Running a business without a negative credit report is hard enough. If your report is less than stellar, improving it becomes another goal that must be met. Knowing the basics before attempting to repair credit makes getting there faster and easier. What follows are a few realities of credit rehabilitation that must be understood before attempting to improve one’s score.

Credit Reports Are Free To Request

Major credit bureaus, such as TransUnion, Equifax, and Experian, grant you a free copy of your assessment once per year. In the past, some outlets have been known to offer no-cost weekly checks. Knowing what’s in your report is the first step toward repairing it. Don’t hesitate to request a copy of yours for evaluation purposes.

Credit Reports Are Open To Dispute

Credit reporting agencies have the right to include anything that is verifiable. However, you can challenge any part of your report that you would like to be removed. There are several techniques for getting agencies to purge unflattering elements. Credit bureaus are required by law to expunge mistakes, so report bad information. Even proving that something is unverifiable is enough for them to make a revision. Send a goodwill letter written by a financial partner, or have the status of paid debts validated. It’s possible you may have the opportunity to pay for the omission of an embarrassing mistake. Credit repair companies are available for hire but beware. Some are ineffective and ignoring the fine print means you may be inadvertently signing up for a recurring service fee.

Credit Reports Are Limited To Periods of Time

Credit reports usually stretch back for seven years. Certain events may stay on longer. A Chapter 7 bankruptcy, for example, can linger for up to a decade. Before launching a dispute with a crediting agency, consider doing nothing. It may be easier to play out the clock than getting involved in a time-draining and costly bureaucratic tussle.

Credit Reports Are Slow To Build

Improving credit reports takes a long time. Gradually, recent activity will replace that which is older. By making on-time payments, you’ll steadily replace negative history with positive behavior. Your score may jump around. If the general trend is positive, rest assured that you’re on the right path.

If your credit report could use improvement, taking steps to enhance it is a wise decision. Doing so with an awareness of what it takes to repair credit reduces frustration and improves results.