To clean up your credit report, first get a copy of the report online, correct any mistakes on the report and make sure there are no instances of identify theft that can severely damage a credit score. Keep a credit report maintained and accurate with information from a financial manager and currency trader in this free video on finance.
I'm Roger Groh. We're here today to talk about cleaning up your credit report! What do you do? Well, the first step is, figure out what's on your credit report. The U.S. government has passed a law that says that you can get copies of your own credit report for free. Google it. Type in free credit report. And, or you can go to the Fair Credit Reporting Act. And it will show you companies that you can go to for free to get them. It's instant. It shows up on your computer, and they email it to you. If the data's wrong for whatever case, you have the legal right to make them change it. And in fact, on their websites, there are forms that you can fill out to dispute data that they have. And you will have to show when you made the payment, or claim you made the payment. They'll compare it, and if it's wrong, they'll fix it. If there's any dispute, you have the legal right to go to a government sponsored counselor, who can then look at the data to require them to change it. If that still doesn't work, you can sue them! So there's hope for you. One of the other areas that really we've all heard about a lot in the last couple of years is identity theft. And we all know that once you've borrowed money, that the history of your payment shows up in the credit agency. But suppose that you have thrown away an envelope with your name on it. And some crook came along and picked it out of the trash, and they have your name, address and maybe some other data, maybe even your social security number. And they've gone to a bank, or some other institution and represented themselves as you. They've lied. And they've represented themselves as you. Once they have filled, and they've tried to borrow money, if they have tried to borrow money, that will also show up on the credit history reports that you can receive for free. So, identity theft is a big deal today. And one of the major advantages in looking at your credit history is to determine if anybody other than you, have tried to borrow money other than yourself. One other thing, many of the major credit history reporting companies will track identity theft. Meaning, if somebody tries to borrow money, they will email you instantly, and say hey, somebody is trying to borrow money. Now if it's you, you don't care. But you certainly want to know if you didn't, and somebody else is trying to use your credit to steal money. I'm Roger Groh.