My Way Credit

If you have been the object of identity theft or have
genuinely been mistreated by a company, then by all means include an explanatory
note in your credit report. However, most lenders do not want to hear a lot of
excuses. Whatever your problems have been in the past, you will seem like a
much more reliable lender if you focus on what you are doing to get out of
problems.

You will feel better and get better responses from
lenders if your focus on current action rather than past mistakes. Instead of
wallowing in pity and explaining in great detail the personal and financial
problems that led to a bad credit rating, give yourself and lenders the
condensed version and then move on to a detailed review of what you are doing
to repair your credit.

Sometimes, there are legitimate reasons why you didn’t
pay a bill. If a contractor refused to finish a job or did a poor job, then you
may have refused payment, but the non-payment may still count against you on
your credit report. If there are any unusual circumstances surrounding your
credit report that may affect your credit rating - such as a case of identity
theft - you can ask that a note be attached to your credit report to explain
the problem.

Some lenders will pay attention to this and some will
not, but it is a better solution than nothing at all. Such a note will not
affect your credit score but will affect your credit report. More importantly,
it leaves a paper trail of the problem that lenders can look at if they choose.