Almost everyone in America could use some help getting a clean credit report. No matter whether your credit dings are from slow pays, bad credit, or even mistakes in your credit, an inaccurate report can literally cost you thousands of dollars. With so many advertisements touting "with approved credit", there has to be a way you can raise your score to its best level possible, especially if you've found your dream ride and you're needing your credit approved! So, what to do to make sure that your credit report is right, and that you aren't paying too much money in interest and fees because of wrong information? Here's some key information to help you get your score where you want it.
Start your clean credit report process by knowing exactly what is on your credit record. Each of the three major reporting agencies will provide a free copy of your credit report each year. This makes it easy to identify any problems that need fixing.
Once you have the report in hand, you have the option of fixing your credit record yourself. This requires that you write letters to dispute wrong information, follow up and track your information, and may or may not work. The benefit is that it is free to do it yourself – but the effectiveness is debatable, do you know the best letter to get action?
Other options include do-it-yourself systems, eg an eBook, audio or printed information. Unfortunately these systems have varying results. Whilst usually up to date when originally created, many of these programs now use antiquated methods, and sometimes the companies have just re-worked their own methods for the consumer to do themselves.
Credit repair companies have become a visible service on commercials and radio ads, offering to do all the work for you. Do they work? These companies are often effective, but watch out for the value! With monthly service fees, the process can easily spread out over a multiple year period, costing much more than anticipated. In addition to this, you'll find yourself having to put in a fair bit of the work yourself as you'll be faxing / posting papers and letters to the company handling your complaints.
While you could just wait out the bad marks on your credit, you may end up waiting 7 to 10 years for the items to get old enough to "fall off" your report. Unfortunately some items never come off your credit report without direct intervention.
A clean credit report is not as impossible as it might seem. You don't have to go through the hassles of complicated processes, fees, repair companies and eBooks. Today there are software packages available which "self-direct" you through the process of getting a clean credit report. These packages are prepared by top credit people in the industry and are regularly updated so you're not only up to date, you also end up approaching the credit agencies with a high level of professionalism as eg the letter the software generates is current and appropriately Professional. An added bonus is the built in computerized tracking of your credit queries – but without the pricey tag associated with using credit repair services. This system ticks all the boxes of speed, value and the effectiveness in credit repair.
The gaining and maintenance of a clean credit report is one of the best ways you can ensure your success in getting your car loan approved. Having the best interest rates and lowest fees on your loans will also save you a lot of money over the years. Now there's a pay raise we can all live with!