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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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