5 Ways To Prepare For A Credit Check

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The list of businesses and services that do credit checks on you is constantly increasing. And these days it seems like everyone is doing a credit check from banks to landlords to employers and even insurance companies. So before you go off and submit an application to anyone of these places,there are some things that you should do in preparation for your credit check.

Do your own credit check.

The first thing you should do is order a copy of your credit report and review it to see what's on it. By law you're entitled to one free credit report each year from each credit bureau. You can get your free credit report by going to annualcreditreport.com. This is one of the most important parts of preparing for a credit check and should be done a few months in advance, if possible.

Check your credit score

Also, your credit score will be checked as part of most credit card and loan applications. So when you're getting ready for a credit check, it's a good idea to order a copy of your credit score so that you'll have a good idea where you stand when it comes to your personal credit worthiness.

Dispute inaccurate information.

Negative or inaccurate information on your credit report can and will hurt you when companies are doing a credit check on you. And it's impossible that the information was put on your credit report by mistake. So before you get a credit check done, submit your personal credit report back to the bureaus to have them remove the inaccurate data. Also, it's possible you may be able to dispute the information after your credit check has gone through, but you need to follow up and send an updated copy of your credit report to whatever institution was doing a credit check on you.

Payoff any past due accounts

If any of your accounts are past due, take the time to bring them up to speed 30 days before your credit check. That will give you enough time for your credit report to be updated. And when the credit check is done, those delinquent accounts should be updated.

Follow up on unfavorable credit checks.

Not all credit checks will turn out the way you want. Anytime a organization makes a negative decision founded on information in your credit report, you're given the opportunity to see that credit report for free.

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In addition to a free copy of your credit file , you should also get a letter stating the specific reasons that you were turned down. If you were rejected based on mistakes in your credit report, question the mistakes and ask your application be reconsidered. On the other hand, if the information and facts was correct, you should use the opportunity to improve your credit .



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