CREDIT
CHECK YOUR FREE CREDIT REPORT ONLINE
DISPUTE CREDIT REPORT
Did you recently apply for a personal loan only to be turned down by a
bank or lending institution ? Like most people there is always a need to borrow
money to buy a car or to renovate a home or even to get a student loan. There
are many reasons why people need a loan and why lenders find reasons to turn
people down from a loan application. There are people who even take a loan to
consolidate a loan. You need to have a good credit rating to facilitate a
successful loan application. However, you can improve your credit
worthiness and credit rating. You can begin to put your credit in
goodstanding if you fix any inaccuracies in your credit files. Repair
your credit and you will also get loans at better rates more easily.
With the costs of living on the rise and the limit that one has on earnings it
is easy to understand why borrowing becomes necessary for a lot of people.
However, care must be taken to ensure that when money is borrowed it can be paid
back to the lender without missing loan payments.
There are times when money is borrowed and the borrower has difficulty in
meeting the loan commitment keeping up with the payment schedule as was outlined
at the time of obtaining the loan. If there is a good reason for non-payment and
if this reason is brought to the attention of a lender in a timely fashion, it
is very likely that the lender will be accommodating and suggest a revised
payment arrangement.
The problem arises when there is default in payment and when the loan is not
repaid as agreed upon by borrower and lender. This then gets into the credit
reports and becomes part of ones credit history and it becomes a
problem for future borrowings.
However, it must be noted that often times there are errors and inaccuracies
in ones credit report. These credit report errors can and do affect
ones credit rating and places a person as a bad or poor credit
candidate. It is therefore very important that the inaccuracies be dealt with
and a clean credit report be in place after all the discrepancies in the
credit report have been removed.
People with a bad credit report that have a need to clean up their credit
have the law on their side which allows them to request a reinvestigation of
information in a credit file and dispute it as inaccurate or incomplete.
There is no charge for this. Everything a credit repair clinic can
do for you legally, you can do for yourself at little or no cost. As per the
Fair Credit Reporting Act people are entitled to a free copy of their credit
report if denied credit, insurance or employment within the last 60 days. If an
application for credit, insurance, or employment is denied because of
information supplied by a credit bureau, the company you applied to must provide
you with that credit bureau's name, address, and telephone number.
You can dispute mistakes or outdated items in your credit report for free. Ask
the credit reporting agency for a dispute form or submit your dispute in
writing, along with any supporting documentation. Do not send them original
documents.
Clearly identify each item in your report that you dispute, explain why you
dispute the information, and request a reinvestigation. If the new investigation
reveals an error, you may ask that a corrected version of the report be sent to
anyone who received your report within the past six months. Job applicants can
have corrected reports sent to anyone who received a report for employment
purposes during the past two years.
When the reinvestigation is complete, the credit bureau must give you the
written results and a free copy of your credit report if the dispute results in
a change. If an item is changed or removed, the credit bureau cannot put the
disputed information back in your file unless the information provider verifies
its accuracy and completeness, and the credit bureau gives you a written notice
that includes the name, address, and phone number of the provider.
You should tell the creditor or other information provider in writing
that you dispute an item. Many providers specify an address for disputes. If the
provider then reports the item to any credit bureau, it must include a notice of
your dispute. In addition, if you are correct-that is, if the information is
inaccurate-the information provider may not use it again.
If the reinvestigation does not resolve your dispute, have the credit bureau
include your version of the dispute in your file and in future reports.
Remember, there is no charge for a reinvestigation of your credit report.
Reporting Negative Credit Information
Accurate negative information generally can be reported for seven years, but
there are exceptions:
• Bankruptcy information can be reported for 10 years;
• Information reported because of an application for a job with a salary of more
than $75,000 has no time limitation;
• Information reported because of an application for more than $150,000 worth of
credit or life insurance has no time limitation;
• Information concerning a lawsuit or a judgment against you can be reported for
seven years or until the statute of limitations runs out, whichever is longer;
and
• Default information concerning U.S. Government insured or guaranteed student
loans can be reported for seven years after certain guarantor actions.
It pays to view your credit report, check your credit score and credit repair to
rectify any inaccuracies. Clean Credit will give you better borrowing
power with better interest rates in future borrowing.
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