Financial Focus: How To Clean Up your Credit Report

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By Professor Anthony Rivieccio MBA PFA

I currently host a financial television show on the internet called Financial Focus University ( you can find on the NY Parrot YouTube & Facebook channels). For the next several weeks were discussing Credit & Debt. Why? Why not? Now is the perfect time to get this side of your Net Worth in order .

And when it comes to credit, boy is this tricky. On your credit report, for example, There are true items on it. There are also false items on it. There probably are outdated items on it as well. The bottom two items are the most important on your report but let’s cover all 3.

Whatever is true is true is true.

You owe Visa $5,000? Dentist bill $1,000? It’s on your report? If it’s true, it’s true!. 

Despite those 4AM Infomercials, that indicate that people can eliminate this off your credit report ( if you buy their $9.99 book of course) there is NO magic wand, NO expungement of debt. If it’s true, it’s true. How can you get rid of it? Maybe pay it off? 

Whatever is false is false is false 

Maybe you have a similar last name? Address? Social Security Number? Relative name? I have seen many many reasons why someone else’s credit history could be on your report- right now– and you may not even know it. If there are false items, keep reading below to show you how to eliminate these items.

Whatever is outdated- needs to be updated

This area , I believe, effects most individuals. Because even if you corrected a bad situation, unless you tell the credit vendor- it’s still going to be on your report. Example: Holiday season. In November of every year, most people go holiday shopping and use their card. Then of course in December, will not spend on the card and hold their cash tight as they know the second round of holiday spending ( mostly cash ) will take place. Come January, after the holidays and your Dec min bill of $50 you received but did not pay ( because you were holding your cash) now, when you get your January bill of $50 ( now total $100) you decide to pay it all off in 1 shot. $100 paid. All is right again in credit card world, right? Wrong!. 

The vendor is very happy you paid the $100, but your still down on your report for being ” late” of $50. Is it outdated? Yes! Is it their job to correct it? No! It is your job ! 

Fair Credit Reporting Act 

In 2001, Government created the act to give us more control in cleaning up our credit report. The law in simple terms says, if we notify the vendor companies in writing what needs to be corrected- they will investigate- and if your telling the truth- then your credit report must be updated within 30 days.Looking at those 3 items above; we can not correct what already is the truth– but we can correct, whatever is false and outdated.

First, get a copy of your credit report. Request one. If you have not received one you can request one for free. 

Then disect it in those 3 ways above. Find the items that are false and/ or outdated. 

Then grab a piece of paper and simply write on top:

” Based on The Fair Credit Reporting Act of 2001, I would like my credit report updated. The following items below are either outdated or false and could you please update my files and eliminate these items within 30 days, as per the law” 

Then simply write down those false or outdated items. 

Sign it and mail it to the credit card agency.

Guess what? Your done. In 30 days, you should receive ( or request) another credit agency report. The cleaner your report is the higher your credit score is.

Professor Anthony Rivieccio, MBA PFA, is the founder of The Financial Advisors Group, celebrating its 25th year as a full service  investment planning & management firm . Anthony is also owner of Rivieccio Financial Advisors, a virtual only financial planning & advisory firm, opened in 2021. 

Mr. Rivieccio pens a financial article called “Money Talk” along with ” Financial Focus”. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Kiplinger’s Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Co-Op City News, The New York Parrot, The Bronx News, thisisthebronX.info ,  The Bronx Chronicle & The Parkchester Times. 

Anthony is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. 

Financial Focus University TV can be seen every Friday , Live 5PM, on The NY Parrot Facebook & YouTube page channels .

 Ask The Professor is your new Personal Finance Do It Yourself community found in Facebook Groups.

For financial assistance, Anthony can be reached at (347) 575-5045. Have Facebook? My email is a_rivieccio@yahoo.com My personal page is www.facebook.com/anthonyfromthebronx

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