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By Jess Bedsole
Have you seen those ads of companies offering to remove bad credit information from your credit report? Unfortunately there is not a quick fix to remove what is accurately reported.
In order to repair your credit, you need to understand how credit works.
The first step is to know what is in your credit report. You have the right to obtain a free copy of your credit report (from each credit reporting agency) once a year. Simply visit www.annualcreditreport.com to download your copy and review it in detail. You can request your credit report from all 3 credit reporting agencies at once or if you prefer, you can monitor your information by requesting a copy of your credit report once every 4 months.
The second step is to understand your credit score. Lenders use credit scores to determine who qualifies for a loan, what interest rate and at what amount. In some cases, it can also be used to determine insurance rates, rent an apartment, have telephone or other utilities connected, and even land a job. Most lenders do not divulge which scoring models they are using. Alliant members are eligible to receive VantageScore 3.0 free of charge.
The VantageScore was created in collaboration with the three major credit bureaus: Equifax, Experian, and TransUnion it is offered to you free of charge through Alliant’s Online Banking. This score is updated every quarter.
If you score is lower than what you expected, here are some tips to help you repair that credit score:
Repairing your credit is a long process, but it is a rewarding one! Start today and kick your New Year off on the right foot.
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