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Quick Answers...Finance/Credit



Is it possible to rebuild your credit record?

Rebuilding your credit history can be more difficult than initially establishing credit, but it is possible. Start requesting a copy of your credit report to be fully aware of what is in it.

Adverse information, such as late payments or unpaid accounts are on your credit report for seven years, bankruptcy for ten years. You have the right to have inaccurate and incomplete information corrected. Disputed information must be verified. If the information is not confirmed, it must be deleted.

You may add a 100-word explanation to your credit report that could help a creditor understand your situation any time your report is sent out. Make sure your current lenders are reporting that you have been paying regularly to the credit bureau. Manage loans and credit cards well when rebuilding your credit history.


Written by Sandra McKinnon and Cynthia E. Crawford, Ph.D., Family Financial Education Specialists, University of Missouri-Extension


Last update: Sunday, April 23, 2006












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