credit report

How to understand clear bad credit record

Bad credit record is a result of accumulated credit errors or mistakes which have not been corrected over time and can prove to be adverse to the health of your financial status. You may be deprived of so many advantages and opportunities if you score low on credit records and lenders may ignore all your financial requests for assistance. It is also possible that a negative score is not because of your deliberate mistake or error, it may also occur because of some alien activities done on your behalf. However, no one, other than you will be affected badly because of this and only you can clear up your poor credit report.

How can rectifying mistakes which result in poor credit report help?

When you clear up the bad marks or stains from your record your score on credit will improve. Your loans can be approved by highly ranked and demanded lenders in the financial market and that too on good rates. You can also get your credit cards approved by leading banks in the industry. How you can do that is explained here in steps leading to gradual progression towards a high score.

If there’s a problem, report it to the Credit Authorities

The data or information which you can put up on the credit records of yours is specified by law and regulations, the duration for keeping the data you put up is also specified by the Federal Law. Every UK citizen has a right to have the mistakes on the credit records, rectified. So, you can always report them to credit bureaus.

Poor credit report can be resulted from miscalculations or misunderstandings, especially when your data has been emailed or texted to the banks and not by you in person. Take out a copy of all the records, mark the disputable ones, and report them to the authorities. A letter, a phone call or an email can be sent for this purpose, depending upon your convenience. The authorities are responsible to cross check all the information and details and eliminate the errored entries.

Reporting to the lenders

If the data were reported by someone else, say lenders, businesses etc. and not by you, cross check with the providers of those data. Ask them to see if the wrong entry was deliberate or a blunder or because of a misunderstanding and ask them to make a thorough investigation so that any potential future misplacements of data do not occur.

Make a payment, get it removed

If you see any information that can negatively affect your credit record, you cannot get it easily removed especially if it wasn’t the result of any error or blunder. However, even if the recorded negative entry is accurate, you still need to get it erased. The authorities may not always help you with that so easily and conveniently. You must have some convincing and negotiating skills and must know when and how much of an offer you have to make to get that information that is the locus of your poor credit report, eradicated. 

If the money doesn’t work, make a goodwill gesture

Sometimes even if you have covered the payments, you are not able to get the negative credit stains removed. Paying the authorities might not always work. Ultimately, the last option on which you fall, is requesting them asking for the removal in a way that they take pity on you.

You can add argumentative statements in your requests about how you have cleared up your unpaid debts and dues and how you have been successfully maintaining a good record in the recent past and show them that you are the person whom they can now trust and it is possible this can work.

If nothing works, let the jam pass

If you run out of all the options, your last resort is to just wait and try adding up new information that looks good so that the negative one goes out of sight and ultimately, out of mind too. Only a bankruptcy entry stays for long, other than that all negative information is removed after a specific time if the dues have been cleared up. However, this is not an ulterior solution as the apparently hidden negative data can come to view when you apply for a job, or an insurance, or such high-stake tasks because the data goes hidden not removed. However, you must try to maintain a high score as it will benefit you in all monetary terms and if you run short of cash for an emergency you can always get that covered up only if you look trustworthy to the financial authorities and also getting deprived of all the golden opportunities will no longer be a problem to you.