The first step is pull your credit reports. Without pulling them, you don’t know that there are any problems. The second step is to carefully review those credit reports.
There are a couple of things to keep in mind. One is to make sure that you have a working copy. You want the original that doesn’t have any marks, stars or circles on it. Then you want a copy that you can mark on, highlight and circle.
Go through that report. You have to look at every single line. Is it correct? Is it possibly wrong? If there’s a possibility it’s wrong, then circle it, put a star by it or whatever your system is, so that you know to go back and carefully review that.
Start with your name, previous name, date of birth, address, previous addresses, and place of employment. Then you’ll start working your way into what are called “public records.” Those are things like bankruptcies, judgments and tax liens.
Then you get into the accounts, such as adverse accounts. In other words, there is something about that account that generally is a negative for your credit score. Review those. Review the balances, the payment history, and the date of the first major delinquency.
Carefully review everything that you can look at on there. If it looks like there’s a mistake or an error, then circle that.
You want to do that with all the accounts, even the ones that are positive, just to make sure that they are accurate, are indeed your accounts, and are reporting correctly.
Then you want to look at the inquiries. There are two types of inquiries. One is what’s called a “hard” inquiry. That affects your credit score. Then there is a “soft” or “promotional” inquiry. You really want to focus on the hard inquiries. See who is pulling your credit report. Did you authorize them to pull your credit report, or is it a collection agency?
Once you’ve gone through your entire report marking or circling things, then you’ll be ready for the third step. We’ll cover that third step in our next video. That step is to dispute false information on your credit reports by sending a letter certified mail, return receipt requested.
Step 1: http://youtu.be/B-qa27WBlug
Step 3: http://youtu.be/w0lqU0sT0zk
Here are the frequently asked questions on credit report errors – http://www.alabamaconsumer.com/CM/Custom/FAQs-about-Fair-Credit-Reporting.asp
If you have any questions about what we’ve talked about in this video, feel free to call us at 1-205-879-2447.
Thanks for watching!
John G. Watts
Watts & Herring, LLC
Serving consumers across Alabama
“No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.”
Video Rating: / 5
We ascertain whether an item is an expense or Asset, which have debit balances, or an income or Liability, which have credit Balances. In case these are not correctly reflected in Trial Balance, these are errors, which needs to be rectified
Video Rating: / 5