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by Milk Man on October 4th, 2005

Milk Man

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What is the swiftest way to repair my credit?

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  • by RedJohn on December 18th, 2005

    RedJohn

    The other poster provided quite good information, but one important point was missed.

    Once you have cleared a debt to a lender, you *must* ensure that they update your credit rating. While companies are quite efficient when they submit a bad rating, they are often quite slow to remove it. Entries are sometimes never corrected, providing no end of problems when you wish to borrow at a later date. Although you must allow some time them to update your rating, you need to ensure they have been corrected by requesting a copy of your file from the rating agency the lender used.

    You also need to view your rating to ensure that any personal information is correct. Companies occasionally submit incorrect personal information and lenders will use it to assess your risk as a borrower. I know people who have had problems borrowing money because lending agencies had failed to update their rating when their debts were cleared and had listed an incorrect number of dependents. The number of dependents you have affects your ability to pay and how much you can borrow.

    Unfortunately, it is your responsibility to ensure your rating is correct, not theirs.

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