With the economic crunch weighing down more consumers than ever, having a high FICO credit score is one of the best ways to stay afloat in these frightening times. One's credit score determines the quality of loan offers as well as the interest rates borrowers are entitled too and there are ways to help improve your rating as errors do occur. Fortunately consumers can add 100 words to their credit bureau file to help clarify mistakes on their history.
According to Steve Bucci, author of Credit Repair Kit for Dummies "Twenty-five percent of credit reports have errors." People who want to take charge of their financial health should make sure to order their free credit report scores annually and if there are discrepancies on there, do something about it. If mistakes are spotted they must work quickly and diligently to clean up their credit history.
One of the first things anxious consumers can do is contact the company that filed to negative comments. Sometimes a little communication can go a long way. A formal dispute may also be created, just provide copies of documentation to support your claim. Finally, under the Fair Credit Reporting Act, consumers have a voice. They can post100 words to their credit bureau file and clarify the situation, just make sure to post a well crafted pitch.
The 100-word statement provides consumers a way to explain their side of the story. It needs to be concise, accurate and true and if it addresses specific concerns can help a lender make a decision in your favor.
