Getting Out of Debt Fast

Your Credit Report

Your credit report is a snapshot in time of your financial and personal life on any given day. If all the information is correct, than your credit report should reflect your outstanding credit, your payment history, the status of your credit accounts and also any information that can be found in public records. The reason your credit report is considered a snapshot is because the information can vary from day to day depending on when your creditors report their data every month.

Personal Information
Once you get a copy of your credit report, check to make sure your personal information is correct. Your personal information will include things like your name, social security number, current address, previous addresses and your employment history.

Negative Marks
There is a section on your credit reports that will list any negatives you have and hopefully you won't have any negative marks on your credit. Review this section carefully and make sure all the information is accurate. The good news is that most negative marks that are older than three years should not have a major impact on your credit score. Most negative credit information will be completely removed in seven years.

Credit Inquiries
The credit inquiry section of your credit report will list lenders or other interested parties who have viewed your report. This section will include the date and the name of the company that requested your credit information. If you notice a creditor that you are not familiar with has requested information, contact them and ask them why they are checking your credit report.

Listed Accounts
This is the detailed section of your credit report that will list account numbers, types of account (mortgage, revolving, installment), monthly payment terms, date opened, date of last activity, date paid off, date closed, loan type, collateral, description and payment history. Check this section carefully for accuracy.

Fix Errors
If you should find any errors on your credit report, get them fixed before you run into problems, such as being denied a loan because of an error. Send a letter to the credit bureau that has listed the errors that you find, explain what is wrong with the information on your credit report, and how you feel the information should be corrected. The credit bureau has 30 days to respond to your letter. The credit bureau is going to contact the creditor during this 30 day period to investigate your claims. If you have any data that will support your position on the error make sure you include it in your original letter to the credit bureau because typically the credit bureau is going to believe what the creditor provides them.

It is important that you continue to monitor your credit report. You will want to check the information at least once every six months. Monitoring your credit report will allow you to make sure the information is accurate and also alert you to the possibility that someone else might be using your identity.