Piston Slap: Free Credit Report, No Strings Attached

Larry writes:

Hi, do things fall off credit report after so many years?

Due to your knowledge I was hoping you may be able to shed some light on the subject. Would you consider giving me a couple pointers?

Sajeev replies:

This website prides itself on keeping the manufacturers honest on their business practices, so why not turn the spotlight on our personal finances? That said, my credit is quite good: I “credit” (get it?) my parents for warning me at an early age.

But I helped a friend with less-than-stellar credit buy a new car. Thanks to a shockingly professional sales/finance team at a local dealership, we saw her credit report and got a good dose of common sense, free of charge. The short answer? The Fair Credit Reporting Act requires the big credit reporting agencies (Experian, TransUnion, and Equifax) to remove boo-boos from your record after seven years.

My pointers? First, get a copy of your credit reports, avoiding the websites that charge you for their idiotic TV ads about some loser in a pirate hat, driving a Geo Metro. This information is available FREE to you, no strings attached thanks to our government in action.

With those reports, you’ll know your credit blemishes and can do something about it. See which blemishes are flat-out errors: engage the other parties, offer up proof, do whatever it takes. After that, it’s time to fix your mistakes: do the Earl Hickey thing and do right by karma. Pay the piper!

Unpaid bills and the associated bad karma? Call them up, negotiate a fair price to make things right and watch your credit score shoot through the roof. Always grab the lowest hanging fruit first: nobody cares about your long-term college loans—that unpaid trip to the VD clinic, errant cell phone bill and multiple credit card balances are the real killers.

And finally, don’t make the same mistake again. Ever: cars get faster, cooler and smarter every year. And you should be in the driver’s seat, if you so choose. So spend your money wisely, otherwise you’re in for even more trouble in the future.

But feel free to live debt free(ish) and drive a crap can car, just like many of your fellow Piston Slappers. We do aah-ite!

(Send your queries to mehta@ttac.com)