credit report

Correcting Your Credit Report

May 31, 2014 By Twila Van Leer

Errors can keep you from qualifying for a home purchase.

What used to be “a brick wall” consumers crashed into when they tried to correct information on their credit reports is falling, Money Magazine reports. Errors on your credit report often influence an individual’s ability to buy a home or make other major financial decisions.

The Consumer Financial Protection Bureau has pushed for easier ways to make corrections in the reports. Three major credit reporting companies, Equifax, Experian and TransUnion, have always been convinced that they need to allow customers to dispute mistakes but now they are making that process streamlined by offering a way for consumers to do it online and in greater detail. The companies have changed their complaint systems in response to the CFPB pressure, the magazine states.

Under the new processes, the reporting agencies are obligated to forward materials provided by the customer to the creditor. If the alleged errors are confirmed, the creditor is obligated to fix the errors with all three of the reporting agencies. In 2011, the agencies received about 8 million complaints about errors in their reports.

To submit disputes online use these addresses:

Trans Union
Equifax
Experian
To receive a free report once a year go to:
Annual Credit Report

You must have the number of your credit report to access these sites.

To expedite the correction of mistakes, contact both the credit bureau and the organization that provided the information to the bureau. Both are obliged under terms of the Fair Credit Reporting Act to correct inaccurate or incomplete information in your report.

Usually after you have reported specific mistakes in your credit report, the credit bureau must investigate within 30 days, unless they consider your complaint frivolous. Include copies of documents that support your complaint, not the originals. It might be well to include a copy of the erroneous report with the information you are contesting clearly identified. State your complaint and add material to support your position. Request that the erroneous material be deleted or corrected. Be sure your complete name and address are included. Make copies of the correspondence and send the letter by certified mail.

Notify the creditor who has received the erroneous report that you are disputing the information and are in touch with the credit bureau. If the provider chooses to correspond with the bureau, he should include a notice of your dispute. Ask for copies of their correspondence. The process takes 30 to 90 days.

Check your credit reports on a regular basis so that you can keep your buying power strong.

A Good Credit Report Is Important

January 5, 2009 By Sherry Tingley

Building a good credit history is something that many deem as easy but perhaps harder as time passes. Especially for the ones who are taking out loans or using credit cards for the very first time, a good credit record would not usually be in their minds since they settle the monthly amortization or minimum amount due for payment.

However, at some point, these practices of payment may take center stage and will actually become basis when then need for evaluation of your credit record suffices. This normally occurs when people want to take out larger loans with banks or perhaps another credit card to get more lines of credit. Before you can get them, credit evaluation checks are sure to be done and this is where your records will tell if you have a good credit record or not.

Did you ever wonder why some companies would require proof of financial documents to support a certain application like perhaps a postpaid line? These documents tell the story of how well you manage you finances or in this case, your credit record credibility. To the eyes of many, it may not matter as long as they settle them. But the time it takes you settle as well as the amount you may have left unsettled are telling factors to which make up how good your current credit record truly is.

Having a bank account may help improve your credit. Whether it is a checking or savings account, having this to show each time proof of financial capacity to pay helps a lot in showing credit companies that you are liquid and are capable of paying your debts coinciding what you are asking for. It may not immediately be a basis to build your credit record but the point here is that they know you are not getting a loan without anything to pay it back.

Finally, despite good credit history on your part, you may encounter some instances where credit or loan applications may be turned down. It never hurts to ask them why. Once you find that out, try to see if you can remedy the problem through perhaps submitting other forms of documents which can help support your application. Such a scenario is typical and while others would give up immediately, there are times where you just have to find out what went wrong despite having a good credit record.

It takes time to build a good credit history. It starts on how well you manage your finances. The better you handle them, the easier it is get to get a good credit record and the approved line of credit you are seeking. Just be patient and never take your finances for granted. It can play a big difference as far as building a good credit report on your end.