Submitted by: Mark Andrade
In addition to disputing incorrect information on your credit report, you can also add accounts to it that make you look more credit worthy. If, when you review your report, you noticed accounts that were not listed on it that would show you in a positive light, you can ask the credit reporting agencies to include these missing accounts on your credit report. Doing so will help in your quest to build a more positive credit rating and higher credit score.
There are three types of positive information you might want to have added to your credit history to build your score:
* Explanation of any incomplete or disputed account information
* Positive account histories not already included in your report
* Information that demonstrates reliable payment and employment, stability
Often credit reports don’t include accounts that you might expect to find. For instance, some major commercial lenders don’t report mortgages or car loans. Also, local banks or credit unions frequently don’t provide information to credit reporting agencies.
If your credit report is missing credit histories for accounts you pay on time, send the credit reporting agencies a Letter Requesting Inclusion of Accounts, along with copies of recent account statements. Ask the credit bureau to add information on these accounts to your file. While the agencies aren’t required to add account histories, they often do, but you might be charged a fee.
Another option is to go straight to your creditor and ask that they report the information directly to the credit reporting agencies. However, some creditors categorically refuse to do this as they only report to one or two agencies and won’t consider changing their standard business practices. But it’s worth a try.
You may find that credit histories for accounts you pay on time are only missing from one or two credit reports. The third report might already include all your accounts or maybe you focused on cleaning up that report first. If this applies to you, send the agencies with the missing information a copy of your all-inclusive report with a letter asking the missing data be added to your file.
Creditors also like to see verification of stability so consider asking any evidence you have of that be added to your account. Creditors are most likely to add updated information on employment and residences because it’s used in evaluating credit applications. However, if your report is missing data or contains obsolete or incorrect information on your phone number, date of birth, or social security number it is beneficial to update those as well to reduce the risk of account mix-ups.
Once you’ve repaired your credit, request a copy of your report from each credit bureau. You are entitled to one free credit report from each of the credit reporting agencies annually. Look for anything old or inaccurate. Conducting an annual credit check and adding positive accounts previously omitted, can help ensure you maintain the highest credit ratings possible and avoid being a victim of identify theft.
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