- The Historical Status is a record of your monthly payments. Any past-due payments will negatively impact your overall score, regardless of the reason for the late payment.
- The Comments section will reflect any decisions made by creditors to write off bad debt as a loss.
- The Inquiries section shows a list of companies from which you have requested credit. Having a long list of recent inquiries indicates that you may be seeking credit as a quick solution to a cash flow problem and will negatively impact your score.
- Public Records will also appear on your report. Review this section carefully to be sure there are no mistakes in reporting of bankruptcies or judgments. Bankruptcy decisions beyond 10 years old should no longer be included on the report.
Each bureau has an online dispute process for you to challenge any incorrect or old information. The bureaus are required to contact each creditor you dispute. If the creditor does not verify the information in 30 days, the information must be changed to what you say is correct. It may take some time and effort to repair your credit report, but it is definitely worth the effort when you get a lower interest rate on your loan.
You can also improve your credit report by working directly with the creditors. Some creditors will remove negative comments with even a partial payment of the debt. Have a specific goal in mind when you contact each one, and follow through on promises made.
The main credit reporting bureaus are Equifax, Experian and TransUnion.
Accurate Mortgage Group recommends waiting at least 30 days to order a new credit report. If the report has not changed, try again. It may take several months to get your score where you want it to be.