5 Steps To Clean Up Negative Items From Your Credit Report

Steps to clean up negative items from credit report. A person working on ways to clean his credit report.

A bad credit report can critically affect your financial borrowings. Therefore, you need to look for steps to clean up negative items from credit report.

Some of the negative entries that needs to be rectified include wrong, inaccurate, old & outdated information, or even missing information.

A bad report can cause lenders to increase rate of interest. Sometimes, they may even completely turned down for financing. Once you reach this situation, it becomes very difficult to go for big purchases like house, car, etc.

According to a 2012 study conducted by Federal Trade Commission, 1 in 5 persons had negative items on at least one credit report issued by three major credit reporting agencies. It could adversely affect their credit score.

Most of the consumers who previously reported an unresolved error believe that at least one piece of disputed information is still inaccurate, states 2015 follow-up study on credit report accuracy.

We highly recommend everyone to review credit report periodically. This will help you to catch and fix any negative issues on time. Here are 5 simple steps to remove or fix negative items from credit report:

(1) Collect Current Copies of Your Credit Report

It is one of the first steps to clean up negative items from credit report. It includes collecting a current copy of your report from all 3 major credit reporting agencies (CRA): Equifax, Experian, and TransUnion.

It is significant to collect all three as each credit bureau often contains different information. According to Fair Credit Reporting Act (FCRA), you can collect a free copy of your credit report once every 12 months from each of the three credit reporting agencies.

You can either collect your reports from CRAs either in staggered manner or all together.

Image Source: Shutterstock

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