If you find an error on your credit report and you recognize the lender, contact them directly and ask for an explanation. For a minor error, they may just ask for an explanation. Some errors are just a communication issue, but dont count on it. Thats why you need to check your credit report on a regular basis, once a year for sure.

When dealing with a credit report problem, always keep notes, any papers or other communication about the problem. If they dont deliver as promised, you need to follow up. Once the credit bureau receives adequate information, that meets their reporting standards, they have 30 days to update the information and make the correction. It is your responsibility to make sure it happens. After all its your credit rating.

If you and the credit bureau do not come to a resolution of the issue, you are allowed to add an explanation, of up to 100 words, to your credit report file. An explanation like this can make a huge difference in whether or not your lender approves you or not.

A proactive approach to managing your credit is mandatory when considering the advantages good credit and good debts can do for your life. When I speak of good debts I refer to those debts you accumulate that will earn you money in the long term such as real estate mortgages. You will want to be very proactive with your credit score so that you can enjoy the fruits of good credit and great debts.

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