Credit Repair: Not Just a Choice Anymore

Hundreds of thousands of people have information on their credit report that is not true. These falsities can be the root cause for a lower than average credit rating and the reason they are currently paying more than they have to for a car or home loan. When it comes to credit repair, most people only think about it when they are about to apply for a new loan. In all honesty, every person has a responsibility to check, check and recheck their credit report every chance they get.

Automatic Credit Report Updates

One of the easiest ways to keep track of the activities recorded on your credit report is with regular monitoring. There are several sites that work with the consumer to keep things fair and honest for the highest FICO score. Two of the most popular sites are eLoan and MyFico. Both sites offer a regular credit report monitoring with email reports. The eLoan site charges less than $30.00 a year for the service which reports an estimated monthly FICO score and any changes that can be made in order to build that number.

MyFico is a more in depth monitoring service that charges $8.95 a month. This service sends email updates every time the credit report changes and allows the consumer to define milestones that also create automatic email updates. Every time a change is recorded to the credit report the FICO score changes.

Disputing Any False Reports

Now that you, the consumer, know when the changes happen to your credit report, when a change occurs that is not related to you, a report needs to be filed with the recording agency. Most websites offer an online submission form for disputing facts on a credit report. In every case, the company who reported the information will be contacted and they may then contact your directly about the account. If they are found in error, the report will be cleared of all record of the instance.

Your credit report directly reflects on the amount of money you pay out and save each month. One small problem can cost a homeowner thousands of dollars a yes in just 1 percentage point on a mortgage. The time is now to look at your credit report and request any changes that need to be made.

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