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Posted on November 8, 2007 by Javier Melendez | Posted under Finance
Don't Stand For an Incorrect Credit Report!
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Credit reports contain a detailed history of how you manage your credit relationships. It is converted into a numerical figure called a credit score and if your score is too low, you may not be able to purchase a car, get a credit line, or even purchase a property. It is really important that you understand precisely what is on your credit report. Consequently, you should check it out often to be certain that it is correct. If you uncover something on your credit report that is inaccurate, there are certain steps that you ought to take to have it removed. There are three major credit-reporting agencies in the U.S; TransUnion, Experian and Equifax. You should acquire a copy of your credit report from each, look for any negative items on them and take a copy for your personal records. Each credit agency has a dispute procedure. It is important to follow the instructions very carefully and answer all of their queries. You may be able to carry this out online at the credit agencies' web iste. Inform them of the discrepancies and tell them that you want them removed. The credit reporting agencies each have a special department toinvestigate these types of requests. When they have agreed that an error has definitely been made, they will delete the item from your credit report. Having said this, it should be advised that this can be a long process; this is why it is so vitally important that you know what is on your credit report. Having the right data on your credit report may mean the difference between being able to purchase something you want and not having the ability to do so. Credit card companies depend upon credit reports when they are considering whether or not to grant your card or deny it. This is also what happens when you apply for a mortgage, a car loan or even a personal loan. If you have lots of negative items appearing on your credit report, you will most probably be declined. As a consumer, you have the right to request your credit report. You are entitled by law to one free credit report annually. Further copies though must be paid for. About The Author: Javier Melendez writes for various finance web sites such as the No-Credit-Check-Loan site. His recent work concerns Equifax credit reports research. |
Tags: CREDIT REPORT, CREDIT SCORE, CREDIT BUREAU, CREDIT, CREDIT CHECK
