How To Deal With Credit Reporting Errors

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How to Deal with Credit Reporting ErrorsDealing with your credit score is something that is very difficult and frustrating to most of us and sends a shiver up the spine of anyone who thinks about it. It has to be dealt with though and when it comes time to take out used car bad credit loans then you will have to really take a good look at it to make sure that there are no credit reporting errors and if there are to then take action on it.

The reason why it will be so serious is because of the fact that you have poor credit and also why have a lower credit score than you should have? When you are dealing with that kind of background though every little bit counts when applying for an auto loan. So even if you are just improving things a little bit it will be very beneficial with getting an approved auto loan online.

Getting Started

Now the best way to get started will probably be pretty obvious and that is simply to just get your credit reports. This can be done a few different ways through a variety of websites out there. It will cost a fee if you have already used up your one free yearly credit report check, but it will all be worth it in the end because you will get the loan you need. Also it is not some kind of outrageous fee if you are worried about that, it tends to only be in the $15 range. Make sure that you do check the reports from all three bureaus though.

The Next Step

This part will not be very fun, but it is necessary and what you need to do now is review the reports that you now have in your hands. Make sure that everything is in order and that there are no duplicate information or that anything that has expired is not still on your report. The length of some common negative information is listed below.

Tax liens - These can appear indefinitely if they aren't paid. Once paid, they can appear for an additional 7 years from the date paid.

Bankruptcies - Expires 10 years after the filing date with each account record that was included in the bankruptcy remaining on the report for 7 years after.

Charge-offs, collections, closed negative accounts, foreclosures, late payments and repossessions - Each can appear on your credit report for 7 years. In the case of collection records, the expiration takes place 7 years after the last 180 day late payment that led to the collection action that took place.

Inquiries - Records such as credit requests or various loan applications can stay on your credit report for 1 to 2 years.

Disputing your Report

The last thing that you need to do is once you have found any errors to dispute your credit score report. This can be done by mail with some bureaus and also online which tends to be the easier way to go about things. Make sure that once they review and note that there is incorrect information to get it in writing as well. After that they have 30 days to fix a dispute filing. They are required to investigate them all so do not worry about getting looked over. Before you know it you are on the fast track to a great auto loan and hopefully we were able to help.

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Do you meet the basic qualifications?

  • At least 1 year with current employer
  • A minimum income of $1,500 per month
  • No repossesions within the last year
  • Any bankruptcies must be discharged
  • Money down may be required, but not in all cases
  • Must be a current resident of the U.S. or Canada