Resolve Debt

Getting a loan with bad credit can be very hard, especially in these hard economic times. Applying for a loan is a stressful thing to do, and when you are unsure of what your credit score is like, it can be even more difficult.  The smart thing to do is to check your credit score before applying, but many people do this and only check their number, not the report!  Getting a loan with bad credit is tough enough, but there might be errors on that report that have nothing to do with you, and are bringing your score down!  In this post I want to share with you how to figure out if this is your problem, and how to get it fixed.

Obviously, this starts by getting a copy of your credit report.  There are a lot of ways to do this, and are all well beyond the scope of this article!  Once you have your report in your hand, go over it with a fine tooth comb.  If there is anything that doesn’t look right, or you just don’t remember, contact whoever put it on there.  If it is yours, you may be able to work to rectify it, and if it’s not yours it’s time to start working to correct it!

Most creditors and collectors have no problem clearing up reporting errors.  Some, however, are going to give you the run around.  In this case you will have to mail (via certified mail) them any supporting paperwork that explains why this information is not correct, with a copy of your credit report.  From there, it is the creditor’s responsibility to investigate the claim.  If the information is found to be inaccurate, they forward that on to the three credit reporting agencies, and the matter gets resolved.

Clearing up errors on your credit report can make a huge improvement in your credit score.  It takes some time, but it definitely increases your chances of getting a bad credit loan!