It's always a good idea to periodically review your credit report to check for errors, especially if you plan on making any large purchases, such as a...
It's always a good idea to periodically review your credit report to check for errors, especially if you plan on making any large purchases, such as a house or car, in the near future. The information on your credit report is only as good as the person doing the data entry, and they do make mistakes. Negative errors could cost you a lot of money in terms of paying higher interest rates, and even getting a job or insurance. It's up to you to get the errors corrected.
Common Errors
Each of the three national consumer reporting agencies, Equifax, Experian, and TransUnion, can have slightly different information in your report, so it's important to check all three because the mistakes can be different. As you go through the reports, look for the following common errors:
· misspellings or numerical mistakes in names, birthdates, or addresses
· the same loan or account listed more than once
· missing positive information such as a loan being paid off or an account that is up to date
· closed account shown as still open
· payments listed as late when they were not
· someone else's information-Mr. Smith Sr. might appear on Mr. Smith Jr.'s report
· outdated information regarding address, employer, or previous spouse
Removing Errors
The process for removing errors from your credit report is free, but up to you. Begin by writing to the particular credit reporting agency as well as the company or person who gave them the information. Explain what information you think is incorrect and ask for it to be cancelled or removed. Make sure you include your full name, address, as well as specific account information in error. Make a copy and send the copy, not the original, to the credit reporting agency by certified mail, return receipt requested. This way, you'll have proof that they received it. The agency must investigate your submission within 30 days and send copies of the dispute to the company or individual who reported the information. It then becomes their responsibility to investigate and send the results back to the credit agency. If the findings are that the information actually is incorrect, then they have to contact the other credit agencies to delete it. Finally, once the investigation is over, the credit agency must give you written results and a copy of your credit report if changes were made, free of charge.
Why You Need A Bad Credit Repair Service?
If you are in a lot of debt with various creditors you will almost certainly require the services of a bad credit repair service. You do not have to b...Credit Reports - Taking the Mystery Out of Credit Reports
You may be familiar with commercials urging consumers to get a free copy of their credit reports. It is definitely a good thing to do in order to get ...You Can Get Lower Credit Card Payments
High credit card debt is all too common nowadays. According to the Federal Reserve, total U.S. consumer debt (not including mortgage debt) reached $2....