Fixing A Credit Report
Fixing a credit report starts with reading it carefully. You can go online and get a free credit report; just search for free credit report to get started. You can request your credit report for free once per year. You can also get a free copy of your credit report if you are denied credit based on the report provided by a particular credit reporting agency, as long as you request this within 30 days of the denial.
Once you see your report, youll know why you were denied credit. However, whats the next step? What do you do if you see inaccurate items on your report or ones which you feel to be unfair, even if they are accurate?
If there are items on your credit report, you can dispute them (in writing) with the credit bureau. You have to tell them that a given item is incorrect and by law they must investigate the matter within 30 days. You should send your dispute via certified mail and include any supporting documentation (for example, canceled checks and the like).
In the course of their investigation, the credit agency has to contact the business which reported the inaccurate item. If the credit bureau does not receive a satisfactory answer within 14 days, they then remove the item from their records and send you a new copy with this item removed. You can request that they send this updated report to any creditors who have seen your previous report in the last six months. You need to ask specifically for this, since it is not done automatically.
A lot of creditors wont bother to write back to the credit agency if the item in dispute is less than $500 or is over a year old. Fixing a credit report can be done, even if the information on it is accurate. Even when you dont manage to have a dispute resolved to your satisfaction on the first attempt, you are permitted to submit another dispute after 30 days.
If a disputed item cannot be removed, you will be allowed to add an explanation of up to 100 words to your credit report; this will be seen by anyone who sees your report. If you had a dispute over a charge, you can briefly lay out the details here.
Fixing a credit report can take some time if it contains a lot of late payments or defaults on loans. However, you can often have some items removed and add explanations of others, which will make your credit report a little more positive while you begin the process of getting current with payments and fixing your credit rating.
Once you see your report, youll know why you were denied credit. However, whats the next step? What do you do if you see inaccurate items on your report or ones which you feel to be unfair, even if they are accurate?
If there are items on your credit report, you can dispute them (in writing) with the credit bureau. You have to tell them that a given item is incorrect and by law they must investigate the matter within 30 days. You should send your dispute via certified mail and include any supporting documentation (for example, canceled checks and the like).
In the course of their investigation, the credit agency has to contact the business which reported the inaccurate item. If the credit bureau does not receive a satisfactory answer within 14 days, they then remove the item from their records and send you a new copy with this item removed. You can request that they send this updated report to any creditors who have seen your previous report in the last six months. You need to ask specifically for this, since it is not done automatically.
A lot of creditors wont bother to write back to the credit agency if the item in dispute is less than $500 or is over a year old. Fixing a credit report can be done, even if the information on it is accurate. Even when you dont manage to have a dispute resolved to your satisfaction on the first attempt, you are permitted to submit another dispute after 30 days.
If a disputed item cannot be removed, you will be allowed to add an explanation of up to 100 words to your credit report; this will be seen by anyone who sees your report. If you had a dispute over a charge, you can briefly lay out the details here.
Fixing a credit report can take some time if it contains a lot of late payments or defaults on loans. However, you can often have some items removed and add explanations of others, which will make your credit report a little more positive while you begin the process of getting current with payments and fixing your credit rating.
About the Author:
Author: iFixCreditReport is your online source that helps to fix credit reports. If you are wanting to fix your credit report, check out tons of informative articles and tips posted on this site.
posted by Credit Counseling at
2:58 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home