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Stop Struggling Because Of Poor Credit And Improve Credit
Rating Now
Did you 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 lenders turn people down from a loan application based
on ones credit rating and credit score. Fortunately there is a
way to resolve this situation by obtaining a credit report and
checking to see if there are any inaccuracies or items that
should not be in the credit report. By cleaning ones credit
report it begins the process towards obtaining credit and even
better interest rates on loans.
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.
There are times when money is borrowed and the borrower has
difficulty in meeting the loan requirements and payment schedule
as was outlined at the time of obtaining the loan. If there is a
good reason for non-payment of loan 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 loan payments 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 to rectify any inaccuracies, which in turn will give you
better borrowing power. Visit the following website now for more
Info. http://www.zen-design.org/credit-reports.htm
Julian Pereira has researched the problems associated with
poor credit and offers suggestion on obtainging a free credit
report and improving credit score. You can obtain more info at
http://www.zen-design.org/credit-reports.htm
MORE RESOURCES:
Credit - Google News
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