credit-ratingFactors That Negatively Affect Credit – Part 1

This week we will be sharing with you, “Factors that negatively affect credit”.

First we will mention inaccurate negative information that might be on your credit report. Many credit reports have out dated or inaccurate information that may be showing on the credit report. A recent study showed that over 75% of credit reports contain errors.

You should obtain a credit report so you will know what is being shown on your credit reports. These are the reports creditors will use to determine if they will approve you for a loan. It is important that you are not surprised by inaccurate information being listed on your credit file. Inaccurate derogatory items will cause your scores to be lower than they should be.

It is your legal right to challenge this information and force the creditor to verify the information they have submitted to the bureaus on your credit file. Creditors must prove the information they have submitted is correct. Getting these items updated correctly or deleted will cause your score to increase significantly.

Most of the time you can get items removed from your credit report if they are seven years old. There are also limitations as to how long a judgment or bankruptcy may stay on your report as well. Many times these are listed inaccurately with old information.

At HOPE help clients verify their credit information to be sure your credit file is 100% accurate. If you would like more information please give us a call at 704-503-3669.