Receiving our credit reports takes us back to our school days where we feel putting our report cards at the ends of the earth.
Reality dictates that our financial standing is defined by what is indicated in our credit reports. Aimie, my colleague at work, cried the whole morning at the ladies room when she found out that her mortgage application has been rejected partly because of her credit standing. Felt really sorry for her and I now have this fear that the same thing may happen to me.
As much as we want to evade the numbers in the credit report, we have to face them and in facing them we have to make sure that it reflects the truth and nothing but the truth, as our financial adviser may help us.
Getting the services of a financial adviser is really helpful but can be very costly and at times stressful. Aimie is on her third day on appointments with her financial consultant and she told me that as much as she appreciates professional help, she can’t help but feel more stressed and to some extent dumb of money matters.
So, I went on a casual interview over coffee with a college buddy who’s now a financial consultant for a fairly successful production company in Buffalo in New York. Asked him on how we can get A-plus marks on our credit reports without initially hiring someone like him.
Make an annual analysis of your credit reports
Yes, we have to deal with the inevitable fact that we have to scan our credit reports. My buddy recommended logging on to annualcreditreport.com for free and secure uploading of credit reports.
1. If there are errors, call the credit bureaus first and foremost
Now, he said, if this happens, don’t panic. We can contact Experian at 1 888 397 3742, Equifax at 1-800-685-1111, and TransUnion at 1-800-888-4213 . Also, send only the photocopies of the documents that they will be asking from you and keep their replies. Also, it will really be to our advantage if we take down all our phone conversations with them.
2. Call up the one who reflected the negative mark
The trick to making the clarification with the source of the “red mark” is to make a friendly dispute. Choose your words but immediately present them with the necessary paperwork to support that you have a clean record.
3. Wait like you have never waited before
Revisions take months to be completely done so your patience meter should be on full time.
4. Keep a keen eye for tiny details
Review the personal identifiable information listed on your credit report. Check your physical and p.o. box addresses, your social, your name and other sensitive stuff. If there are inconsistencies, report them asap.
Checking is the key
Verifying is our main tool to guard our precious credit reports. Lucky for me it only cost me a caramel macchiato to get these tips.