You will be asked to provide certain identifying information that will be used to exclude you from this screening for preapproved credit offers. Opting out of these preapproved offers does not limit your ability to apply for credit should you choose to do so; it simply restricts dissemination of your private financial data in cases where you did not initiate transaction.

Doing credit repair on your own is simple enough. Write a letter, detailing inaccuracy to reporting company. Send letter and copies (copies only) of any documents supporting your claim to credit-reporting agency. Some agencies allow you to do this online through their websites; however, if you need to send them hard data it's better to use regular postal mail.

The credit agencies are then required by law to investigate item in question, usually within 30 days. They must forward all information to reporting creditor and if they cannot verify veracity of their report or creditor does not respond, report will then be changed and updated to reflect data provided.

The company must then notify you in writing of change as well as provide you with an updated credit report.

It's important to note, that if there is an inaccuracy on Experian that there is likely a similar one on Trans Union and Equifax. Each company must be notified, separately for each item.

Also, if you have more than one item you are disputing on your credit report, then you may have to send a separate letter for each instance, to be certain that each item is addressed.

While this can be a time-consuming task at first glance, it is best way to remove inaccuracies from your credit history and repair misinformation damage to your credit report. If you request it, reporting agency must also send notices of any corrections to anyone who received your report in previous six months.

If negative information reported to your credit history is accurate, then only time can repair damage of negative score. Most information rolls off after 7 to 10 years, but felony convictions, information on jobs paying you over $75,000 a year or credit of more than $150,000 has no time limit.

If you had a car repossessed, you'll have to wait about 8 years to see repossession removed from your credit history. Open credit lines, whether information is negative or positive, will remain active on your credit history whether you actively use credit or not.

Applying for credit is never a fun, even for people who are considered to have good credit. There is always an inherent fear of rejection by creditor you are applying for. If you are concerned about your credit history, keep an eye on it.

It's recommended that you check your credit history once a year at least, because in an age of identity theft, negative credit history can be part of collateral damage.