What is a Credit Report?

A report on your financial and credit position presented by the credit reporting agencies for both personal and financial reference. Where availing a loan becomes essential, it is important that you peruse through your credit report and point out errors if any in the statement.

How I Boosted My Credit 135 points in 37 days - YouTube Video

Few days back I happen to go through a YouTube video and was finding it very interesting. It was about how an individual had improved his credit report in a step by step manner over a period of 37 days.

Here is the Video for Your Reference.

Coming to what he had done those 37 days, he went through his credit report and pointed out the mistakes and wrong entries. Having sent letters to credit reporting agencies about the discrepancies, each of them reverted back with corrected records. With every negative entry getting deleted, his credit points started increasing steadily. In addition to which he discusses about the inquiries on his credit report and how he deleted all of them. If we were to put them in points

Deletions

He was successful in deleting

• 5 default accounts
• 9 inquiries
• 1 judgment
• 4 negative charge off accounts.

Errors in Credit Report and their Reasons

The general assumption is that close to 70% of the credit reports will have some errors or the other. And those errors could be because of the following reasons

• Where a credit card account has been wrongly filed
• Expenses incurred by various members of the same family literally getting interchanged due to name confusion.
• A possibility of identity theft by someone, by opening accounts in your name without your approval.
• Improper reporting about the payment of a loan or a debt liability, resulting in increased liability.

Woman awarded $5.3 million for pointing out mistakes in Credit Report

An Oregon woman was awarded $ 5.3 million dollars for pointing out mistakes and discrepancies in her credit report, the battle that lasted for 6 long years. I think we should applaud her for her determination and persistence.

Credit Repair Agency Scams

When you have a credit report in a most dilapidated condition, it is important you entrust the responsibility of repairing the same to a credit repairing agency. Unfortunately most of the credits reporting agencies turn out to be scams, where they collect money but do not delivery what promised. Stay Careful!

Do you have any video on successful credit repair? If so please post it on our blog site and be assured millions get inspired.