can be requested for inclusion in personal credit reports. This information can include current employment, current residence, new phone numbers, updated social security numbers and previous employers. Taking charge of a credit report is the first step in repairing these reports when seeking an application to rent homes.