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How to Get Credit Reporting Agencies to Help You
The process of clearing credit can be laborious and
frustrating. Understanding your rights empowers you and saves you
time and effort. By employing the following tips, you can enlist
the help of credit reporting agencies (CRAs) as you work to
improve your credit rating.
A negative credit report hinders your quest for financing a
house. You will have to do a lot of tedious work to clear up any
mistakes in your credit report, but remember that CRAs are
required by law to protect your rights. They must remove
undocumented information on your report.
Once you receive your reports, you will be given a phone
number to discuss your report with a real person. Your gentle
manners and pleasant conversations with the credit bureau
employees will motivate them to help you more than angry words.
Remember, these people are just doing their job and they get
yelled at day after day by frustrated consumers.
Double-D Line of Attack
Dispute Discrepancies and Document
Complete the dispute form provided with your credit report and
write a letter for all discrepancies to both the creditor and the
credit bureaus listing the item. Identify each error by their
corresponding account number and state why it's wrong. Include a
photocopy of your credit report with the errors circled with your
dispute form and letters. Send copies of your supporting
documents. Keep your letters in your computer in case you need to
write again.
Document, document, document
Keep copies and records of all the dispute forms, letters, and
supporting documents that you send. In extreme cases this proof
is used by attorneys for settlement or in court.
Credit bureaus must investigate disputes within 30 days of
receiving your complaints. Any item that is not verified as
accurate by a creditor is supposed to be removed. However, the
supposed creditors do not have to provide any supporting
documentation. All they have to do is state that the account is
reported accurately.
For this reason, after receiving your updated credit reports,
check to see what actions were taken. If you still have erroneous
information listed on your credit report, you need to start the
entire process over again. At this point, take stronger action
both with the original creditor and with the credit reporting
agencies.
Copyright © 2005 Jeanette J. Fisher - All Rights
Reserved.
Jeanette Fisher, author of "Credit Help! Get the Credit You
Need to Buy Real Estate," helps people buy their dream home or
finance multiple investment properties. Jeanette teaches real
estate investing and Design Psychology. For help with your credit
or answers to your questions, visit the Real Estate Help Credit
Center at http://www.recredithelp.com
Subscribe to Credit Help! Tips. Send a blank email to CreditTips
at reCreditHelp.com Get the credit you need to buy one house or
twenty!
MORE RESOURCES:
Clock ticks down on credit bureau class-action dealIndianapolis Star, United States - 42 minutes agoIn a class-action settlement, credit bureau TransUnion has agreed to provide free credit- monitoring services to millions of consumers to settle claims it ... |
MORE COLLEGE CREDITChicago Sun-Times, United States - 10 hours agoDespite the current nationwide credit crunch, the State of Illinois secured $100 million for the student loans by tapping a new source -- credit unions. ... |
Credit - Google News
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